E-sourcing or Electronic Sourcing involves the utilization of digital platforms to streamline and automate strategic sourcing activities. This can involve processes from RFI (Request for Information), RFP (Request for Proposal), and RFQ (Request for Quote) to supplier communication, auction, and contract management.
With access to a comprehensive pool of suppliers, e-sourcing brings forth numerous benefits including cost saving, competitive bidding, tracking negotiation process, and fostering transparent supplier relationships.
