Sourcing

What is Sourcing?

Sourcing is the process of finding, selecting, and managing suppliers to fulfill job specifications. In the P3Source Workflow, sourcing is the first major phase, laying the groundwork for competitive bidding and job execution. It ensures that the right suppliers are chosen based on the job's requirements, creating a seamless workflow from specification to pricing review.

Steps in Sourcing

Sourcing consists of three main steps:

1. Build an RFQ
   This step involves creating a Request for Quotation (RFQ) that includes detailed job specifications. These specifications describe the job requirements clearly for potential suppliers, enabling them to provide accurate bids. Specifications can be entered directly into P3Source or imported from another system. Also allows the creation of the Pricing Grid by your suppliers Learn more about Building an RFQ

2. Select Suppliers & Send RFQs
   Once the RFQ is prepared, you can select suppliers from your permanent list or add new ones. After selecting the suppliers, RFQs are sent out with all necessary details, including deadlines and unique response links. Suppliers respond with bids, each tailored to your specifications.
   Learn more about Selecting Suppliers and Sending RFQs

3. Receive & Review Pricing
   This final step focuses on gathering and analyzing supplier responses. Using the Compare Bids tool in P3Source, you can evaluate pricing, analyze quotes, and make data-driven decisions to award the job to the most suitable supplier. The system also provides tools for automated price updates and bid reminders.
   Learn more about Receiving and Reviewing Pricing

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By following these steps, sourcing ensures a streamlined process to achieve competitive pricing to ensure you get the best deal, ensure quality standards and standardize the sourcing process across all your suppliers.