Patent ID: 8682703
Filing Date: 2014-03-25
Classification: G06Q

Abstract:
1. A method for procuring an item, said method including: performing, by a computer based system for facilitating strategic sourcing and vendor management, a commodity analysis using an opportunity assessment and a commodity strategy to achieve a supplier list; developing, by said computer based system, a sourcing strategy by creating a narrowed supplier list based on supplier preferencing, wherein the supplier list is narrowed based on elimination of unattractive characteristics for a relationship, ensuring that said narrowed supplier list is compliant with a relationship manager and ensuring that said narrowed supplier list is compliant with procurement rules of engagement, further developing, by said computer based system, said sourcing strategy by selecting potential suppliers; negotiating, by said computer based system, a contract by conducting said negotiation with potential suppliers, selecting a supplier based on said negotiation, and preparing a contract based on said negotiation, creating a data file for said contract, and conducting enablement activities for said supplier; creating an order for said item, conducting order management, and receiving said item;