What are eSourcing Solutions ?
eSourcing platforms digitize the process of obtaining bids from suppliers and engaging with them in sourcing events. More nuanced tools will also include templates for contracts and RFX documentation, tools for managing supplier relationships, features for managing your Procurement team, and databases collecting suppliers' products and services.
Why Does Procurement Need Them?
Today's agile and flexible Procurement require tools that eliminate tactical processes and streamline their efforts to connect with supplies, go to market, and establish strategic partnerships. A good eSourcing tool reduces costs and increases efficiency at every step in a sourcing initiative.
According to recent Aberdeen Group study, the structure and automation provided by an eSourcing platform shorten sourcing cycle times by 25-40%. This means your Procurement team has more time to busy themselves with maturing into true strategic business partners and change managers. Additionally, processing invoices and contracts electronically cuts costs and reduces your organizations environmental impact.
Digitalizing the sourcing process also adds a new level of transparency to the processes of supplier identification and engagement. Supported by a digital record of all correspondence, both buyers and suppliers can enter negotiations with confidence. Keeping these records digitally also simplifies and optimizes the renewal process. Maintaining a repository of documentation, Procurement can stay on top of relevant dates and avoid losing money or staying locked into inefficient agreements.
How Can Source One Help?
Since 1992, Source One's Procurement and Strategic Sourcing experts have helped redefine excellence in supply management. Our consultants enable organizations in any industry to refine Procurement's people, processes, and technology. Oftentimes, this means supporting them in the search for a new eSourcing platform. Our team provides guidance to help our clients assess their options, select a best-fit solution, and implement it effectively.
Over the years, we've seen numerous companies devote time and resources to chasing the wrong eSourcing platform. It's often tempting for companies to seek out the solution with the most robust set of features or the most impressive interface. Oftentimes, these tools are ill-suited to Procurement's actual needs. Source One's experts embed themselves within a client's Procurement department to gain an understanding of what exactly they'll require from their eSourcing tool.
Source One also boasts an eSourcing platform of its own. WhyAbe, the lowest-cost, lowest-risk tool of its kind has helped our clients optimize their strategic sourcing processes since 2005. In addition to its suite of user-friendly, fit-to-purpose features, the tool is constantly evolving to better serve Procurement.
Want to learn more? Contact the eProcurement specialists at Source One today.