Sourcing is simply the process of deciding what you buy, who you buy it from, and on what terms, done deliberately instead of by default. Most businesses don't have a sourcing process. A renewal notice shows up, someone signs it, and the business moves on. That's not a decision. That's a default.
A real sourcing process asks different questions before anything gets signed: Is this still the right vendor? Is this still a fair price? What happens if we need to leave, cut back, or switch providers next year? Those questions are where the real value sits, not just in the number at the bottom of the invoice.
That's also why savings isn't only a dollar figure. A shorter termination notice means you're not locked into a bad vendor for another year. A removed auto-renewal clause means a contract can't quietly renew itself without your approval. A negotiated liability clause means your business carries less risk if something goes wrong. All of that is savings. It just doesn't always show up as a smaller invoice.