How to Optimize Your Sourcing in 5 Steps Optimizing your sourcing has many benefits, including time and cost savings. Sourcing optimization involves finding the most cost-effective group of suppliers for your needs. Yet, true optimization goes a step beyond. Besides cost-effectiveness, you want to keep time restrictions, quality, and resources in mind. The best eSourcing […]
Unethical Sourcing Practices in Procurement and How to Avoid Them In procurement, unethical practices can be hard to spot. Say you took a gift or a low price from a vendor, neither of which seemed unethical at the time. Yet these things, along with other seemingly inoffensive actions, may be considered unethical. It’s critical to […]
eAuction tools are imperative to sourcing, affecting your sourcing, procurement management, and ultimately, the entire supply chain. However, eAuctions are simply auctions conducted electronically to have a transaction occur between the supplier and the buyer. Reverse auctions and their respective types are the most common types of eAuctions. software is typically cloud-based, which means nothing […]
Advanced analytics exceeds standard business intelligence (BI) using state-of-the-art technology and tools to create data asset information and real-time statistics. These diagnostic analyses help businesses predict market trends, optimize global supply chains, to make quicker, strategic decisions to pursue financial opportunities. Analytic techniques include data mining, eSourcing software, semantic analysis, complex event processing, predictive modeling, […]
Everyone in the procurement and purchasing fields knows that sourcing is generally a process of getting the best product from top suppliers with good terms and price. eSourcing isn’t much different. However, with advanced eSourcing tools, you can streamline your sourcing process, unlock new opportunities, and be more strategic, improving your procurement process and supply […]
It’s estimated that approximately 90 percent of businesses use some procurement strategy to acquire goods and services. However, not everyone is using eSourcing software — a cost-effective, efficient way to source. Yes, you could source using manual processes, spreadsheets or the old back-and-forth method, but you wouldn’t be doing your company any favors. Instead, the […]
eSourcing technology continues to have a transformative effect on the procurement process, maximizing its overall impact with significant cost and time savings for the buyer. But what about suppliers? Although there is a myth that eSourcing leans toward only benefiting the buyer, the truth is, eSourcing has benefits for both buyers and suppliers, especially if […]
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 […]
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 Software 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 […]