Over the past decade the rise in popularity of e-Sourcing software tools has been well justified because whether you are running a Request for Information (RFI) and a Request for Proposal (RFP), e-Sourcing tools can greatly speed and simplify the tender process. Although supplier receptivity was initially somewhat low, most suppliers now recognize the benefits of using e-sourcing software and processes.
Some of the key benefits of e-Sourcing tools for procurement professionals are as follows:
- By completing the tender requests inside an e-Sourcing tool, the amount of external emails is reduced significantly.
- By developing comprehensive e-Sourcing packages, time spent to create new tenders is drastically lessened.
- By creating an articulate e-Sourcing package on the front end, time spent on back-end analysis can be minimized.
- Suppliers receive the same information at the same time which levels the competitive playing field.
- Suppliers receive the same answers to their questions normally at the same time.
- Supplier reach is increased because e-Sourcing tools are multi-lingual promoting supplier inclusivity.
- Well-defined, agnostic e-Sourcing tenders maximize cost savings.
An additional benefit of e-Sourcing is the availability of all electronic documentation in a single repository that allows for easy auditability in high-profile or government tenders which further streamlines activity. As can be seen, an investment in e-Sourcing tools can yield substantial benefits and reduce important risks for procurement organizations and professionals.
- Flexible and ready to accommodate your current process, rather than dictating it.
- Easy to learn and use for all buyer users. Your self-sufficiency and confidence are critical to long-term use and ROI. If it is too complex or hard to use, most users will go back to using emails, spreadsheets, and Word® documents.
- Effortless to use – requiring no training for buyers or suppliers. Our solutions are designed to be enjoyable to use – encouraging collaboration between you and your suppliers.
- Easy to navigate – featuring a clean, uncluttered interface that makes it easy for beginners or advanced users.
- A collaborative environment also helps lower costs, shorten timelines-improve efficiencies, and increase return on investment (ROI).
We have seen an average of 48% reduction in email volumes, a 25% drop in the number of meetings, a 33% increase in productivity, and increased cost savings. Have you had similar experiences using e-Sourcing tools? If so, tell us about your lessons learned and or best practices so we can share them with the Procurement community. Click here to provide your comments.
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Jack Trotsky is known by his clients as “The Purchasing Consulting Master” and “Cost Slasher.” His business owner and senior executive clients say he provides a high level of measurable cost savings, a competitive edge, and lower operating costs and increased profitability year over year. Working with Jack requires no out of pocket costs. Pay only for results – you pay nothing until he shows you what you can save. With a Fortune 500 pedigree at GE, ConAgra, and Hunt-Wesson, he launched his purchasing consulting firm in 2015 and has grown it into what is today PurchasingResults.com. Jack has a long history of transforming procurement processes, implementing and managing change while providing a competitive cost advantage for businesses across a variety of industries. He has spoken all over the US and internationally, at universities, as well as at training & employee development workshops and conferences. Jack’s clients include GE, Gate Gourmet, Retail Companies-various projects including negotiated leased space, Large Food Distributors, National Dry Ice Company, Consumer Packaged Goods Companies, Industrial Manufacturers, Service Companies, and Food Manufacturers. He currently resides in the Denver Metropolitan area.
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