Finding the right procurement or sourcing software can be intimidating, but it doesn't have to be. We simplify the process by offering an easy way to find what you need, plus full support. eSourcing technology has certainly come a long way, but everyone’s procurement process is slightly different, and you may find there is no one-size-fits-all solution out there —at least so far.
Finding the right eProcurement & eSourcing solutions can seem overwhelming, but you need to know that there are features that they should offer in order to efficiently streamline sourcing. When you want to find eProcurement software, there are some important features that you will need. If the platform you’re using doesn’t have these features, it could be a serious problem.
It's important to consider some key points when looking for eProcurement & eSourcing solutions. Find out what features are compulsory and may be a good fit for your company.
eProcurement and eSourcing Solutions: Some Must-Haves in eProcurement
Streamlining is vital to any company. However, streamlining without anything available to streamline is virtually pointless. You need the right software to do so! Even if you don't think you need these features, most often they help improve your supply chain and procurement flow. When looking for eProcurement Software, look for:
- Data transparency.Data transparency will be made possible by a central repository. It has many must-have features. For instance, it can make data protection easier for businesses and government agencies which in turn can lead to more opportunities for economic growth. Data transparency makes sure that everything is being tracked, recorded, and noticed by other people on your team. It allows you to have a comprehensive understanding of your business risks.
- Cloud hosting. This means that you can quickly fix any mistakes anywhere in the supply chain, and there's also an advantage for your suppliers. Cloud hosting offers you full remote access to a centralized system, which is better than having onsite software.
- Ordering. This involves the process of approving a purchase requisition or purchase request, which then generates an order.
- Invoicing. Automatic invoice templates are useful to reduce the amount of time you spend creating invoices, as well as to ensure accuracy. They also allow for electronic invoices that can be sent to customers or requested by customers themselves.
- Catalog management. This is a process that starts with suppliers providing you with their catalog via an electronic media. Next, your employees can head to the catalogue and select their goods which will be automatically added to the purchase request and the purchase order. This will make things a lot easier for you because you can focus on other parts of your business.
- Collaboration. A central repository is also a benefit when it comes to collaboration. Your software should have the ability to allow your entire team to log in and see where projects stand, in real-time, 24 hours a day, 7 days a week. Whether they're in the office or not, your entire team can stay up-to-date with what's happening on every project. Likewise, you should also allow your suppliers limited access to work together with you on projects. This is also another way of showing how transparent the company is.
When choosing an e-procurement software, it is important to look for features such as an eRFX (electronic reverse auctions), contract management options, and procure-to-pay functions.
eProcurement and eSourcing Solutions: Some Must Haves in eSourcing
eSourcing and eProcurement are similar to one another. For example, when you’re looking for vendors, the eProcurement software may be mentioned; however, eRFX is technically considered to be an eSourcing solution.
Take a look at the features of this eSourcing software to decide if it's a good fit for your business:
- eRFx. This includes the ability to manage all parts of your typical RFI or RFP, including questionnaires and pricing templates.
- Reverse auction capabilities. Reverse auctions are invaluable when sourcing goods. They cut out the tedious back-and-forth between suppliers, letting both parties know what the market prices are at a much quicker pace. Reverse auctions should be included in your sourcing and procurement systems.
- Templates for RFP/RFI/RFQs. Drawing up these plans can be very time-consuming. Make sure you have templates for your eSourcing software so it's easier to streamline this process.
- Real-time response for strategic sourcing. The UI of your program needs to be able to display supplier responses in real time so you don’t miss out.
- Supplier evaluation and comparison. In order to build a database of suppliers, evaluate them in-house, and build a list of strategic suppliers, you’ll need to be able to easily find a way to evaluate and compare suppliers after working with them. Make sure your eSourcing software has this functionality with quick evaluation scorecards that multiple members of your team can fill out to filter the most qualified supplier.
