About Strategic Sourcing

Strategic Sourcing is used to set up, maintain, and analyze complex bidding events. In addition, Strategic Sourcing provides a robust system for requesting bids and quotes, awarding events, and analyzing spending patterns and supplier use.

Public sector entities who purchase materials and supplies can use Strategic Sourcing to develop a list of requirements for the items and quantities that they need. After the requirements have been determined, a Request for Quote (RFQ) or an Invitation for Bid (IFB) can be issued. A potential supplier then responds with a proposal (or bid) that includes prices and terms for the requirements. After the proposals have been collected and evaluated, a sourcing event is awarded. The Strategic Sourcing application provides the capability to track sourcing event details such as supplier responses and event awards.

For private sector entities, the bid process is not subject to the same regulatory requirements, however, several aspects of the bid process are similar. In this case, Strategic Sourcing can be used to create and manage sourcing events and to take advantage of the event processing and awarding functions.