The Procurement Glossary » Supplier Discovery
Supplier Discovery
Sourcing & RFx
Definition
The process of finding potential new suppliers for a requirement, using marketplaces, directories, referrals and market research.
Explanation
Discovery widens the field beyond incumbents, improving competition and resilience. Digital marketplaces and supplier networks speed it up by exposing verified suppliers, their catalogs and capabilities in one place.
Example
Using a B2B marketplace, the buyer discovers three new certified suppliers for a niche lab consumable in minutes.
Related terms
- Sourcing — The upstream procurement activity of finding, evaluating and selecting the suppliers a business will buy from.
- Supplier Prequalification — The process of screening suppliers against minimum requirements before inviting them to bid, to ensure only capable, compliant suppliers compete.
- e-Sourcing — The use of software to run sourcing events — building RFx, distributing them to suppliers, and collecting and comparing responses online.
- Request for Information (RFI) — A preliminary questionnaire used to gather information about the market and potential suppliers before running a formal RFQ or RFP.
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Frequently Asked Questions
What is Supplier Discovery?
The process of finding potential new suppliers for a requirement, using marketplaces, directories, referrals and market research. Discovery widens the field beyond incumbents, improving competition and resilience. Digital marketplaces and supplier networks speed it up by exposing verified suppliers, their catalogs and capabilities in one place.
Can you give an example of Supplier Discovery?
Using a B2B marketplace, the buyer discovers three new certified suppliers for a niche lab consumable in minutes.
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