eSourcing

eSourcing refers to the use of electronic tools and platforms to manage the procurement process, where organizations source goods and services. It involves activities such as inviting bids, comparing supplier offers, and conducting negotiations online. By leveraging technology, eSourcing streamlines procurement, enhances transparency, and leads to better decision-making. It also allows companies to reach a broader market of suppliers, ultimately leading to cost savings and improved efficiency in acquiring what they need. Overall, eSourcing is about optimizing the way businesses manage their purchasing activities through digital solutions.