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The approach of facilitating tenders and negotiations through the web based platform is known as e-souricng. The platform supports substantial time saving and provides a simple format for submitting data online. It enables a faster evaluation process, open communication and a transparent system.
In terms of bottom line value addition, efficient process integration, development of process description, process implementation, state-wise usage guide, staff training, and implementation of appropriate governance and compliance frameworks is more vital than the actual functionality delivered by the software. Hence, several enterprises today are making significant investments in e-sourcing tools to boost their supplier management initiatives & processes. These tools are administered by a third party company who ensures a fair process for both the suppliers and the buyers.
The groundwork for successful utilization of e-sourcing tools starts with formulating the data definitions and training. One of its primary benefits is that it permits the organizational members to enter information into autonomous, distributed manner while also permitting management access to reports that consolidate and aggregate the information into a comprehensive picture of system-wide activity.