What Is eSourcing And How Do Companies Benefit From It?
What is eSourcing? The process of Sourcing involves finding new suppliers, evaluating their capability, comparing their products and offerings with the requirement or with the incumbent supplier’s offering, collaborating with all suppliers to receive commercial bids, analyzing the bids, and negotiating for the optimum price & capability mix. Depending on the strategic nature of the goods or service being sourced, some stages of the sourcing process assume greater prominence, say brainstorming sessions to decide on cost reduction levers, inputs from manufacturing and quality teams on issues faced, and framing an approach that addresses them. eSourcing helps to digitalize the entire Sourcing process through an online platform that is accessed by both the buying team and the suppliers. eSourcing solution typically delivers 3 functionalities viz.: 1. Request for Information (RFI ) A questionnaire that suppliers respond to. Given the strategic nature of the sourced cat...