What is sourcing hub in SAP (SRM - Supplier Relationship Management)?

SAP Term: sourcing hub

• Component: SRM

• Component Name: Supplier Relationship Management

• Description: A central concept in where open requirements from local and/or backend systems are assigned sources of supply either in the Sourcing Application or via SAP Bidding Engine. The resulting document purchase order or contract resides either in the local or backend system, depending on the scenario being used classic, extended classic, or standalone.

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• Key Concepts: 
  Sourcing Hub is a component of SAP Supplier Relationship Management (SRM) that enables organizations to manage their sourcing activities in a centralized, efficient, and cost-effective manner. It provides a single platform for managing all aspects of the sourcing process, from supplier selection to contract negotiation and award. It also provides a comprehensive view of the entire sourcing process, allowing organizations to make informed decisions and optimize their sourcing strategies. 
  
  How to use it: 
  Sourcing Hub can be used to manage the entire sourcing process from start to finish. It allows users to create and manage requests for proposals (RFPs), evaluate suppliers, negotiate contracts, and award contracts. It also provides tools for monitoring supplier performance and managing supplier relationships. 
  
  Tips & Tricks: 
  When using Sourcing Hub, it is important to ensure that all relevant stakeholders are involved in the process. This will help ensure that all decisions are made with the best interests of the organization in mind. Additionally, it is important to ensure that all data is accurate and up-to-date in order to make informed decisions. 
  
  Related Information: 
  Sourcing Hub is part of SAP SRM, which also includes other components such as Supplier Lifecycle Management (SLM) and Supplier Performance Management (SPM). Additionally, Sourcing Hub can be integrated with other SAP solutions such as Ariba Network and SAP Ariba Sourcing.