As the name implies, sourcing is concerned with creating sources through which the supplies an organization needs can flow through, while procurement is primarily concerned with procuring these supplies that'll be used for the organization's day-to-day running.

What is the difference between procurement and outsourcing?

As nouns the difference between procurement and outsourcing

is that procurement is (uncountable) the purchasing department of a company while outsourcing is outsourcing (transfer business).

What is sourcing in procurement?

Sourcing in procurement is a process of assessing, selecting, and managing suppliers to acquire the desired goods and services from them. As the name suggests, sourcing focuses on creating sources through which an organization can obtain its supplies.