Oracle Sourcing On Demand provides user output in a number of ways, including RFIs (request for information) or RFQs (request for quotation). It can also initiate a reverse auction.
Users interface with Oracle Sourcing On Demand via a digital “workbench.” Project data can come not only from users inputting information directly into the system, but also from spreadsheets, purchase requisitions from a backend system, and other sources.
Oracle asserts that Sourcing On Demand is a cost-effective solution, given that users only need a browser to use the service, saving them the upfront costs of adding additional servers or hardware. The software comes with self-paced, online training and a dedicated help desk.
The software integrates with other procurement applications such as Oracle Purchasing. It also monitors whether agreements have been implemented and sourcing events completed.
Here, the “workbench” allows the user to create a needed item to be bid upon by suppliers. Oracle Sourcing On Demand allows specialists from all areas of the company—whether from Finance, Purchasing, or other departments—to collaborate to determine the organization’s needs.
Suppliers are then invited to make their bid on whatever material or service the organization needs. Oracle Sourcing On Demand is validated to meet SAS70 Type II and Sarbanes-Oxley requirements.