E-Sourcing is the web-based purchasing process that supports buyers in their procurement strategy. It is a strategic approach for reducing product costs, sourcing and managing them, reducing procurement cycles and shortening time-to-market (T2M).
As a procurement strategy, e-sourcing can equally support the sourcing and procurement of products, goods and services. The strategic approaches to e-sourcing can be related to the optimization and reduction of purchasing costs and conditions, delivery times, delivery quantities, quality characteristics and others. E-sourcing can support and execute the purchasing process through targeted actions with suppliers, tenders and auctions. Buyers can access central information databases and thus optimize the procurement process.