How It Works
EASY AS
IN A NUTSHELL
Sourcesmart® transforms the way SME’s buy or sell everyday goods & services, making doing business easier, faster and cheaper. Buyers can Select and Submit an ‘RFP’ Request for Pricing based on their requirements. Suppliers then submit pricing to Buyers individually or on an aggregated basis. The Buyer can then accept of decline the offer at which time a voucher/ contract is released.
SEARCH & SAVE to LIST
Simply compare ‘apples with apples’ of generic goods or services in each region.
Buyers and Suppliers search by product category, region and specification and then add Goods or Services to their 'Watch List'. This process simplifies and commoditizes product selection.
Buyers
Watch List ' shows number of eligible supplier’s. Buyers can also encourage other buyers to aggregate demand to improve your purchasing power
Suppliers
Are then eligible to receive RFP’s from Buyers. They can also input a ‘List’ price and ‘Reserve’ price, (making pricing automatically available when bidding) as well as add SKU numbers, view current 'RFP' demand and reserve pricing. An email alert will be sent if there are any RFP’s taking place for the eligible Suppliers range of products and regions. Suppliers can also add price and availability for Buyers to ‘Buy Immediately as’ Buy Now.
CART SUBMISSION & BIDDING
Buyers can make up a cart to achieve the most competitive combination of products before submitting to eligible Suppliers who may want to provide a competitive up-front price or save their best price until the RFP closes.
Buyers
Can select review and adjust their Cart based on the competitive environment to either Buy Now or Request For Pricing (RFP). (If the product listed doesn’t quite fit your needs just add a note in ‘special request’). Then add delivery details including freight and the number of days the goods would be required in then hit submit. Supplier Bids can then be accepted at any time except between 12pm & 4pm each Thursday. At 4pm on Thursday the final RFP result is available and the Buyer has 5 days to accept or decline the best offer before it is withdrawn.
Suppliers can strategically place an offer either across the board or in individual RFP’s before and/or during the RFP.Suppliers
Review and adjust their price to be the most competitive before 4pm each Thursday either (across the board, or by ‘Reserve’ in their ‘Watch List’) or via individual RFP’s until 4pm each Thursday. A Supplier can provide an offer and then remove it up until the time they are outbid or a Buyer accepts their offer.
ACCEPT/DECLINE & SETTLEMENT
On acceptance of the offer the Buyer and Supplier provide the goods and payment based on the details of the Voucher. The Buyer provides feedback on the successful delivery of the goods or services.
Buyers
Can accept or decline the best offer at any time, and the final RFP price up to 5 days after the RFP completion each Thursday at 4pm. On acceptance of the winning offer Buyers are required to pay Suppliers by direct credit before despatch unless a deposit is required or if other arrangements have been made. Buyers are required to provide feedback on receipt of the goods.
Suppliers
Need to make sure they have sufficient product available before placing offers. Products need to be despatched within agreed time period following payment as per the voucher / contract. On completion and feedback from the Buyer, Sourcesmart ltd will invoice the Supplier the approved success fee.