E-Sourcing

E-sourcing is the use of electronic means to find and engage suppliers. It includes a wide range of activities, from online catalogues and supplier directories to reverse auctions and tendering platforms.

E-sourcing can offer many benefits to buyers, including increased transparency, improved efficiency and cost savings. It can also help to level the playing field between small and large businesses, by giving smaller suppliers easier access to business opportunities.

When conducting e-sourcing, buyers should consider their sourcing strategy, objectives and requirements. They should also be aware of the risks involved, such as supplier fraud or data security breaches. To mitigate these risks, buyers can use secure e-sourcing platforms or work with trusted suppliers.