How does eSourcing work?

How Does eSourcing Work?

Our everyday lives involve making purchases, which we also do in business on a regular basis. We learn to do it when we’re young, and then generally follow the same simple procedure throughout our lives. Depending on the cost and complexity of the purchase, we put in different amounts of time and effort. In the end, we make a buying decision based on what represents the best value to us.

When we make a purchase, we always follow the same simple steps:

  1. What exactly am I looking for?
  2. And what factors will determine where I purchase it?
  3. What companies sell it?
  4. Make your purchase based on the above.

When purchasing for a business, we follow the same steps. Only this time the cost of the purchase may be significantly greater and there are other external factors to consider.

The specifications of the purchase may well be determined not just by you, but by other stakeholders in order to meet their requirements and budget. The specifications may be influenced by any number of reasons that are outside of your control.

There are many factors that can influence where the purchase is made, depending on the values the business holds dear. The cost may be the most significant factor, or it may be all about the quality with the cost almost irrelevant. However, nowadays more and more businesses are paying attention to other factors, such as sustainability and social value.

In order to identify potential suppliers, incumbent suppliers may be contacted, recommendations may be made, internet searches may be conducted, etc. Using the market place, customers can make purchases based on different values.

After considering what’s required and evaluating the suppliers based on what’s important to the business, the final decision on what to purchase will be made.

In contrast to personal purchases, business purchases require more transparency and control so that the decisions are made objectively and with the best interests of the business in mind. Therefore, it is important to keep an accurate record of the decisions made, when they were made, and by whom they were made.

Using a cloud-based eSourcing tool is one of the best ways to achieve transparency and control over the process because these tools create permanent records that can be audited easily. In addition to being intuitive and easy to use, these systems also share knowledge and promote employee collaboration.

oboloo is a self-service cloud-based software that offers a simple and cost-effective eSourcing tool that has been designed specifically for SMEs. oboloo is an intuitive self-service solution that also incorporates Contract, Supplier and Savings Management to enable companies to be supplier smart. To learn more please visit www.oboloo.com

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