Vendor Sourcing and Contract Management Process

Start of the Workflow/Process.

Create a new entry in the 'Vendor Requests' data model to initiate the sourcing process.

Check the 'Vendor Master' data model to see if the vendor already exists in our database.

Assign a task to the Procurement Officer to identify and shortlist potential vendors based on the request.

Create entries in the 'Sourcing Opportunities' data model for each shortlisted vendor.

Assign a task to reach out to shortlisted vendors to request proposals and pricing.

Fetch the submitted pricing and service details from the 'Vendor Proposals' data model.

Aggregate the 'Price' property from all retrieved proposals to find the average market rate.

Calculate the percentage difference between the highest quote and the average quote.

Assign a task to the Department Head to review the aggregated data and select the winning vendor.

Update the status of the chosen vendor entry in the 'Vendor Master' data model.

Assign a task to the Legal Team to prepare the contract based on the agreed terms.

Create a new entry in the 'Contracts' data model containing the terms, dates, and selected vendor link.

Send an email to the Vendor's representative with the contract details and instructions.

Assign a task to the Legal Compliance officer to verify the signed contract meets company standards.

Update the 'Contract' entry status to 'Active' once all reviews are passed.

Send an automated email to the Procurement team notifying them that the vendor is now onboarded and active.

Generate a report summarizing total spend, vendor onboarding time, and cost savings from the sourcing period.

End of the Workflow/Process.