What is sourcing event in SAP LOD-ESO - Sourcing OnDemand?

SAP Term: sourcing event

• Component: LOD-ESO

• Component Name: Sourcing OnDemand

• Description: A business activity that occurs during the sourcing process, such as an auction or an RFx.

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• Key Concepts: 
  A sourcing event is a process in SAP LOD-ESO Sourcing OnDemand that allows buyers to create and manage requests for quotations (RFQs) and requests for proposals (RFPs). It is a way for buyers to solicit bids from suppliers and compare them in order to select the best offer. The sourcing event also allows buyers to negotiate with suppliers, track the progress of the event, and manage the entire process from start to finish. 
  
  How to use it: 
  In order to use the sourcing event feature, buyers must first create an RFQ or RFP. This can be done by entering the details of the request, such as the item description, quantity, delivery date, and any other relevant information. Once the request is created, buyers can then invite suppliers to submit bids. Suppliers can then submit their bids, which can be compared and evaluated by the buyer. 
  
  Tips & Tricks: 
  When creating an RFQ or RFP, it is important to provide as much detail as possible in order to ensure that suppliers are able to provide accurate bids. Additionally, buyers should consider setting up a timeline for the event in order to ensure that all bids are received by the deadline. 
  
  Related Information: 
  SAP LOD-ESO Sourcing OnDemand also offers other features such as contract management, supplier performance management, and analytics. These features can be used in conjunction with the sourcing event feature in order to streamline the procurement process and ensure that buyers are able to select the best supplier for their needs.