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November 2, 2015

11/02/2015 12:11:00 PM
Oracle Sourcing offers flexible negotiation capabilities to buyers and sellers, enabling them to efficiently obtain the best possible prices for goods and services. Prices are established based on actual supply and demand at the time the negotiation is transacted.

Oracle Sourcing is the enterprise application that drives more and better sourcing through online collaboration and negotiation. It is a key component of Oracle Advanced Procurement, the integrated suite that can dramatically cut all supply management costs.

Source more of your spend—manage more sourcing events in less time and bring them to conclusion faster, so you can exploit additional savings opportunities
Source for lowest total cost—make more best-value award decisions based on total cost, not just on unit price
Create immediate and long-term savings—create immediate savings and faster ROI with rapid deployment; then gain additional savings with consistent execution through the Oracle Advanced Procurement suite

The three different types of sourcing documents available

 1. Requests for quotations (RFQs)
 2. Requests for information (RFIs)
 3. Buyer's auctions

Buyers use real-time interaction to obtain information on suppliers' products and services, and then use that information to create negotiations that drive prices based not only on price, but on lead times, quantity, and item specific attributes. Buyers and sellers, who might never meet face-to-face, can bypass intermediaries and establish relationships that might not have been possible using more traditional methods of buying and selling.

What is RFI:
Oracle Sourcing allows buyers to qualify a wide group of suppliers and their products and services using RFIs. Buyers can use the information obtained to subsequently conduct an RFQ or buyer's auction.
What is RFQ:
suppliers for complex and hard-to-define items or services such as make-to-order manufacturing items or construction projects.
1. Typically an RFQ consists of multiple rounds with competition focused on which supplier(s) can meet the specific requirements in addition to price.
2. The process can last from days to weeks. Buyers usually review the received quotes, amend the supplier list and submit a modified RFQ for subsequent rounds of quoting.
3. Negotiations support blind and sealed RFQs. Suppliers are not allowed to see competitive quotes while the RFQ is in progress.

Auctions support the complete auction process from auction creation to final award to purchase order generation. Auctions enable buyers to solicit bids for goods and services that are clearly defined, such as office furniture or memory chips. 1. Auctions last for a set period of time, typically a matter of a few hours, although the close time can be changed manually or extended automatically based on last minute bids. 2. Auctions are typically focused on creating competition between sellers. Auctions support open, blind, and sealed auction styles

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