Month: October 2017
When it comes to running competitive events and soliciting suppliers, electronic sourcing (e-sourcing) tools can be a procurement professional’s best friend. With so many e-sourcing tools on the market, selecting the right tool can be a challenge and requires a firm definition of what your company is looking to get out of its e-sourcing tool. For example, there are a variety of tools on the market that range from relatively simple bid collection systems to fairly complex embedded solutions that extend far beyond the core sourcing process. As a general rule of thumb, the more features a tool has, the more costly the tool will be, and the more time and effort it will take to integrate the tool into your daily sourcing practices.