What is sourcing project in SAP (MM-PUR-SRC - Product Sourcing)?

SAP Term: sourcing project

• Component: MM-PUR-SRC

• Component Name: Product Sourcing

• Description: A complex bid document used to invite suppliers to a bidding process for the purchase of specific materials or services. Compared to a simple RFQ, sourcing project allows the user to structure items hierarchically and link items to each other, add timelines and demand management.

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• Key Concepts: 
  A sourcing project is a process in SAP MM-PUR-SRC Product Sourcing that helps companies to identify and select the best suppliers for their products. It involves analyzing the market, researching potential suppliers, and negotiating contracts. The goal is to find the most cost-effective and reliable supplier for a company’s needs. 
  
  How to use it: 
  To use a sourcing project in SAP MM-PUR-SRC Product Sourcing, first create a project plan that outlines the steps needed to complete the project. This includes researching potential suppliers, analyzing their capabilities, and negotiating contracts. Once the project plan is complete, create a request for quotation (RFQ) and send it to potential suppliers. After receiving responses from suppliers, analyze them and select the best one for your needs. Finally, negotiate a contract with the chosen supplier. 
  
  Tips & Tricks: 
  When creating a sourcing project plan, make sure to include all necessary steps and tasks. This will help ensure that all aspects of the project are taken into consideration and that nothing is overlooked. Additionally, it’s important to research potential suppliers thoroughly before sending out an RFQ. This will help you identify the best supplier for your needs and save time in the long run. 
  
  Related Information: 
  For more information on sourcing projects in SAP MM-PUR-SRC Product Sourcing, visit the SAP Help Portal or contact your local SAP representative. Additionally, there are many online resources available that provide helpful tips and advice on how to create successful sourcing projects.