One of the most difficult parts about finding an appropriate procurement and sourcing software is locating a product that actually does what you want it to. There's a variety of outsourced technology out there these days. But make sure you find the perfect solution to suit your company - you don't want to regret your choice later on. You may find that your company's procurement process does not perfectly correspond to the solutions available.
When sourcing, make sure you use a system that has all the features you need. It's worth spending some time getting familiar with the different features before making a purchase. Some of these "must-haves" include access to subscription databases and a large number of suppliers or a range of collaboration tools for idea-sharing.
Our eProcurement & eSourcing solutions can help you gain access to new products & suppliers, making it easier than ever to find the suppliers that provide the best service for your business.
eProcurement and eSourcing Solutions: Some Must-haves in eProcurement
Streamlining your business is crucial to success. To make sure you can streamline, you need to integrate eProcurement systems with other aspects of the business. The features that procurement software should offer are constantly changing. It's best to go with companies who introduce new features as fast as possible.
- Data transparency. Our software allows data to be stored in a central repository. This means that you can track, record, and note trends. However, data transparency is beneficial for businesses due to the transparency of the data it provides enabling growth. Apart from the convenience, you'll also be able to better understand the situation and make good decisions for your business. This is especially important when it comes to risk control.
- Cloud hosting. All of this can be done with a cloud-based system, too. That means you don't need to invest in an onsite system. You'll have full remote access to a centralized system - if you have an onsite system, it will require more time & effort from you to get it up and running.
- Ordering. This process starts with the creation of an order, followed by approval, creating a purchase order.
- Invoicing. Invoices can serve as a copy of the company which may be automatically approved if set up that way.
- Catalog management. Here are the steps needed to find a great supplier: first, you need to find a product catalog from one of the potential suppliers. The important part of the process is that your employees can select their goods from the catalog and then those goods are automatically put on the purchase request and eventually the purchase order which streamlines the rest of the process, including automatically approving the invoice if the invoice totals match those on the purchase order.
- Collaboration. Most small business owners have been using central repositories and collaboration software for a while now. The latest trend is an app that allows you to access your project from anywhere, without the need to be physically in the office. Same as business partners, you will want to give suppliers controlled access to your data. This helps them provide an adequate service and solve any problems that inevitably arise.
Procurement software should cater to the basic features that you need to complete. You can ensure a higher success rate with an electronic reverse auction, for instance.
eProcurement and eSourcing Solutions: Must-Haves in eSourcing
Sourcing and procurement are highly related and they're mentioned together often. For example, if an article is about procurement solutions but mentions that you need sourcing software, they're most likely talking about it being part of the suite of features the solution provides. The world is a complicated place and it's never as simple as black & white.
When purchasing eSourcing software, it's important to consider the following points:
- eRFx. To make sure you're sending the best questionnaire, make sure to respond to pricing questionnaires. This will form part of your RFI/RFP
- Reverse auction capabilities. Reverse auctions provide an excellent option for sourcing products. This means that your procurement system should include reverse auctions, which are set by suppliers with the company being able to bid up the price if necessary so there is a great chance of getting competitive prices at a lower level of effort.
- Templates for RFP/RFI/RFQs. We've found that trying to create individual contracts can be a nightmare. So we highly recommend having templates as part of your eSourcing software to cut down on the prep time and the errors.
- Real-time response for strategic sourcing. Strong UI/UX is crucial for live monitoring RFQ RFM supplier responses to keep you on top of everything.
- Supplier evaluation and comparison. To find and compare suppliers, you need a way to evaluate and compare where they stand. Here are some examples of things you can do to make decisions easier. Make sure your eSourcing software has this functionality. For some, this might include an evaluation scorecard where members of the team assign evaluation scores to supplier responses to help select the most qualified suppliers in a thorough manner.
