In the first part, we discussed how the sourcing process has evolved over a period of time – from a highly manual process to the one backed by technology. We also explored the reasons mandating this shift in the process.

In this post we will see how the existing sourcing process can be improvised by using technology. The first step in this process is ACCELERATE EVENT DRAFTING.

This step involves creating an event for the sourcing project. It refers to defining the objective of the project, creating RFXs and setting up an auction.

To make the event creation stage more effective following best practices can be followed;]

• Use standard templates to standardize the event drafting process
• Source categories electronically including the complex ones like legal, IT services, packaging etc.
• Ask the right question to get the relevant answers to formulate your awarding decision
• Collect comprehensive information

The second step being FLEXIBLE EVENT SCHEDULING.

To keep up pace with the modern demands of sourcing, sourcing professionals need to be equipped with the flexibilities when it comes to scheduling and hosting the event, be it scheduling event as per different time zones or supporting large number of suppliers in a single event.

Here are some of the to do’s which every sourcing manager must not hesitate incorporating while scheduling an event,

• Pausing an live event to make an announcement, for instance
• Extending an live event to accommodate additional requirements
• Re-opening an closed event to make room for suppliers who were unable to attend the event
• Leveraging and collaborating with selective/preferred supplier groups.

In the next post we will talk about the next two steps that can be followed to elevate your sourcing process.

For further reading, click on the download button below to receive the Whitepaper-Elevating Sourcing Process to the Next Level.

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