In this fast digitally connected world Companies small or big have to innovate on new products as well offer products or services at competitive price range, to catch up all divisions in an organization have to contribute it's best for leading edge at the end game, most organizations still use conventional decades old methods to find & negotiate with suppliers. It limits speed, transparency, supplier diversity, today smart companies make data driven decisions, and this is only possible if you have entire data and sourcing knowledge available when required.
There are two primary important parts of an eSourcing process first one is eRFQ (includes new supplier discovery) and second step is to negotiate using eAuction, allowing suppliers to compete against each other to win your business thus creating a transparent & competitive negotiation as well supplier selection process.
Several companies have been very reluctant in introducing eSourcing to their arsenal of procurement tools. But with the right preparation and execution, significant savings & transparency is achieved while still maintaining supply chain stability.
eSourcing is very important part in procurement today, it allows companies to make available entire sourcing knowledge during decision phase, allows Buyers to make smarter well informed buying decision which results to better profitability.