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With organizations turning to strategic sourcing models to address their business needs, this chapter explores two such models: multi-sourcing and hybrid sourcing. Multi-sourcing involves using multiple vendors or service providers to fulfill different IT components, while hybrid sourcing uses a mix of different sourcing options. Both models have advantages like risk mitigation, flexibility, and access to innovation, but also face challenges like management complexity and integration issues. Successfully implementing these strategies involves careful planning, effective governance, and continuous optimization. This chapter also discusses key steps for managing and monitoring these sourcing arrangements, from establishing clear metrics and KPIs to leveraging technology tools and fostering open communication.