FAQs

Sourcing Events

1. What is Sourcing Events?
2. What is Wipro-01markets' Sourcing Events offering all about?
3. How does Sourcing Events work?
4. What are the special features of Sourcing Events?
5. What are the benefits of using Sourcing Events to a buyer?
6. What products are recommended for procurement using Sourcing Events?
7. Can I use Sourcing Events for getting input material cost for bidding in a tender?
8. How can new suppliers be added to my current vendor base?
9. Is Sourcing Events done through a private or public market place?
10. Can Indian as well as international suppliers bid in the same Sourcing Event?
11. What are the benefits for suppliers in this process?
12. What benefits does Wipro - 01markets offer?
13. What equipment do I need?
14. Who will I be bidding against?
15. What happens if I have problems during an event?
16. What do I do if I have questions about the Request for Proposal (RFP)?

GENERAL

1.What is Sourcing Events?

Sourcing Events allows buyers to get the best price from various bidders to procure materials and leverage dynamic pricing to maximize cost savings.

2. What is Wipro-01markets' Sourcing Events offering all about?

We, Wipro-01markets, proffer a powerful purchasing strategy for the buyers to leverage their buying power using our Dynamic Pricing Engine. This offers enormous opportunities to companies that benefit from the proposition of dynamic pricing, thereby effecting substantial savings and contributing significantly to the bottom line of their business.

Our Sourcing Events solution enables companies to rapidly set up and deploy the Internet based online reverse bidding process in which the suppliers compete in real time for the purchase orders of large buying companies, by lowering their prices until the sourcing event is closed.

The real-time online sourcing process enhances transparency, competitiveness and encourages the more efficient suppliers to bid for the lowest prices for the specified product to secure business.

The Sourcing Events Solution for the buyer is hosted and maintained by 01markets in a secure area and access is provided only to authorized suppliers.

New vendors can be added to the buyer's existing vendor base if required, by the buyer himself.

Return on Investment

Companies leveraging the Internet to take advantage of dynamic pricing opportunities have achieved substantial savings in purchase price finalization through the online bidding process. Our solution helps to:

• Increase supplier competition and hence, provide for better prices
  
• Leverage absolute buying power with suppliers
  
• Build process transparency, thus establishing confidence among buyers and suppliers
  
• Reduce process cycle time
  
• Rapid deployment
  
• Lower total cost of ownership

An organization with annual sales of US $ 40million may be making purchases of US $ 20million assuming that in the first year, 10 percent of purchasing is effected through our solution. This process has the potential to bring in savings of 2% to 25% depending on the type of purchase item. An average saving potential of 5% to 10% translates into US $ 0.1million to US $ 0.2million in annual savings, flowing directly to the company's bottom line.

3. How does Sourcing Events work?

This solution is designed for rapid integration with the existing corporate purchasing process. Our team works with the buyer to

• Establish the process
  
• Host and maintain the service
  
• Locate new suppliers if required
  
• Provide training to the approved vendors to effectively participate
  
• Identify additional vendors wherever required
  
• Provide customer support and management
  

The implementation of Sourcing Events is in four steps:

1. Identify potential savings - Working closely with the buyer and analyzing the purchasing item and supplier base. This is to identify the purchase items that have saving potential.

2. Prepare purchase program and process integration - As this process compresses the negotiation and price finalization period to a day, the preparatory work of pre-qualifying, training and support for their participation in the bidding process as well as identification of additional suppliers and their pre-qualification will also be undertaken where required.

3. Conduct the Sourcing Event - The Sourcing Events for the buyer is set up as a private event and only the pre-qualified suppliers selected by the buyer are provided access to it on the scheduled bidding period for registering their bids online for the respective items. The suppliers can bid from their own office and continue bidding till the closing time specified for the Sourcing Event. This ensures involvement of the senior management of the suppliers throughout the price negotiation process i.e. online bidding. The buyer can view the online bidding activity from his office.

4. Post-bid activity - We provide the bidding report for the sourced item. The purchase contract based on the best bid is finalized offline by the buyer and awarded to the supplier decided.

4. What are the special features of Sourcing Events?

• The exact replica of the Current Tender Process can be created.
  
• It covers special requirements of all sectors. Eg: EOU, industries situated in backward areas etc.Both Indian and international suppliers can bid in one Sourcing Event
  
• One to one comparison is possible even in the case of two different currencies & price basis.Supplier identity neither disclosed nor traceable by other suppliers.

BUYER RELATED FAQs

5. What are the benefits of using Sourcing Events to a buyer?

Every business has its preset procedures for its procurement activities and varies from one organization to the other. We work with buyers to integrate our process seamlessly into their procedures and become a critical part of their overall purchasing process.

It is through this combination of innovative technology and value-added services that we create customized markets for our buyers to interact with their suppliers.

Securing better pricing necessarily implies decision making from the senior management of the supplying companies. We enable the concurrent engagement of the senior management of the supplying companies throughout the price offering and negotiation period from their respective offices/locations, from where they can constantly review bids and take decisions to revise them.

Our team works with the buyer to draft and implement purchase strategies that bring tangible savings, time compression and reduce resource utilization. Our solution is flexible and can be applied for the purchase of any type of products or services.

6. What products are recommended for procurement using Sourcing Events?

Following are the characteristics of items most suited:

• Standardized specifications
  
• Larger volume and large purchase orders
  
• Multiple supplier base
  
• Price volatility

7. Can I use Sourcing Events for getting input material cost for bidding in a tender?

Yes, you can you use Sourcing Events for getting input material cost for bidding in a tender.

8. How can new suppliers be added to my current vendor base?

We can locate new sources for you if required. You can evaluate these new additions or can use the services of third parties like SGS and DB for evaluation.

9. Is Sourcing Events done through a private or public market place?

Sourcing Events is a private market place. Only vendors selected by the buyer will be allowed to bid.

10. Can Indian as well as international suppliers bid in the same Sourcing Event?

Yes, Indian as well as international suppliers can bid in the same Sourcing Event.

SUPPLIER RELATED FAQs

11. What are the benefits for suppliers in this process?

Leveraging e-commerce
We have revolutionized business purchasing by connecting industrial suppliers and buyers. Our process and technology bring business opportunities to suppliers by paving the way for accounts that had previously been unattainable or closed because of traditional sales and purchasing channels. If you are an efficient, high-quality supplier in your field, you are poised to win additional business faster than ever before.

Opportunities
We bring large value purchase contracts to the suppliers. Efficient, high-quality suppliers no longer need to rely solely on traditional sales channels to generate new accounts and additional revenue. Suppliers who can deliver cost-effective, quality products on time and to specification can win business from major customers through our solution.

Business-to-business commerce is moving online at a rapid rate. Business-to-business commerce breaks down many traditional barriers, including language and location and enables suppliers to target and seek business opportunities in areas not covered by their sales force. McKinsey projects that by 2008, business-to-business online commerce for top ten industry segments will reach well over $10 billion in India. 01markets is leading this rapid shift in India.

Fairness and integrity
We enable an independent and ethical marketplace. Participants are treated with fairness and respect. We work with our buyers to ensure that they do the same. Traditional price negotiations happen in a vacuum. When you partner with our online sourcing service, you get real-time information about market prices, delivered to your personal computer desktop.

Support
We are dedicated to customer service. We do not believe that any new technology installs or functions by itself. Clients do not have the time to read complex operating and installation manuals, or the inclination to experiment, with multi-crore orders at stake. You will have our support and be trained by us in all aspects of your event. We will ensure that you are ready for business-to-business e-commerce.

If you are ready to experience the benefits of selling with 01markets, your first step is to register. Register and list your company's profile and product details. When an opportunity arises and your company qualifies, we will contact you immediately to see if you are interested in participating.

12. What benefits does Wipro - 01markets offer?
Our process and technology bring real business opportunities to suppliers. For manufacturers and suppliers, Wipro - 01markets online business-to-business e-commerce often paves the way to accounts that had previously been unattainable or closed due to traditional sales and purchasing channels.

13. What equipment do I need?
You would need a personal computer with access to the Internet.

14. Who will I be bidding against?
This is a private procurement channel. Sourcing is open to only those registered bidders who have been invited by the buyer. The buyers have the choice to buy from a pre-qualified group of potential suppliers.

15. What happens if I have problems during an event?
Our Business Support Group manages and monitors each bidding event to ensure a fair, secure and ethical marketplace for the event. If you have any problem during an event, our Business Support Group personnel will be at hand to assist you. We can also provide surrogate bidding services if for some reason you cannot be at your computer or your computer fails, as per the terms mentioned in the RFQ.

16. What do I do if I have questions about the Request for Proposal (RFP)?
The RFP will specify the executive you can contact at 01markets and at the client's location. In the event a question is of interest to all participants, the answer will be made available to all participants through an RFP update.