Disclosed is an accelerated sourcing and procurement framework for developing and managing procurement operations. The sourcing and procurement framework, includes sourcing, contracting, vendor management, back office operations, and performance reporting, and can be combined with the management of the physical flow of good. The present invention provides for compliance with specific rules or regulations, includes the strategic, operational and financial components of procurement, can be implemented on an accelerated timeframe, develops a single procurement source, and is formulated in a manner that allows for complete or partial outsourcing.