eSourcing Software: Uncovering the Best Supplier Deals
eSourcing software provides procurement teams with digital tools to streamline and optimize all stages of the sourcing process, such as supplier attraction and qualification, management of sourcing events, contract management, etc.
What eSourcing Software Offers: Features and Benefits
Key capabilities of eSourcing solutions include:
- Supplier registration using customizable registration forms, typically available to suppliers in a self-service mode, automatic pre-qualification of suppliers for compliance, and configuration of supplier approval workflows.
- RFx management with collaborative tools to define product or service requirements and select the most suitable suppliers together with stakeholders, RFx templates, automated evaluation, and cross-comparison of supplier proposals.
- E-auction management with template-based creation of e-auction events, configuration of nomination criteria (assigning weights to cost, quality, capacity, etc.) and bidding conditions, real-time monitoring of the e-auction, and notifying participants of updates.
- Contract management: centralized contract repository, contract templates, automatic routing of contracts for approval with internal stakeholders, contract expiration alerts. Access to contract information can be restricted based on user roles.
- Supplier data management: storing supplier profiles, creating catalogs of supplier products and services, a search engine to easily find necessary data, and supplier self-service capability to update information.
- Supplier performance monitoring based on predefined KPIs.
Implementing eSourcing software will allow your company to reduce the sourcing cycle time, negotiate lower prices for products and services, and minimize risks associated with supplier regulatory compliance.
Best eSourcing Software Products
Microsoft Dynamics 365 Supply Chain Management (Procurement & Sourcing Module)
The product centralizes all supplier information, allows configuration of automated approval processes (for new supplier registration requests, etc.), RFQ management, proposal evaluation and collaborative supplier selection, creation of approved supplier lists for specific products or services.
Cost: from 18,000 rubles per user per month.
Oracle Supply Chain Management: Procurement
The product is equipped with intuitive collaborative tools for gathering supplier requirements, side-by-side comparison of supplier proposals, dashboards for monitoring the progress of sourcing activities and tracking sourcing KPIs, a unified contract repository, and contract expiration alerts.
Cost: from 40,000 rubles per user per month.
SAP Ariba: Strategic Sourcing Suite
The product offers automated approval workflows for sourcing projects, easy creation and management of RFx events using user-friendly dashboards, centralized proposal monitoring, optimization of contract award through proposal analysis, and supplier performance management using scorecards and qualification matrices.
Price: upon request from vendor.