Patent Publication Number: US-2019197601-A1

Title: SaaS CLOUD-BASED SYSTEM FOR SOURCING, PROCURING AND SELLING ENGINEERING COMPONENTS

Description:
TECHNICAL FIELD 
     Embodiments of the disclosure relate generally to a SaaS (software as a service) cloud-based system and, more particularly to, a SaaS cloud-based system for sourcing, procuring and selling engineering components. 
     BACKGROUND 
     Sourcing, procuring and selling an engineering component is a long drawn and complex process which makes it highly difficult to manage. In addition, the existing processes and systems lack effectiveness which leads to high transaction cost and increased lead time. 
     Existing systems do not provide a comprehensive solution to manage the procurement process end to end. Even with the combined use of various existing systems to manage different stages of the procurement process, interoperability issues between those systems are bound to happen. Moreover, the cost of doing business could increase significantly with the use of multiple disparate systems. 
     Hence, there is a need for a solution that improves on the existing solutions by implementing a comprehensive solution that manage the entire workflow of sourcing and procuring engineering components. 
     SUMMARY 
     In one example, a SaaS (software as a service) cloud-based system for sourcing, procuring and selling engineering components is provided. The system includes a discovery engine for receiving a request from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes, for setting maximum and minimum value for each attribute, for assigning weightage to each attribute, and for determining an aggregate relevance score for the suppliers using the plurality of attributes. The system also includes a drawing engine for receiving a drawing of the engineering component from the buyer, associating the drawing with a request for quotation (RFQ), storing the drawing, and accessing the drawing associated to the RFQ. Further, the system includes a RFQ engine for generating the RFQ to be sent to the suppliers by the buyer, and for receiving response to the RFQ by the buyer from the suppliers. The system also includes an order engine for facilitating an order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the suppliers. Furthermore, the system includes a shipment engine for creating an invoice for the order and facilitating shipment of the order. In addition, the system includes a payment engine to facilitate payment for the order. 
     In one example, a method for sourcing, procuring and selling engineering components. The method includes receiving a request from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes. The method also includes setting maximum and minimum value for each attribute. Additionally, the method includes assigning weightage to each attribute. Further, the method includes determining an aggregate relevance score for the suppliers using the plurality of attributes. In addition, the method includes receiving drawing of the engineering component from the buyer. The method also includes associating the drawing with a request for quotation (RFQ). Further, the method includes storing the drawing and accessing the drawing associated to the RFQ. The method also includes generating the RFQ to be sent to the suppliers by the buyer. Furthermore, the method includes receiving response to the RFQ by the buyer from the suppliers. The method also includes facilitating an order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the suppliers. Further, the method includes facilitating payment for the order. Additionally, the method includes creating an invoice for the order. The method also includes facilitating shipment of the order. 
     In one example, a server is provided. The server includes a memory to store instructions. The server also includes a processor responsive to the instructions stored in the memory to perform a method for sourcing, procuring and selling engineering components. The method includes receiving a request from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes. The method also includes setting maximum and minimum value for each attribute. Additionally, the method includes assigning weightage to each attribute. Further, the method includes determining an aggregate relevance score for the suppliers using the plurality of attributes. In addition, the method includes receiving drawing of the engineering component from the buyer. The method also includes associating the drawing with a request for quotation (RFQ). Further, the method includes storing the drawing and accessing the drawing associated with the RFQ. The method also includes generating the RFQ to be sent to the suppliers by the buyer. Furthermore, the method includes receiving response to the RFQ by the buyer from the suppliers. The method also includes facilitating an order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the suppliers. Further, the method includes facilitating payment for the order. Additionally, the method includes creating an invoice for the order. The method also includes facilitating shipment of the order. 
    
    
     
       BRIEF DESCRIPTION OF THE VIEWS OF DRAWINGS 
       In the accompanying figures, similar reference numerals may refer to identical or functionally similar elements. These reference numerals are used in the detailed description to illustrate various embodiments and to explain various aspects and advantages of the present disclosure. 
         FIG. 1  is a block diagram of a system for sourcing, procuring and selling, according to embodiments as disclosed herein; 
         FIG. 2  illustrates an environment, in which various embodiments disclosed herein may be practiced; 
         FIG. 3  is a flowchart indicating a method for sourcing, procuring and selling, according to embodiments as disclosed herein; 
         FIG. 4  is a flow diagram indicating different stages of the method for sourcing, procuring and selling, according to the embodiments as disclosed herein; 
         FIG. 5  is a flowchart indicating a part of a method for sourcing and procuring for use by a buyer, according to the embodiments as disclosed herein; 
         FIG. 6  is a flowchart indicating another part of a method for sourcing and procuring for use by the buyer, according to the embodiments as disclosed herein; 
         FIG. 7  is a flowchart indicating yet another part of a method for sourcing and procuring for use by the buyer, according to the embodiments as disclosed herein; 
         FIG. 8  is a sequential diagram indicating a method for sourcing, procuring and selling, according to the embodiments as disclosed herein; 
         FIG. 9  is a table indicating information of any entities stored in the system, according to the embodiments as disclosed herein; 
         FIG. 10  is another table indicating information of suppliers stored in the system, according to the embodiments as disclosed herein; and 
         FIG. 11  is a block diagram of the system in an example form of a computer system within which instructions for performing any one or more of the methodologies discussed herein may be executed. 
     
    
    
     DETAILED DESCRIPTION OF THE EMBODIMENTS 
     The above-mentioned needs are met by a computer-implemented method and system for sourcing, procuring and selling. The method and the system provide a comprehensive solution that manages entire workflow of sourcing and procuring engineering components and results in low transaction costs, reduced lead time, smoother workflow, and efficient discovery of business partners. 
     The following detailed description is intended to provide example implementations to one of ordinary skill in the art, and is not intended to limit the invention to the explicit disclosure, as one or ordinary skill in the art will understand that variations can be substituted that are within the scope of the invention as described. 
       FIG. 1  is a block diagram of a system  100  for sourcing, procuring and selling, according to embodiments as disclosed herein. 
     Structural Description 
     The system  100  is connected to a browser client  101  and a mobile client  102 . The browser client  101  and the mobile client  102  can be present at a user device, for example a buyer device or a supplier device. The browser client  101  and the mobile client  102  interacts with the system  100  via a buyer manager  103 , a supplier manager  104 , a request for quote or a request for quotation (RFQ) manager  105 , and an order manager  106 , which are part of the system  100 . 
     In one embodiment, the buyer manager  103  is further connected to a buyer engine  107  and a discovery engine  126 . The supplier manager  104  is connected to a supplier engine  108 . The RFQ manager  105  is connected to an RFQ engine  109 , a drawing engine  110 , and a chat engine  111 . The RFQ manager  105  may also be connected to the discovery engine  126 . The order manager  106  is connected to the drawing engine  110 , the chat engine  111 , an order engine  112 , a payment engine  113 , a shipment engine  114 , and a feedback engine  115 . All engines are part of the system  100 . 
     The system  100  further includes a database  118  which can be accessed via a database access module  116  by various engines. In one embodiment, the system  100  also includes a file storage  119  which can be accessed via a file storage access module  117  by the drawing engine  110 . 
     In some embodiments, the system  100  may also include a security module  120 , a logging module  121 , a reports module  122 , and an admin module  123 , all of which may communicate with various engines but not the browser client  101 , the mobile client  102 , the database  118 , and the file storage  119 . The system  100  may also include a message queue  124  and a service bus  125 , both of which may communicate with various engines but not the browser client  101 , the mobile client  102 , the database  118 , the database access module  116 , the file storage access module  117 , and the file storage  119 . 
     Functional Description 
     In one embodiment, the system  100  is a SaaS (Software as a Service) cloud-based platform or system which brings a buyer of an engineering component and various suppliers of the engineering component together and manages the procurement process effectively and efficiently. 
     The buyer manager  103  executable by one or more processors is configured to manage workflow initiated by the buyer. The buyer engine  107  executable by one or more processors is configured to do actual tasks like buyer registration, supplier search, etc., which may be initiated by the buyers using the buyer manager  103 . In one embodiment, the buyer engine  107  performs registration of the buyer, addition of payment instruments of the buyer, management of request for quote or request for quotation (RFQ) history, management of RFQ responses, management of orders, and management of feedback received for the buyer and provided by the buyer. 
     The buyer accesses the platform via a user interface. The buyer performs the registration by providing various required details including payment instrument. The buyer then sees various workflows that can be performed by the buyer. In one embodiment, the buyer desires to procure the engineering component or a specialized product. In one embodiment, the specialized product may include a product that cannot be defined or explained using mere specification or a photo and hence, an engineering drawing for the product may be needed. For example, let us assume the buyer needs a special gear for machinery that the buyer is manufacturing. Special gear might have to be casted using a particular metal/alloy and then machined to correct specification, and this gear is not available in readymade market. The buyer will do the design/drawing for that gear but the buyer may not have the capability to manufacture that special gear in their manufacturing facility. Hence, the buyer would require the platform (the system  100 ) to source this gear from some other gear manufacturer (supplier). 
     The buyer creates a search request in the system  100  to search suppliers capable of providing the engineering component based on a plurality of attributes. The buyer then uploads the drawing on the system  100  using the drawing engine  110 . The drawing engine  110  receives the drawing of the engineering component from the buyer, associates the drawing with an RFQ created on the system  100  for the buyer, and stores the drawing in the file storage  119  using the file storage access module  117 . The drawing can be retrieved from the file storage  119  in response to a request to view drawing received from the buyer or various suppliers. 
     In various embodiments, the supplier manager  104  executable by one or more processors is configured to manage workflow initiated by various suppliers. The supplier engine  108  executable by one or more processors is configured to do actual tasks like supplier registration, buyer search, etc. initiated by the suppliers using the supplier manager  104 . In one embodiment, the supplier engine  108  performs registration of the suppliers, addition of payment instruments, for example payment account, of the suppliers, management of request for proposal (RFP) history, management of RFP responses, management of orders, and management of feedback received for the suppliers and provided by the suppliers. 
     Thus, the system  100  has information of various suppliers. The system  100  enables the buyer to search for the suppliers using various search criteria, for example location, capability, overall ratings, etc. The request to search for the suppliers capable of providing the engineering component is received by the discovery engine  126 . The discovery engine  126  receives the request from the buyer to search for the suppliers based on various attributes. The attributes are also referred to as search or sort criteria. Examples of the attributes include, but are not limited to, location proximity, supplier capability, ratings, feedback, etc. The attributes could include any parameter that the buyer wants to be considered in search/sort criteria. 
     The discovery engine  126  processes the search/sort request based on the search/sort criteria using the search/sort algorithm described now. The discover engine  126  also sets maximum and minimum value for each attribute, assigns weightage to each attribute, and determines an aggregate relevance score for the suppliers using the plurality of attributes. The discovery engine  126  further determines an influencer type for each attribute, wherein a positive value of the influencer type indicates higher value of that attribute and higher relevance given to corresponding supplier, and a negative value of the influencer type indicates higher value of that attribute and lower relevance given to corresponding supplier. The discovery engine  126  also determines the aggregate relevance score by calculating relevance score for each attribute for a respective supplier as 
     Relevance Score=(Parameter value/maximum value of attribute)*weightage, if influencer type is positive. 
     Relevance Score=(1−(Parameter value/maximum value of attribute))*weightage, if influencer type is negative 
     The discovery engine  126  further aggregates relevance score for each attribute in the plurality of attributes for the respective supplier to determine the aggregated relevance score for the respective supplier, wherein the parameter value is an attribute value associated with the respective supplier. The discovery engine  126  also sorts the suppliers in descending order of the aggregated relevance score. The discovery engine  126  finally returns the search/sort result with the list of suppliers matching the search/sort criteria. 
     Algorithm 
     Suppliers: Group of suppliers which need to be sorted/searched based on the search/sort criteria. 
     Sort Criteria: Attributes of the supplier that are used to determine the relevance of the supplier in the search/sort. 
     Minimum and maximum value: Minimum and maximum value sets the range of possible values for the sort criteria. It is also used to filter out the suppliers that have the parameter value outside the range. 
     Influencer type: If the sort criteria&#39;s influencer type is positive, it means that higher the value of that parameter, more the relevance is given to that entity in the sort process. If the sort criteria&#39;s influencer type is negative, it means that higher the value of that parameter, less the relevance is given to that entity in the sort process. 
     Weightage: Weightage allows the discovery engine  126  to set the importance level of the sort criteria in determining the relevance of the supplier that is being searched/sorted. The buyer can also assign different weightage to different sort criteria. The total of the weightage of the plurality of the attributes should add up to  1 . 
     Parameter Value: Attribute value associated to the supplier based on the relevant sort criteria 
     Relevance Score Calculation: This shows how the relevance score is calculated for each of the sort attribute 
     Aggregate Relevance Score: This gives the aggregate relevance score for the supplier. This is calculated by taking the summation of all the relevance scores associated to the plurality of the supplier attributes (i.e. sort criteria). 
     Let us assume group of suppliers need to be searched/sorted based on 3 sort criteria as shown Table  900  of  FIG. 9 . Each one of the sort criteria  904  has associated minimum value (min value)  906 , maximum value (max value)  908 , influencer type  910 , weightage  912  and parameter value  914 . 
     Step 1: Filter in suppliers (entities/entity  902 ), for example entity  1  ( 920 ), entity  2  ( 922 ), entity  3 ( 924 ), entity  4  ( 926 ), only with parameter value that falls within the minimum and maximum value for the sort criteria 
     Step 2: Determine the influencer type  910  for each one of the sort criteria  904   
     Step 3: Determine the weightage  912  that needs to be applied for each one of the sort criteria  904   
     Step 4: Determine the parameter (attribute) value  914  for each one of the sort criteria  904   
     Step 5: Calculate the relevance score  916  for each one of the sort criteria  904   
     a) If the sort criteria&#39;s influencer type  910  is positive, it means that higher the value of that parameter, more the relevance is given to that supplier in the search/sort process. 
     Relevance score  916 =(Parameter value  914 /maximum value  908  of sort criteria  904 )*Weightage  912   
     b) If the sort criteria&#39;s influencer type  910  is negative, it means that higher the value of that parameter, less the relevance is given to that supplier in the search/sort process. 
     Relevance score  916 =(1−(Parameter value  914 /maximum value  908  of sort criteria  904 ))*Weightage  912   
     Step 6: Calculate the aggregate relevance score  918  for every supplier in the group by taking the summation of all the relevance scores associated to the plurality of the supplier attributes (i.e. sort criteria  904 ) 
     Step 7: Sort the suppliers based on the aggregate relevance scores  918  in descending order (i.e. Suppliers with highest relevance score go to the top of the search/sort result and suppliers with lowest relevance score go to the bottom of the search/sort result) 
     Based on the algorithm, the search/sort result would show the entities in the following order Entity  4  (supplier  4 ), Entity  1  (supplier  1 ), Entity  2  (supplier  2 ), and Entity  3  (supplier  3 ). 
     Applying the algorithm to an example, let us consider the buyer is looking for a special gear made of cast iron manufactured by casting process and then machining process. So, the buyer specifies the suppliers to have the capability of both casting and machining The discovery engine  126  filters only the suppliers with those 2 capabilities. Let us assume, 4 suppliers are returned after the filtering. Also, let us assume the buyer applies 0.6 weightage on location proximity and 0.4 weightage on ratings. Both the weightage and min/max parameter value is configurable in this algorithm. Next, the minimum value, maximum value and influencer type is configured by the user for each one of the search criteria as shown in Table  1000  of  FIG. 10 . Now these 4 suppliers need to be sorted based on the relevance score. Based on the algorithm, the search/sort result would show the suppliers in the following order Supplier  3 , Supplier  1 , Supplier  2 , and Supplier  4 . 
     The RFQ manager  105  executable by one or more processors is configured to manage the workflow for creating the RFQ and sending it to the shortlisted suppliers. The RFQ engine  109  executable by one or more processor is configured to do the actual tasks of creating RFQ, sending RFQ to suppliers, sending response for RFQ to the buyers, etc. 
     The buyer could then choose the suppliers and create RFQ and send it to the shortlisted suppliers. The system  100  also allows the buyer to compare the responses for the RFQ received from multiple suppliers based on the sort criteria or any other criteria, and facilitate the buyer to choose at least one supplier. The RFQ engine  109  generates the RFQ to be sent to the suppliers by the buyer, and receives response to the RFQ by the buyer from the suppliers, wherein the buyer and the suppliers access the drawing associated with the RFQ. The RFQ engine  109  enables the buyer and the suppliers to perform various other functions including the buyer to send the RFQ to the selected suppliers, the suppliers to send RFQ response to the buyer, the suppliers to send request for information (RFI) to the buyer, the suppliers to send RFI response to the buyer, the buyer to send RFI to the suppliers, and the buyer to send RFI response to the suppliers. The suppliers could request for missing information if any and then send the response for the RFQ. 
     The order manager  106  executable by one or more processors is configured to manage the workflow for handling the order process. The order engine  112  executable by one or more processors is configured to allow the buyer to send the purchase order to the selected supplier and the selected supplier to send Order Acceptance/Order Rejection to the buyer. The order engine  112  facilitates order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the shortlisted suppliers. The order engine  112  creates purchase order for the buyer, sends the purchase order from the buyer to the selected supplier, and creates and sends order acceptance or order rejection from the selected supplier to the buyer. 
     In some embodiments, the system  100  also includes the chat engine  111  executable by a processor and configured to allow the buyer and suppliers to message to each other, and facilitate message exchange among the buyer and the suppliers. The suppliers could also request for information via the chat engine  111  and discuss information about order execution. 
     The system  100  also includes the payment engine  113  executable by a processor and configured to allow the selected supplier to raise the invoice to the buyer on order completion, to allow the buyer to make the payment to the supplier, and to allow the supplier to send payment receipt. The payment engine  113  facilitates the payment to the supplier by processing payments from buyer and crediting to the supplier, and processing payment adjustments. 
     The shipment engine  114  executable by one or more processors is configured to allow the buyer and/or the supplier to arrange for the shipment of order and to send the shipment details to various entities. In one embodiment, the shipment engine  114  facilitates creation of the invoice for the order, shipment of the order, packing list and Bill of Lading after order completion, finding quotes from shipping companies to air freight, sea freight or land freight the order. The shipment engine  114  could use the discovery engine  126  to search for shipping companies. 
     In some embodiments, the system  100  also includes the feedback engine  115  executable by one or more processors and configured to allow the buyers/sellers to provide feedback and ratings. Both buyers and suppliers could provide feedback and ratings regarding the business transaction. The feedback engine  115  is also responsible for collecting feedback and rating from both the suppliers and the buyer, and persisting them for future use. The feedback engine  115  can further aggregate rating for both the suppliers and the buyer so that it could be used in the discovery engine  126 . 
     In various embodiments, the database access module  116  and the file storage access module  117  are used by various engines to store data/information in the database  118  and drawing files in the file storage  119 . 
     In some embodiments, the system  100  also includes the security module  120  for security purposes, the logging module  121  for enabling login, the reports module  122  for generating reports, the admin module  123  for providing administrator control for both buyers and sellers, the message queue  124  and the service bus  125  for providing event driven architecture to provide infrastructure needed for the system  100  to provide desired functionality and perform method disclosed herein. 
     In one embodiment, the system  100  is embodied in the form of service oriented architecture (SOA), application programming interfaces (APIs), and data storage. In some embodiments, the system  100  is embodied in the form of API gateway, micro services, message queue, service bus, data storage including relational database, file server, non-relational database and in-memory cache. In some embodiments, the system  100  is embodied in the form of desktop application. In another embodiment, the system  100  is embodied in form of client server architecture. Also, the system  100  can be embodied with various combinations of above mentioned architectures. 
       FIG. 2  illustrates an environment  200 , in which various embodiments disclosed herein may be practiced. The environment  200  includes a web client  202  and a mobile client  204 . The web client  202  or the mobile client  204  can be present in the buyer device or the supplier device. The environment  100  includes one or more buyer devices and a plurality of supplier devices. The buyer or the supplier can access user interface of the system  100  via their respective devices. 
     The buyer device and the suppliers&#39; devices are connected to the system  100  via a network internet  206 . The user interfaces accessible by the devices may be deployed over a web server  208 . For example, the user interfaces  210  for the browser client  101  and the mobile client  102  can be deployed to the web server  208 . Various other components of the system  100  could be deployed to one or more application (app) servers  212 . The system  100  is also referred to as a server. The database  118 / 218  can be deployed to one or more database servers  216 . The file storage  119 / 222  can be deployed to one or more file servers  220 . The data in the database  118  and the file storage  222  can be exposed via web APIs  214 . 
     Examples of the buyer device or the supplier device include, but are not limited to, computer, laptop, notebook, tablet, mobile device, smartphone, and other devices including at least one processor. 
     Examples of the system  100  include, but are not limited to, computer, server, and other devices including at least one processor. 
     The system  100  is configured with a machine-readable/computer-readable medium or a processing system or a firmware, the contents or machine readable code of which causes the system  100  to perform the method disclosed herein. 
     The network internet  206  may include any suitable number or arrangement of interconnected networks including both wired and wireless networks. By way of example, a wireless communication network link over which mobile devices communicate may utilize a cellular-based communication infrastructure. The communication infrastructure includes cellular-based communication protocols such as AMPS, CDMA, TDMA, GSM (Global System for Mobile communications), iDEN, GPRS, EDGE (Enhanced Data rates for GSM Evolution), UMTS (Universal Mobile Telecommunications System), WCDMA and their variants, among others. In various embodiments, the network internet  206  may further include, or alternately include, a variety of communication channels and networks such as WLAN/Wi-Fi, WiMAX, Wide Area Networks (WANs), and Blue-Tooth. 
     Operational Flow Chart 
       FIG. 3  is a flowchart indicating a method  300  for sourcing, procuring and selling, according to embodiments as disclosed herein. 
     It is to be appreciated that order of steps shown in  FIG. 3  is a mere example order and the order may vary in different embodiments. For example, in one embodiment step  316  may be performed before step  312 . 
     At step  302 , a request is received from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes. 
     At step  304 , maximum and minimum value is set for each search/sort attribute. 
     At step  306 , weightage is assigned to each search/sort attribute. 
     In some embodiments, the method  300  also includes determining an influencer type for each attribute, wherein a positive value of the influencer type indicates higher value of that attribute and higher relevance given to corresponding supplier, and a negative value of the influencer type indicates higher value of that attribute and lower relevance given to corresponding supplier. 
     At step  308 , an aggregate relevance score is determined for the suppliers using the plurality of attributes. A relevance score for each search/sort attribute for a respective supplier is calculated as 
     Relevance Score=(Parameter value/maximum value of attribute)*weightage, if influencer type is positive 
     Relevance Score=(1−(Parameter value/maximum value of attribute))*weightage, if influencer type is negative. 
     The relevance score for each attribute in the plurality of attributes is aggregated for the respective supplier to determine the aggregated relevance score for the respective supplier, wherein the parameter value is an attribute value associated with the respective supplier. The suppliers are then sorted in order of descending order of the aggregate relevance score. 
     At step  310 , a drawing of the engineering component is received from the buyer. 
     At step  312 , the drawing is associated with corresponding RFQ. 
     At step  314 , the drawing is stored. 
     At step  316 , the RFQ to be sent to the suppliers by the buyer is generated. 
     At step  318 , a response to the RFQ is received by the buyer from the suppliers, wherein the buyer and the suppliers access the drawing associated with the RFQ. 
     At step  320 , an order for the engineering component is facilitated, wherein the order is placed by the buyer to a supplier selected from the suppliers. Facilitating of the order includes creating purchase order for the buyer, sending the purchase order from the buyer to the supplier, and creating and sending order acceptance or order rejection from the supplier to the buyer. 
     At step  322 , an invoice for the order, from supplier to buyer, is created. 
     At step  324 , payment for the order, from buyer to supplier, is facilitated. 
     At step  326 , shipment of the order is facilitated. 
     In some embodiments, the method  300  further includes registering the buyer, adding payment instruments of the buyer, managing RFQ history of the buyer, managing RFQ responses of the buyer, managing orders of the buyer, and managing feedback received for the buyer and provided by the buyer. 
     The method  300  further includes registering the suppliers, adding payment instruments of the suppliers, managing request for proposal (RFP) history, managing RFP responses, managing orders, and managing feedback received for the suppliers and provided by the suppliers. 
     The method  300  also includes facilitating message exchange among the buyer and the suppliers. The method  300  also includes collecting feedback and rating from the suppliers and the buyer, and persisting the feedback and the rating for future use, and aggregating the rating for the suppliers and the buyer. 
       FIG. 4  is a flow diagram  400  indicating different stages of the method for sourcing, procuring and selling, according to the embodiments as disclosed herein. The method can be implemented using a SaaS platform for suppliers and buyers  402 . A buyer from buyers  404  performs a search  408  for suppliers  406 . The search is performed at  410  followed by shortlisting of potential suppliers at  412 . 
     A RFQ  414  is generated at  416 . A response for RFQ is received at  418 . 
     In order execution  420  one supplier is selected at  422  and an order for placing the purchase is placed at  424 . Purchase order is acknowledged at  426  and the order is processed at  428  A request for information and/or response with information(if any) is sent at  430  and a response is received(if any) at  432 . An invoice is raised at  436  to process payment and shipment  434 . At  438  payment is sent and the order is shipped at  440 . 
     At  442  and  444 , feedback  446  is provided and received. 
       FIG. 5  is a flowchart indicating a part of a method  500  for sourcing and procuring for use by a buyer, according to the embodiments as disclosed herein. The method starts at step  502 . At step  504 , search for suppliers based on search criteria such as location, capability, and ratings is received. At step  506 , a check is made if enough suppliers are retrieved. If not then at step  508 , the search criteria are expanded. If yes then at step  510 , RFQ is created. At step  512 , RFQ is sent to the suppliers. The method ends at step  514 . 
       FIG. 6  is a flowchart indicating another part of a method  600  for sourcing and procuring for use by the buyer, according to the embodiments as disclosed herein. The method starts at step  602 . At step  604 , RFQ with product description, price basis, product delivery date, and general terms and conditions are prepared. At step  606 , RFQ is sent to the shortlisted suppliers. At step  608 , response for RFQ is received from the suppliers. At step  610 , a check is performed to determine if set number of responses from suppliers are received by the due date. If no then at step  612 , the search for suppliers is expanded, else at step  614  a check is performed to see if the target price is reached. If no then a check is made at step  616  to determine if negotiation with the suppliers is to be performed. If no then step  612  is performed. If yes then negotiation happens at step  618 . At step  620 , the information received from the suppliers is compiled if the target price is reached at step  614 . At step  622 , the supplier is chosen based on set criteria. The method ends at step  624 . 
       FIG. 7  is a flowchart indicating yet another part of a method  700  for sourcing and procuring for use by the buyer, according to the embodiments as disclosed herein. The method starts at step  702 . At step  704 , purchase order is sent to the supplier. At step  706 , a check is made to determine if acknowledgement is received from the supplier. If no then at step  708  a follow up is done with supplier else at step  710  a check is made if any further information is needed. If further information is needed then at step  712  request for information is sent from business partner (supplier). At step  714 , a check is made for the requested information. If yes then the order is completed at step  716  and the method ends at step  718 . If not then step  712  is performed. 
       FIG. 8  is a sequential diagram indicating a method  800  for sourcing, procuring and selling, according to the embodiments as disclosed herein. At step  808 , a buyer  802  searches for suppliers using a buyer seller platform  804  (the platform  804 ). At step  810 , the suppliers are retrieved. At step  812  RFQ is created and sent to the platform  804 . At step  814 , RFQ acknowledgement is received by the buyer  802 . At step  818 , RFQ is sent to the supplier  806 . At step  820 , RFQ response is sent to the platform  804 . At step  822 , RFQ response is send to the buyer  802 . At step  824 , the order is placed with the platform  804  and at step  826  the acknowledgement for the order is received. At step  828 , the order is sent to the supplier  806  and at step  830  the acknowledgement is received from the supplier  806 . At step  832 , the order acknowledgement is received by the buyer  802 . At step  834 , request for information from supplier is sent to the platform  804  which is forwarded to the supplier  806  at step  836 . At step  838 , response to the information request is received which is then sent to the buyer  802  at step  840 . The supplier  806  may also similarly request for information from the buyer  802  at steps  842  and  844 , and the buyer  802  may respond to that information at steps  846  and  848 . At step  850 , payment request is sent to the platform  804  which is then forwarded to the buyer  802  at step  852 . The payment is performed at steps  854  and  856 . At steps  858  and  860 , the shipment details are notified. At steps  862  and  864 , feedback is received. 
     Various embodiments disclosed herein provide end to end process of sourcing and procuring specialized products which eliminates the need to use multiple disparate systems to manage this process and thereby eliminating the interoperability issues of using multiple disparate systems. This also eliminates the chances of data error in the process of manual entry of data from one system to another. All these advantages of this platform lead to much smoother, efficient and error free process of sourcing and procuring specialized products. In addition, this platform helps the buyer to discover the suppliers and supplier to discover the buyers in an efficient manner by removing the information asymmetry that exist otherwise. This platform significantly reduces both the time and cost in discovering the business partners by readily available information. Further, this platform provides better visibility into sourcing and procurement activities by integrating the complex process of sourcing and procurement into a single integrated end to end solution. 
     Example Computer System 
       FIG. 11  is a block diagram of the system  1100  in an example form of a computer system within which instructions for performing any one or more of the methodologies discussed herein may be executed. 
     The system  1100  includes a processor  1102  (e.g., a central processing unit (CPU), a microcontroller (or MCU for microcontroller unit), a graphics processing unit (GPU), or both), a main memory  1104 , and a static memory  1106 , which communicate with each other via a bus  1108 . The system  1100  may further include a video display unit  1110  (e.g., a light emitting diode display (LED), a liquid crystal display (LCD) or a cathode ray tube (CRT)). The system  1100  may also include an alphanumeric input device  1112 , a disk drive unit  1116 , a signal generation device  1118  (e.g., a speaker), and a network interface device  1120 . 
     Machine-Readable Medium 
     The disk drive unit  1116  includes a machine-readable medium  1122  on which is stored one or more sets of data structures and instructions  1124  (e.g., software) embodying or utilized by any one or more of the methodologies or functions described herein. The instructions  1124  may also reside, completely or at least partially, within the main memory  1104  and/or within the processor  1102  during execution thereof by the computer system  1100 , the main memory  1104  and the processor  1102  also constituting machine-readable media. 
     While the machine-readable medium  1122  is shown in an example embodiment to be a single medium, the term “machine-readable medium” may include a single medium or multiple media (e.g., a centralized or distributed database, and/or associated caches and servers) that store the one or more instructions  1124  or data structures. The term “non-transitory machine-readable medium” shall also be taken to include any tangible medium that is capable of storing, encoding, or carrying instructions for execution by the machine and that cause the machine to perform anyone or more of the methodologies of the present subject matter, or that is capable of storing, encoding, or carrying data structures utilized by or associated with such instructions. The term “non-transitory machine-readable medium” shall accordingly be taken to include, but not be limited to, solid-state memories, and optical and magnetic media. Specific examples of non transitory machine-readable media include, but are not limited to, non-volatile memory, including by way of example, semiconductor memory devices (e.g., Erasable Programmable Read-Only Memory (EPROM), Electrically Erasable Programmable Read-Only Memory (EEPROM), and flash memory devices), magnetic disks such as internal hard disks and removable disks, magneto-optical disks, and CD-ROM and DVD-ROM disks. 
     Transmission Medium 
     The instructions  1124  may further be transmitted or received over a network  1150  using a transmission medium. The instructions  1124  may be transmitted using the network interface device  1120  and any one of a number of well-known transfer protocols (e.g., HTTP). Examples of communication networks include a local area network (LAN), a wide area network (WAN), the Internet, mobile telephone networks, Plain Old Telephone Service (POTS) networks, and wireless data networks (e.g., Wi-Fi and WiMAX networks). The term “transmission medium” shall be taken to include any intangible medium that is capable of storing, encoding, or carrying instructions for execution by the system  1100 , and includes digital or analog communications signals or other intangible media to facilitate communication of such software. 
     As described herein, computer software products can be written in any of various suitable programming languages, such as C, C++, C#, VB.Net, Python, Pascal, Fortran, Perl, Ruby, Matlab (from MathWorks), SAS, SPSS, JavaScript, AJAX, and Java. The computer software product can be an independent application with data input and data display modules. Alternatively, the computer software products can be classes that can be instantiated as distributed objects. The computer software products can also be component software, for example Java Beans or Enterprise JavaBeans. Much functionality described herein can be implemented in computer software, computer hardware, or a combination. 
     Furthermore, a computer that is running the previously mentioned computer software can be connected to a network and can interface to other computers using the network. The network can be an intranet, internet, or the Internet, among others. The network can be a wired network (for example, using copper), telephone network, packet network, an optical network (for example, using optical fiber), or a wireless network, or a combination of such networks. For example, data and other information can be passed between the computer and components (or steps) of a system using a wireless network based on a protocol, for example Wi-Fi (IEEE standard 802.11 including its sub-standards a, b, e, g, h, i, n, et al.). In one example, signals from the computer can be transferred, at least in part, wirelessly to components or other computers. 
     It is to be understood that although various components are illustrated herein as separate entities, each illustrated component represents a collection of functionalities which can be implemented as software, hardware, firmware or any combination of these. Where a component is implemented as software, it can be implemented as a standalone program, but can also be implemented in other ways, for example as part of a larger program, as a plurality of separate programs, as a kernel loadable module, as one or more device drivers or as one or more statically or dynamically linked libraries. 
     As will be understood by those familiar with the art, the invention may be embodied in other specific forms without departing from the spirit or essential characteristics thereof. Likewise, the particular naming and division of the portions, modules, agents, managers, components, functions, procedures, actions, layers, features, attributes, methodologies and other aspects are not mandatory or significant, and the mechanisms that implement the invention or its features may have different names, divisions and/or formats. 
     Furthermore, as will be apparent to one of ordinary skill in the relevant art, the portions, modules, agents, managers, components, functions, procedures, actions, layers, features, attributes, methodologies and other aspects of the invention can be implemented as software, hardware, firmware or any combination of the three. Of course, wherever a component of the present invention is implemented as software, the component can be implemented as a script, as a standalone program, as part of a larger program, as a plurality of separate scripts and/or programs, as a statically or dynamically linked library, as a kernel loadable module, as a device driver, and/or in every and any other way known now or in the future to those of skill in the art of computer programming. Additionally, the present invention is in no way limited to implementation in any specific programming language, or for any specific operating system or environment. 
     Furthermore, it will be readily apparent to those of ordinary skill in the relevant art that where the present invention is implemented in whole or in part in software, the software components thereof can be stored on computer readable media as computer program products. Any form of computer readable medium can be used in this context, such as magnetic or optical storage media. Additionally, software portions of the present invention can be instantiated (for example as object code or executable images) within the memory of any programmable computing device. 
     Accordingly, the disclosure of the present invention is intended to be illustrative, but not limiting, of the scope of the invention, which is set forth in the following claims.