5 Things to Look for in eSourcing Software

Underneath the umbrella of supply chain management are procurement and the sourcing of goods and materials. When this is performed electronically through the internet, it is known as eSourcing or electronic sourcing.

eSourcing software helps guide you through the process of Sourcing by offering certain features and benefits, which help eSourcing (and eProcurement, by proxy) perform a more seamless process.

Read on to learn more about what you should look for in the hunt for esourcing software and how it can help.

Features of eSourcing Software: Spend Analytics

A solid eSourcing suite will be robust in reporting and helping you decide how to make more confident financial decisions. Spend management tools that are in your procurement or sourcing suite can help you make informed decisions.

A spend cube or spend analysis can give you a thorough review of your spend by category. This can help you prioritize your sourcing activities as well as to find rogue spending and discover savings opportunities.

Refreshing your spend analysis reports offers you up-to-date information in real-time, so you can make decisions quickly.

Features of eSourcing Software: eRFX Management

eRFX management, such as FlexRFP eSourcing, is a vital part of your eSourcing platform. The “X” in eRFX can stand for several different things, such as I (for Request for Information) or Q (for Request for Quotation), in addition to other processes.

The right eSourcing software should be able to guide you through the eRFX process from beginning to end. The eRFX features of your eSourcing platform should also offer you the ability to create templates, so drafting a new eRFX is fast and intuitive.

Soon, eRFX solutions will be so feature-rich that it will generate the template for you based on your spend level, the category and recent market conditions.

Features of eSourcing Software: Easy Installation & Intuitive to Use

Even relatively tech-savvy people aren’t keen on getting used to a new program, and learning how to operate new software can be difficult for some. One of the things you want to look most for in software is an easy implementation and its daily ease of use.

This offers the opportunity for great collaboration, provided that your suppliers and your team can navigate the eSourcing manager. Also, the software company you choose should offer around-the-clock, top-level software support.

Features of eSourcing Software: Document Management

In addition to the ability to create templates easily, you also want to have all of your templates, contracts, and other documents all located in a centralized location. This allows anyone on your team not to waste precious time trying to find something that’s needed, particularly when it’s crunch time.

The documents should be easily accessible (for those who are allowed access). There are no version control issues because the latest version is always accessible.

Centralized documents also ensure that paper copies aren’t misfiled or put on a team member’s computer in the wrong folder.

Features of eSourcing Software: Side-by-Side Comparison Tools

Having the right eSourcing software can make the sourcing process seamless. Read on to learn about what features you should be thinking about.

Being able to compare multiple bids quickly can help you make important decisions on the fly. In addition, having side-by-side comparison tools help you navigate bids in foreign currency or those that are formulated differently.

All of the information immediately available and in front of you helps you make a better decision more easily. For larger projects with multiple buying locations, consider eSourcing award optimization as an advanced method to review bids and make smarter award decisions.

To learn more about eSourcing software, or to have us schedule a software demo, contact EC Sourcing Group today at 973-936-9672. We want to help you reimagine the way you look at procurement.