Sourcing refers to a number of Procurement practices, aimed at finding, evaluating and engaging suppliers for acquiring goods and services. The development of Saas (Software as a service) based products in this area has completely transformed the conventional Sourcing methods. Not only for large companies but also for small and medium enterprises (SMEs) online sourcing provides great benefits, such as minimizing procurement cost, new supplier discovery, streamline procurement operations and enabling companies to maintain a competitive advantage in the marketplace.

The purchasing department’s major working time comprises of selection of right suppliers, communicating them to quote and negotiating the terms and conditions in the form of framework agreements. This is much reduced by sourcing on the Internet. With eSourcing buyer can reduce their significant time spend on complying with internal paperwork and the processing of forms and procurement requirements.

eSupplierGlobal makes a start for sourcing on the Internet. Although the topic is not new as already in the nineties sourcing on the Internet concepts were framed and many software’s that supported the operational procurement procedure were developed but were very complex. With the recent introduction of Cloud computing in recent years, Saas (Software as a service) platforms have made this process much easier and easily scalable.

eSupplierGlobal.com lets buyers create supplier groups and submit eRFQs to multiple qualified suppliers. The service notifies the qualified suppliers who then signs into eSupplierGlobal.com and submits their quotations. Once an RFQ concludes, it’s automatically stored in RFQ archive for future reference. The service lets you add notes or messages to quotes in order to list unit prices, provide guarantee or warranty information, define delivery costs and more.

It also provides eAuction Services like Single Reverse Auction, Multiple Reverse Auction, Dutch Auction and Multi Currency Auction.

eSourcing solution like eSupplierGlobal helps suppliers and buyers by:

• Lowering order value – The total material cost and acquiring cost is reduced using it.
• Low production risk – The production can continue, with instant ordering or the required parts.
• Low risk of procurement – It is not dependent on specific suppliers; there are many different providers.
• Little explanation need – Simple goods or homogeneous goods can be easily ordered online.

Want to reduce cost of the procurement process by reducing inventory and the associated capital commitment with better control of material movements? Start using eSupplierGlobal.com today.