article thumbnail

How Firms Use eSourcing to Optimize Their Supply Chain Networks

EC Sourcing Group

Obtaining services and goods, at the best prices for your operational reality. Identifying and scrutinizing potential new suppliers to meet demands. Negotiating and implementing new contracts, and keeping tabs and updates on old contracts as well as their milestones and due dates. Monitoring ongoing relationships with suppliers.

article thumbnail

What Is Vendor Sourcing?

EC Sourcing Group

Vendor management and the process of vendor sourcing has a process that looks somewhat like: Understanding your needs & requirements. Finding the best supplier(s) for your needs (RFx). Contract negotiation. Supplier management. The system should be easy to use for all, your team and your suppliers included.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What is eTendering and Its Process?

EC Sourcing Group

it covers the process from pre-sale through the evaluation afterward when you’re dealing with your supplier. The most common types of tenders are: Open tender : This is used by both the governmental and private sectors and, in some cases, encourages the most competition between suppliers. Issuance of tender to suppliers.

article thumbnail

Top 5 Sourcing and Procurement Techniques

EC Sourcing Group

Top 5 Sourcing and Procurement Techniques. With sourcing and procurement , a solid strategy is essential to ensure that your ROI is strong, your relationships with your suppliers are doing well, and that your team appropriately supports your stakeholders and company’s overall goals andobjectives. .

article thumbnail

The Role of Reverse Auctions in Strategic Sourcing

EC Sourcing Group

The Role of Reverse Auctions in Strategic Sourcing: What Is Strategic Sourcing? To get a finalized product to your customers, you have to source (buy) goods and services from your suppliers to manufacture. Do we have suitable suppliers? This is where you take a look at your current supplier pool).

article thumbnail

Reverse Auctions: Revolutionizing Sourcing for Businesses of All Sizes

EC Sourcing Group

In the dynamic world of procurement , sourcing teams are constantly on the lookout for innovative strategies to drive cost savings and improve supplier relationships. With increasing interest from companies of all sizes around the globe, reverse auctions are revolutionizing the way sourcing teams approach negotiations.

article thumbnail

The Crucial Role of Spend Classification in eSourcing & Procurement

EC Sourcing Group

Accurate classification of products, services, and suppliers forms the foundation for improved decision-making, cost optimization, and enhanced supply chain management. Effective Supplier Management: Accurate spend classification is pivotal in managing suppliers efficiently.