As a procurement professional, you want to develop processes based on strategic sourcing and ensure proper supplier evaluation and selection. Many CPO’s don’t realize that a reverse auction strategy can play an important role in overall procurement strategy, allowing for access to a larger supplier base, more opportunities for cost savings, reduced cycle times, and […]
How to Gauge the ROI of eTendering The eTendering process is an integral part of procurement and the overall supply chain. So, what is eTendering and its process? eTendering, also known as eSourcing, is simply the act of conducting procurement online—namely, receiving and sending tenders using an online platform, like tender process software. No software […]
What Is eSourcing Software? eSourcing is a digital way to source suppliers. Using a web-based system, buyers can use an eSourcing platform to collect, compare, and ultimately select suppliers. eSourcing is a small yet vital part of procurement, which affects the overall supply chain in a positive way if it’s carried out correctly. Having the […]
Your Guide to Reverse Auctions in 2022 A reverse auction can be a very important tool, and if performed correctly, can affect the supply chain in a positive way. So, what is a reverse auction? A reverse auction is just what it sounds like; it is the opposite of a regular auction. Instead of a […]
Why Is Tail Spend Management Important but Often Overlooked? Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent, resulting in procurement cost reduction. Spend analysis is broken down into categories (category management), and tail spend often is not included. Tail spend in procurement […]
7 Essential eSourcing Tools for 2022 eSourcing is such an essential part of procurement. When eSourcing is optimized, it can positively affect procurement and the overall supply chain. So, what is eSource? eSourcing is sourcing done digitally—tools that aim to simplify, streamline, and improve procurement and strategic sourcing overall.The eSourcing software you use is also […]
How Can Sourcing Be Improved? Sourcing is a vital piece of procurement and the overall supply chain itself. However, just about anything can be improved upon, and sourcing optimization and optimized operations can help streamline the process. eSourcing (sourcing digitally) is a clear choice to improve sourcing, and eSourcing software with features such as a […]
Is Software Required to Manage Tail Spend Tail spend is also known as maverick or rogue spending, is spending that is unmanaged or unaccounted for within a company. Managing tail spend in procurement and the entire supply chain process is vital; poor tail spend management can lead to considerable loss. It’s estimated that just 80 […]
eSourcing Software: How to Get the Most from Your Solutions If you’re wondering, “what is eSourcing?” generally speaking, eSourcing is a collection of web-based, interactive software that both improves strategic sourcing by strengthening relationships with suppliers and also helps simplify and streamline the procurement process overall. eSourcing is a dependable way to use software to […]
What is Optimized Sourcing? eSourcing is an essential piece of how to optimize the procurement process, as the process deals with finding, selecting, collaborating, and evaluating current and potential suppliers. Sourcing optimization refers to sourcing and awarding with more precision, using software, mathematical models, and analytics to determine the best award mix for your operational […]