Your organization's purchases probably account for the largest share of its total costs. Having a clear understanding of your product and service requirements and conveying those requirements to the right suppliers may result in huge savings for your organization. But finding the right suppliers takes effort. First you need to identify the best available suppliers based on reliable information and research. Then you need to prepare a solicitation document, such as a Request for Proposal or Request for Quotation, and send it to the qualified suppliers.
This course discusses how to find sources of supply using this solicitation process and prepares you to choose the best sourcing strategy for a given purchase. It discusses how purchase requisitions are created and how information about suppliers is proactively researched. Finally, it covers how, based on this information, solicitation documents are prepared and sent to potential suppliers for their responses.Learning Objectives
- Choose the best sourcing strategy for a given purchase
- Complete a purchase requisition
- Identify the types of information you need to obtain about potential suppliers
- Identify sources that contain information about potential suppliers
- Match types of solicitation documents with their corresponding characteristics
- Determine which type of solicitation document to use given a scenario