A sourcing event is a structured process in which a buyer engages one or more suppliers to obtain information, proposals, quotations or bids for a defined requirement. It has a stated scope, timetable, communication rules, evaluation method and approval path.
Which formats can a sourcing event use?
Formats include requests for information, quotation or proposal, tenders, negotiations and auctions. The choice depends on specification clarity, market structure, risk and the kind of supplier input required.
What happens before launch?
Confirm the business need, baseline, stakeholder roles, supplier list, requirements, pricing format, evaluation criteria, timetable and confidentiality arrangements.
How is supplier communication controlled?
Use one channel, record questions and provide material clarifications consistently to eligible participants. Do not disclose one bidder’s confidential approach or price to another.
How are offers evaluated?
Check eligibility first, then score against the disclosed commercial, technical, service and risk criteria. Resolve clarifications without changing the competitive basis unfairly.
What closes the event?
Document the recommendation, approval, notifications, negotiated terms and handoff to contract or purchase order. Retain the event record, including unsuccessful-bid rationale.
