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Set Up and Launch a Sourcing Event

A sourcing event is used to invite vendors to submit prices or proposals for required items or services.

This process explains how users can create a sourcing event, add requirements, select vendors, and launch the event to receive responses.
It helps procurement teams easily compare vendor offers and choose the best option.

On This Page​

Why Sourcing Events Are Needed​

Sourcing events help teams to:

  • Get price quotes or proposals from multiple vendors
  • Compare offers based on price, delivery time, and terms
  • Convert approved purchase requests into vendor requests
  • Follow a fair and organized buying process
  • Select the best vendor through competitive bidding

Key Features​

  • Event Visibility Options
    • Public - The event is visible to all eligible vendors, and any subscribed vendor can submit a response.
    • Private - The event is visible only to invited vendors.
  • Award Type Options
    • Single Award - One vendor is awarded for all items in the sourcing event.
    • Multiple Award - Multiple vendors can be awarded, allowing split or item-wise awarding.
  • Sealed Bid - Vendor responses are locked until the event is closed.
  • Ability to add items:
    • From purchase requests
    • Manually with quantity and description
  • Easy vendor selection from an approved vendor list
  • Set deadlines for vendor responses
  • Centralized tracking of vendor submissions
  • Simple comparison of vendor responses

Steps to Create a Sourcing Event​

Steps to Create and Manage a Sourcing Event​

  1. Log in to the procurement portal.
  2. Navigate to the Purchase Request that is in Open state.
  3. Create New Sourcing Event.
  4. Fill in the required details and save the event.
  5. Add required items or services:
    • Select items from an approved purchase request, or
    • Add items manually with quantity and description
  6. Select vendors (only if it is a private event):
    • Choose vendors from the approved vendor list
  7. Publish the sourcing event to notify vendors.
  8. Track the event after launch:
    • View vendor responses
    • Compare submissions
    • Initiate awarding to selected vendors