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Sourcing Software

Sourcing Software:

Sourcing Software is a software that is used by procurement teams to help with faster and optimal supplier selection by launching all types of sourcing events like RFIs, RFQs, RFPs, Reverse Auction, Dutch Auction, Dynamic Allocation.
Sourcing-to-procurement processes can be streamlined  with RFP creation tools, supplier management, bidding auctions, and savings reporting and internal collaboration can be increased.

Features and Benefits of Sourcing Software:

The Sourcing Software has several features that can benefit the user in many ways to grow their business. Some of these include:

  • The right suppliers can be found for your business by using an easy-to-use and intuitive sourcing tools.
  • You will be able to collaborate across offices and geographies with colleagues to evaluate suppliers, author new RFPs and award contracts.
  • The full potential of supply markets can be leveraged and the value of your spend can be maximized by increasing competition for your business.
  • Multi-line proposals and quotes can be quickly and easily build with flexible forms, templates, wizards, and consistent workflows across all your business units, regions and suppliers by collaborating with colleagues.
  • All the information you need about your suppliers including old and new, across categories and regions can be provided in one place.
  • Your relationship with existing suppliers can be evaluted before you invite them for a new RFP.
  • More competition for your business can be stimulated and true, up-to-the-minute market pricing on products and services can be achieved. Best value sourcing can be drived for your business with real-time auctions.
  • Sourcing events can be created quickly from best-practice sourcing templates, based on your business rules. The time and effort needed to launch a new RFI, RFQ, RFP, or e-auction can be saved.
  • A 360-degree view of all the sourcing activities and events across the enterprise including past and present can be provided. Performance against your sourcing strategy can be evaluated and you can take timely actions to drive better results.
  • Sourcing waves can be automatically activated with in-platform analytics, contract tools can be pre-populated and templates can speed up the procurement cycle
  • Online sourcing events can be created with just a few clicks, based on your sourcing strategy.
  • You will be able to seamlessly run multiple auction lots concurrently or in sequence, depending on your business needs.
  • Manual paperwork can be reduced and processing errors can be eliminated.
  • You can flip a sourcing event into a contract and then turn it into an award directly by working with your suppliers.
  • The software allows you to identify where the savings will come from and track them through contract negotiation and ultimately to purchase order by connecting the sourcing events to the savings projects.
  • Significant cost savings can be generated by increasing supplier competition for better spend management using reverse auctions.
  • Online Auctions such as Reverse auctions, Forward auctions, Sealed Bid auctions, Japanese Auctions, Dutch Auctions and other additional formats can be conducted.
  • Online RFI (Request for information or Online surveys), RFP (Request for proposal) including scoring based RFI's can be performed and the quote collection process can be automated.
  • The Source to Purchase Order process can be automated.
  • The critical e-sourcing tools can be provided that enable a procurement process which help deliver better spend management and improved relationship between buyers and suppliers.
  • It can be either used independently or integrated with your ERP software such as SAP e-Sourcing.
  • The software can improves the accuracy and availability of information on both the supply and demand side by facilitating collaboration as well as control and compliance.
  • A complete visibility on supplier engagement can be provided and all information are beautifully centralized.
  • Internal collaboration can be accelerated and stakeholder alignment can be strengthen.

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