What is eSourcing and Its Benefits?

What is eSourcing and Its Benefits?

Buying or purchasing both goods and services is something that we all do in our daily lives, as well as in business. We learn the process when we’re very young and generally follow it throughout our lives. The amount of time and effort we dedicate to the purchasing process varies depending on the complexity and cost of the purchase. At the end of the purchasing process, we decide what represents the best value to us based on what matters most to us.

We follow the same thought process every time we make a purchase:

  1. What exactly am I looking to purchase?
  2. What factors are going to influence where I purchase it from?
  3. Who sells what am I looking for?
  4. Consider the above and make purchase

When purchasing for a business, we follow the same steps. However, this time the purchase price may be considerably higher and there are other external factors to consider.

Other people may well define the specifications of the purchase in order to meet their needs and adhere to their budgets, not just you. It is possible for a number of factors that are outside your control to influence the specifications.

It depends on the values that are important to the business as to where the purchase is made from. The cost may be the most important factor, or it may all be about the quality with the cost being almost irrelevant. Increasingly, however, companies are beginning to consider other factors as well, such as sustainability and social responsibility.

A list of potential suppliers may come from incumbent suppliers, recommendations, internet searches, etc. Customers can make purchases based on different values within the market place.

A final decision will be made by considering what is required and evaluating the suppliers based on what is important to the business.

In contrast to personal purchases, business purchases also require transparency and control so that decisions are made objectively and in the best interest of the company. Considering the above, it is also helpful to keep track of when and by whom decisions were made.

Transparency and control can be achieved by using a cloud-based eSourcing tool, as these produce permanent records that can be easily audited. Since these systems follow the same steps as we do every day, they are intuitive, easy to use, and allow employees to share their knowledge and collaborate.

oboloo is a cloud-based software system that offers simple and cost-effective sourcing tools designed specifically for SMEs. oboloo provides a self-service solution that also includes Contract, Supplier, and Savings Management to make companies more supplier-savvy. To learn more please visit www.oboloo.com

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