A sourcing event is a time-boxed, identical-for-all-participants competitive process in which a defined requirement is put to market and proposals are scored against common criteria.
Phases. Requirement definition → supplier identification → invitation → Q&A → proposal submission → evaluation → negotiation → award.
Why “event”. The term emphasises the shared frame: identical documents, deadlines and information for every participant.
Not a sourcing event. Direct awards, call-offs against an existing master agreement, pure renegotiation without competition.
Metrics. Suppliers invited/participating, cycle time, person-days per event, savings against baseline, events per buyer per year.