Esourcing Tool Definition

An esourcing tool is a software application that helps organizations manage the process of procuring goods and services from external suppliers. It automates and streamlines the sourcing process, from identifying and assessing suppliers to awarding contracts.

Esourcing tools can help organizations save time and money by reducing the administrative burden of sourcing, and by providing a platform for supplier competition that drives down prices. They can also improve the quality of sourced goods and services by facilitating supplier performance management.