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selectsourcing Profile and Articles
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1). e-sourcing – choosing the right tool and category is vital to success
e-Sourcing is the use of internet technology used by purchasing professionals to find suppliers and negotiate prices or reduce cost for a wide range of goods and services. A variety of online negotiation tools are used – including RFI (Request for Information, RFQ (Request For Quotation), RFP (Request for Proposal) and electronic auctions.
It is important to understand when and how each should be used to achieve the best results.
2). The use of reverse auctions in business – frequently asked questions
In business the use of online ‘e-sourcing’ tools such as e-tenders and e-auctions is becoming commonly used to help buyers achieve rapid cost reduction. In this scenario suppliers are invited to bid for the buyer’s contracts either by submitting their tender online and/or participating in a reverse auction.
Cost savings can be considerable – on average 14% and lead times for sourcing projects reduced by up to 70%.
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