Sourcing is a fundamental aspect of procurement that involves the identification, assessment, and selection of suppliers or vendors to fulfil an organization's needs for goods, services, or works. It encompasses the process of finding, evaluating, and engaging with potential suppliers to obtain the best value, quality, and terms for the organization. Here's a breakdown of the sourcing process where Sunstream can support: 1. Supplier Identification: Once the requirements are identified, its crucial to identify potential suppliers who can meet those requirements. This may involve researching existing suppliers, exploring industry directories and other methods. Sunstream can support in the supplier identification by research and direct contact. 3. Supplier Evaluation: After identifying potential suppliers, they are evaluated based on various criteria such as their capabilities, reliability, financial stability, reputation, quality standards, and compliance with regulations or ethical standards. This evaluation helps in shortlisting suppliers for further consideration. Sunstream adopt to customer’s evaluation criteria or develop a new evaluation criteria suitable. 4. Request for Information (RFI): Organizations may issue RFIs to gather information from potential suppliers about their capabilities, products or services, production capacity, quality control processes, pricing, terms and conditions, and other relevant details. RFIs help in assessing supplier suitability and compatibility with the organization's needs. Sunstream team can handle the entire process of RFI collection from potential suppliers. 5. Request for Proposal (RFP): For more complex sourcing requirements, organizations may issue RFPs to solicit detailed proposals from shortlisted suppliers. Sunstream team can support in preparation of RFP, distributing and consolidating responses. 6. Supplier Negotiation: Once proposals are received, organizations may engage in negotiations with suppliers to finalize terms and conditions, pricing, delivery schedules, and other aspects of the agreement. Sunstream can support the negotiation process by interacting with the suppliers. 7. Supplier Selection: After negotiations, the organization selects the most suitable suppliers based on factors such as price, quality, reliability, reputation, and overall value proposition. Sunstream can provide reports to customer on supplier responses to make their supplier selection easy. 8. Contract Management: Following supplier selection, contracts are finalized and signed to formalize the agreement between the organization and the chosen suppliers. Contract management involves overseeing the execution of the contract, monitoring supplier performance, addressing issues or disputes, and ensuring compliance with contractual terms. Sunstream team can support this process acting as a facilitator. 9. Relationship Building: Building and maintaining strong relationships with suppliers is crucial for long-term success. Effective communication, collaboration, and mutual trust help foster positive supplier relationships, which can lead to benefits such as improved service levels, innovation, and cost savings. Sunstream team can support in giving needed supplier communication on regular intervals, providing training, feedback and assisting in resolving supplier grievances.