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 much more.
Simply said, eSourcing is a set of digital tools that enable an organization's procurement staff to expedite, simplify, and optimize strategic sourcing operations and procedures. By monitoring expenditure and suppliers, minimizing supply chain risk, and boosting savings, eSourcing software can increase Procurement's capacity to deliver value for the business.
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What exactly can you get within eSourcing Software: Benefits and functions
Below are some of the main features that are offered with eSourcing Software
1) Onboarding of Suppliers: Supplier Onboarding is accomplished using customizable registration forms, which are commonly provided to suppliers as a self-service option, automated supplier pre-qualification against compliance standards, and setup of supplier approval procedures.
2) eActions administration: 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.
3) Management of RFx: RFx management is done using collaborative tools to define product or service criteria and choose the best-fitting providers in conjunction with stakeholders, RFx templates, automated scoring, and cross-comparison of supplier bids.
4) Contract Management: Contract administration includes a centralized contract repository, contract templates, automated contract routing for internal stakeholder approval, and contract expiration warnings. Based on user roles, access to contact information can be controlled.
5) Managing supplier data: Supplier data management includes the storing of supplier profiles, the building of supplier product or service catalogs, a search engine for quickly retrieving data, and self-service options for suppliers to update their information.
6) Monitor supplier performance: Monitoring supplier performance against pre-determined KPIs.
Your organization can cut sourcing cycle times, negotiate cheaper pricing for products and services, and eliminate supplier compliance concerns by implementing eSourcing software.
Our recommendations for the best eSourcing Software products
1) Oracle Supply Chain Management: Procurement
Oracle SCM Cloud (Supply Chain Management Cloud) is a cloud-based Oracle application. It combines end-to-end business operations while taking into account the evolving supply chain requirements of modern businesses.
Oracle SCM Cloud is the most complete SCM suite in the cloud, incorporating features such as product innovation, strategic material procurement, outsourced manufacturing, integrated logistics, Omnichannel fulfillment, and integrated demand and supply planning. Oracle SCM Cloud enables progressive deployment of functionality with little risk, reduced cost, and maximum flexibility, all while ensuring continuous functional innovation and a more sustainable supply chain.
● Order Management Cloud, Logistics Cloud
● Service Cloud for Logistics and Supply Chain Collaboration and Visibility
● PLM / PIM (Product Management Cloud)
● Cloud-based supply chain planning
● Cloud-based procurement
● Cloud-based Supply Chain Execution (Inventory, Maintenance, Manufacturing)
● Starting price: $400 per month/user
2) Microsoft Dynamics 365 Supply Chain Management
Developed by Microsoft, Dynamics 365 Supply Chain Management is a cloud-based operation and warehouse management software that uses IoT, AI, and mixed reality to give predictive insights, industrial productivity, and supply chain agility. Dynamics 365 Supply Chain Management improves your manufacturing process by speeding up information flow and providing significant features.
The product centralizes all supplier data, allows for the creation of automated approval workflows (for example, for new supplier registration requests), bid evaluation, RFQ management, and collaborative supplier selection, and the creation of approved supplier lists for specific products and services.
Starting price: $180 per month/user
3) SAP Ariba: Strategic Sourcing Suite
Procurement solutions can now meet the more complicated needs of direct materials sourcing thanks to the SAP Ariba Strategic Sourcing Suite. The software includes automated approval workflows for sourcing projects, user-friendly dashboards for quick RFx event generation and administration, centralized bid monitoring, award optimization via bids analysis, and supplier performance management via scorecards and qualification matrixes.
Conclusion
Hope this list helps you out with strengthening your supplier network. If you’re planning to strengthen your supplier network and make good sourcing decisions with eSourcing software solutions, we can help you out. If you’re looking for a software development company for consultation, our team of skilled professionals is always ready to assist you.
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