Method, system, and storage medium for facilitating procurement of direct and indirect items

A cost out tool for facilitating procurement of direct and indirect items via a network system, comprising:

• at least one database housing:
• specification templates;
• bucket specifications;
• bucket data for populating fields provided in said bucket specifications;
• sourcing data;
• at least one sourcing plan, said at least one sourcing plan including instructions for executing procurement activities among site systems and preferred suppliers, and wherein further, said sourcing plan resulting from auction or negotiation processes carried out via said cost out tool;
• at least one catalog housing sourcing information pursuant to said sourcing plan;
• an editing tool for modifying said bucket specifications;
• and
• a reporting tool for providing metrics and reports.

A method for facilitating procurement of direct and indirect items over a network system, comprising:

• implementing a set-up process, including:
• selecting and prioritizing bucket records stored in a legacy database according to predefined criteria, said bucket records comprising data related to said direct and indirect items;
• data mining said bucket records;
• providing a specification template operable for:
• defining bucket specification criteria;
• assigning a unique code to said specification criteria;
• and
• entering bucket specification fields into a database;
• entering bucket data into said bucket specification fields;
• consolidating said bucket data;
• releasing said bucket data to a sourcing entity;
• and
• conducting a preferred supplier selection process resulting in a sourcing plan;
• and
• storing results of said supplier selection process in a catalog database.

A method for facilitating procurement of direct and indirect items, comprising:

• implementing a maintenance process, including:
• receiving a requisition for at least one direct or indirect item;
• determining a status of a bucket specification related to said direct or indirect item;
• if said status is active:
• applying a specification template;
• releasing a purchase order;
• transmitting said purchase order to a sourcing entity;
• and
• conducting a preferred supplier selection process;
• and
• if said status is not active:
• appointing a bucket owner;
• defining a bucket specification via a specification template;
• assigning a unique code to said items;
• entering bucket specification fields into a database;
• consolidating said bucket data;
• releasing said bucket data to said sourcing entity;
• and
• conducting a preferred supplier selection process.

A storage medium encoded with machine-readable computer program code for facilitating procurement of direct and indirect items over a network system, the storage medium including instructions for causing a computer to implement a method, comprising:

• implementing a set-up process, including:
• selecting and prioritizing bucket records stored in a legacy database according to predefined criteria, said bucket records comprising data related to said direct and indirect items;
• data mining said bucket records;
• providing a specification template operable for:
• defining bucket specification criteria;
• assigning a unique code to said specification criteria;
• and
• entering bucket specification fields into a database;
• entering bucket data into said bucket specification fields;
• consolidating said bucket data;
• releasing said bucket data to a sourcing entity;
• and
• conducting a preferred supplier selection process resulting in a sourcing plan;
• and
• storing results of said supplier selection process in a catalog database.

A storage medium encoded with machine-readable computer program code for facilitating procurement of direct and indirect items, the storage medium including instructions for causing a computer to facilitate implementation of a method comprising:

• implementing a maintenance process, including:
• receiving a requisition for at least one direct or indirect item;
• determining a status of a bucket specification related to said direct or indirect item;
• if active:
• applying a specification template;
• releasing a purchase order;
• transmitting said purchase order to a sourcing entity;
• and
• conducting a preferred supplier selection process;
• and
• if not active:
• appointing a bucket owner;
• defining a bucket specification via a specification template;
• assigning a unique code to said items;
• entering bucket specification fields into a database;
• consolidating said bucket data;
• releasing said bucket data to said sourcing entity;
• and
• conducting a preferred supplier selection process.