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8Manage Sourcing process includes every activity that revolves around identifying and assessing potential suppliers as well as selecting and engaging with an appropriate supplier who offers the best value. At the end of the 8Manage Sourcing process, usually a contract is signed or an agreement is reached between the buyer and the supplier on what is to be procured and the terms of contract. Sourcing professionals evaluate the supply market, develop and execute strategy, negotiate terms of contract and finally develop the contractual agreement with the suppliers.
Sourcing professionals, based on the type of good and services that they intend to acquire, can decide using 8Manage Quick Quote, 8Manage e-Tender or 8Manage e-Auction to achieve their purpose. 8Manage Quick Quote allows you to obtain multiple rounds of price information from a number of potential suppliers for your filtering purpose. 8Manage e-Tender allows you do Request For Information (RFI), Request For Proposal (RFP) or Request For Quote (RFQ) in a controlled manner. 8Manage e-Auction allows you to use reverse auction as a tool to drive down prices.