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Chin Chiew Ling 1131121076

E-sourcing involves the strategy development involved in identifying how, where and from whom the right product, or service, can be obtained. It covers those parts of the buying process, which includes knowledge, such as supply-base analysis, spend analysis, specification, request for quotation/e-tender/e-auction and contract evaluation/negotiation/realisation. E-Sourcing is potentially using the internet for spend-analysis, supplier identification, Rfx, auctions and contract management.

E-procurement is using the internet to operate the transactional aspects of requisitioning, authorising, ordering, receipting and payment processes for the required products or services. E-procurement which is the transaction and compliance part of purchasing. This includes requisition, authorizing, ordering, receipts, and payments for supplies. E-Procurement is the counterpart to E-Sourcing in that it performs the process electronically and, in the purchasing cycle, it begins when the supplier contract is signed.

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E-Procurement is defined as "a technology solution that facilitates corporate buying using the Internet". It 'a set of e-businesses and e-solutions that support the buying process. In this specific case,  the focus along the chain moves from downstream, and then from the last links in the chain, to upstream, directly in contact with the supply network. With e-procurement the entire procurement process is handled online, so the company decided to make the purchases of various types, from raw materials to services, using B2B systems: these tools allow enterprises to reduce the cost and time of the procurement process, improve inventory and stocks management and, consequently, this is reflected in a decisive improvement in the management of all business processes. This is a necessary solution for large companies because it makes easier and more effective the management of the entire process of purchasing and supply network, and, on the other hand, for smaller companies that, in adopting e-procurement solutions, can become part of a global business with many opportunities for growth.

E-sourcing software can be used as an effective supplier communication tool, whether it be direct to one supplier or as a broadcast communication to multiple suppliers within your supply base. It also helps centralise information and ensure auditability of the sourcing process – communication is vital to effective express your requirements and allow the supplier to respond – creating as much interaction between procurement professionals and their potential suppliers as possible. E-sourcing platforms provide tangible benefits to both sides of the relationship. Submitting responses to tenders can be a labour intensive process and ultimately a barrier for some organisations. E-sourcing resolves this issue for SMEs in particular as they can engage far more easily in the supplier selection process by simply responding to a pre-qualification questionnaire. The online supplier portal provides easy access for suppliers to register and participate in events, with regular alerts, communication and actions all visible and traceable for auditing purposes.

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The first step in the eSourcing process is identifying the need for goods and services. Various strategies are then implemented to find the suppliers that best meet a company's needs. A contract is negotiated with the supplier that's favorable both logistically and financially for the company. It can be signed electronically and, with contract life management the company can also oversee supplier compliance and manage risk.

Then there is procurement, which is the transaction and compliance part of purchasing. This includes requisition, authorizing, ordering, receipts, and payments for supplies. eProcurement is the counterpart to eSourcing in that it performs the process electronically and, in the purchasing cycle, it begins when the supplier contract is signed.

Though they are both important parts of the purchasing cycle, there are many differences between esourcing and eprocurement. It is the spend analysis, supplier selection, and contracts involved in eSourcing that lead into the transactional aspects of eProcurement.

Following eSourcing, eProcurement is the actual purchase of the goods and services from suppliers. It executes on the negotiated contracts created by sourcing, which typically include pricing agreed upon for the goods, perhaps rebates once a quantity is reached, and other stipulations. In eProcurement, the determined payment is managed and processed electronically and there is no negotiation at this phase of the purchasing cycle.

In other words, eSourcing can be used strategically to ensure that the best pricing and value are locked in the contract, while eProcurement is strictly tactical to ensure the optimal flow of goods and services based on the contract.

Though they are different processes, eSourcing and eProcurement are two halves of a whole — both are necessary for efficient, streamlined ordering and to keep costs as low as possible while maintaining excellent relationships with suppliers.

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E-Soucring

E-sourcing includes identifying and selecting opportunities to reduce spend using knowledge of the external markets and the company's needs, and negotiating, managing, and monitoring contracts for goods. eSourcing is simply performing most, if not all, of this process electronically, consolidating proposals, quotes, and bids from various suppliers in one central information hub for ease of comparison.

Specifically, sourcing includes tools that facilitate internal (buyer) and external (supplier) communication and the contracting process. E-sourcing is locating those goods and, once set up with suppliers, being able to purchase them with pre-negotiated terms and conditions using electronic tools. This is extremely helpful in minimizing maverick spend and realizing budget savings.

The first step in the eSourcing process is identifying the need for goods and services. Various strategies are then implemented to find the suppliers that best meet a company's needs. A contract is negotiated with the supplier that's favorable both logistically and financially for the company.

E-sourcing can be used strategically to ensure that the best pricing and value are locked in the contract

E-procurement
Is the transaction and compliance part of purchasing. This includes requisition, authorizing, ordering, receipts, and payments for supplies. eProcurement is the counterpart to eSourcing in that it performs the process electronically and, in the purchasing cycle, it begins when the supplier contract is signed.

Though they are both important parts of the purchasing cycle, there are many differences between eSourcing and eProcurement. It is the spend analysis, supplier selection, and contracts involved in eSourcing that lead into the transactional aspects of eProcurement.

E-procurement is the actual purchase of the goods and services from suppliers. It executes on the negotiated contracts created by sourcing, which typically include pricing agreed upon for the goods, perhaps rebates once a quantity is reached, and other stipulations. In eProcurement, the determined payment is managed and processed electronically and there is no negotiation at this phase of the purchasing cycle.

E-procurement is strictly tactical to ensure the optimal flow of goods and services based on the contract

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Sourcing is the method of outsourcing a particular supply chain activity such as production, storage, transportation, or the management of information. At the strategic level the decision of sourcing determine what functions a firm performs and what functions the firm outsources. Sourcing decisions affect both the responsiveness and efficiency of a supply chain. For example if a company outsources its production to a contract manufacturer, but this choice may increase the transportation cost.

Procurement is the process in which the supplier sends product in response to customer orders. Manufactures must decide on the structure of procurement of direct as well as indirect materials, and strategic as well as general materials. In each case, it is important to identify the critical mechanism for increasing supply chain profits. For example, a firm should set up procurement for direct materials to ensure good coordination between the supplier and buyer. In contrast, the procurement of MRO (maintenance, repair, operations) products should be structured to ensure that transaction costs are low.

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E-procurement: All purchasing activities, monitoring all purchase transaction elements, Managing and developing supplier relationships

E-sourcing Using Internet technologies in sourcing activities (identify & select suppliers