The supply chain involves two equally important aspects of procuring goods and materials. eSourcing is the equivalent of eSourcing when that is done online.
It's important to use the right software when you are sourcing. eSourcing Software is evolving so quickly that one can have a hard time keeping up with it all, but certain features make eSourcing more seamless.
You might like to read this post for more information about the things you should consider when you're hunting for outsourced software and how it can help your business.
Spend Analytics
Make smarter decisions in the financial sector with the help of reporting tools that are available in your eSourcing suite. Reporting features, for example, allow you to analyze spend data and make more confident spend-management decisions on spent funds.
A spend cube or spend analysis can provide you with a bird's eye overview of your spending habits across different categories. This can give you insight into how to prioritize your go-to suppliers, discover rogue spending and find ways to save money.
Refreshing your spend analysis reports gives you up-to-date information instantly, so you can make decisions faster.
eRFX Management
eRFX is a crucial part of any ERP system. The “X” could stand for lots of different things, such as I (for Request for Information) or Q (for Request for Quotation).
The right eSourcing platform should provide extensive support for the eRFX process. This includes features that allow you to create templates and provide tailored guidance for how to draft a new eRFX.
Soon, eRFX solutions will be able to generate general marketing templates for you based on different targeting options and where you're at in your marketing cycle.
Easy Installation & Intuitive to Use
One of the most important qualities to look for when considering the software is an easy implementation process. Program implementations can be difficult for people who don’t have a lot of experience with normal day-to-day digital tasks.
This will provide a great opportunity for collaboration, provided your suppliers and team can collaborate with the eSourcing manager. It's also important to find a software company that provides top-quality around-the-clock support.
Document Management
In addition to being able to create templates quickly, you'll also save time by having all of your templates, contracts, and other documents in one place. Your team won't have to spend time looking for something they need when you need it most.
The documents are accessible to the people who are authorized for that information. You can always find the latest version of a document because it's always there for you.
Centralized documents keep team members from accidentally misplacing or forgetting to file paper copies in the right place. They also ensure that staff members don’t mistakenly put them in the wrong place on their computers.
Side-by-Side Comparison Tools
Being able to compare bids quickly can be useful for businesses. The side-by-side comparison tools enable you to easily navigate bids written in different ways or different currencies.
One of the best things about using eSourcing as a bidding strategy is the level of data available to you. It's so easy to be able to see everything from consulting location contacts, project status, and financial rewards at a glance - making it easier than ever before to make informed decisions.
To learn more about how to computerize your procurement processes, or to see how the esourcing software works first-hand, call EC Sourcing Group at (973) 936-9672. We want to help you find new ways of looking at procurement.
