Procurement teams can use eSourcing software to automate and improve many aspects of the sourcing process, including supplier onboarding and qualification, sourcing events management, contract administration, and more.
Core features of eSourcing solutions include:
Supplier onboarding is accomplished using customisable registration forms, which are frequently provided to suppliers as a self-service option, automated supplier pre-qualification against compliance standards, and the creation of supplier approval workflows.
RFx management using collaborative tools to define product or service criteria and select the best-fitting providers in conjunction with stakeholders, RFx templates, automated scoring, and cross-comparison of supplier bids.
eActions management includes template-based eAuction event generation, nomination criteria and bidding conditions configuration (assigning weights to cost, quality, and capacity factors, for example), real-time eAuction monitoring, and participant change alerts.
Contract management includes a centralised contract repository, contract templates, automated contract routing for internal stakeholder approval, and contract expiration alerts. User roles can control who has access to contract information.
Supplier data management includes the storage of supplier profiles, the building of supplier product or service catalogues, a search engine for quickly retrieving data, and self-service options for suppliers to update their information.
With eSourcing software implemented, your company can reduce sourcing cycle times, negotiate lower prices for products and services, and minimize supplier compliance risks.