These are the introductory paragraphs of a guest post by Alun Rafique of Market Dojo. The full article features ThomasNet News who is one of the leading supplier discovery and product sourcing platforms on the market today.
Self-service e-auctions are a great technological path for any company, as the advantages derived from more efficient negotiations are easy to relate. The real challenge is on the full e-sourcing software suite. Electronic Request for Quotations (eRFQs) are a great example. The benefits from eRFQs come from the centralization of data, auditability, and the ability to send out to more suppliers without a large increase in overhead.
It has been found that suppliers involved in eRFQs yield better savings. This is attributed to the process making the suppliers simply sharpen their pencils when they send out bids. In research by the University of the West of England, it has been found that e-sourcing strengthens buyer-supplier relationships.
So if the benefits from e-sourcing are there, why is there not more of an uptake in the process?
[Find out more by reading the full article here.]