Sourcing software, also referred to as Electronic sourcing, or eSourcing, refers to the usage of web-based tools to collect and compare information about several suppliers in order to help the buyer select a preferred provider and offer. As such it helps procurement professionals save time by eliminating manual tasks and improve visibility of information gathered during the sourcing process.
While sourcing is only one part of the overall procurement process, it is key; it involves inviting potential suppliers to a sourcing event, collecting vendor information, running a sourcing event and eAuctions, analyzing/evaluating responses, and issuing contracts.