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

A method for sourcing, procuring and selling engineering components, the method comprising:

• receiving a request from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes;
• setting maximum and minimum value for each attribute,
• assigning weightage to each attribute,
• determining an aggregate relevance score for the suppliers using the plurality of attributes;
• receiving drawing of the engineering component from the buyer;
• associating the drawing with a request for quotation (RFQ);
• storing the drawing;
• generating the RFQ to be sent to the suppliers by the buyer;
• receiving response to the RFQ by the buyer from the suppliers, wherein the buyer and the suppliers access the drawing associated with the RFQ;
• facilitating an order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the suppliers;
• facilitating payment for the order;
• creating an invoice for the order;
• and
• facilitating shipment of the order.

A server comprising:

• a memory to store instructions;
• and
• a processor responsive to the instructions stored in the memory to perform a method for sourcing, procuring and selling engineering components, the method comprising:
• receiving a request from a buyer to search suppliers capable of providing an engineering component based on a plurality of attributes;
• setting maximum and minimum value for each attribute,
• assigning weightage to each attribute,
• determining an aggregate relevance score for the suppliers using the plurality of attributes;
• receiving drawing of the engineering component from the buyer;
• associating the drawing with a request for quotation (RFQ);
• storing the drawing;
• generating the RFQ to be sent to the suppliers by the buyer;
• receiving response to the RFQ by the buyer from the suppliers, wherein the buyer and the suppliers access the drawing associated with the RFQ;
• facilitating an order for the engineering component, wherein the order is placed by the buyer to a supplier selected from the suppliers;
• facilitating payment for the order;
• creating an invoice for the order;
• and
• facilitating shipment of the order.