Procurement Software Functionality Checkup
If you were looking for ways to save time and increase the capability of your procurement team what features and functionality would get you excited?
Here are some questions to help you evaluate your current tools for supplier management:
- Can a supplier self-register with a starter questionnaire that includes the minimum requirements for onboarding?
- Does the system then provide you with an evaluation report that automates the next step to onboard the supplier or request additional information?
- Are all the fields provided by the supplier searchable?
- Can you set up automatic update reports on any or all fields?
All of these features will save countless hours of time and they are especially valuable in smaller organizations that currently rely on Word or Google Docs for supplier management.
Here are questions to evaluate the eSourcing capabilities of your current tools. Can the system:
- Automatically invite all approved suppliers for a spend category to an event?
- Attach specifications to all relevant line items automatically?
- Automatically determine and display for each supplier only the items or services they are permitted to bid on?
- Segregate and limit supplier bidding to specific geographic regions?
- Score with multiple weighting criteria?
- Automatically provide intuitive reports that summarize and highlight results based on user requirements?
These features can save days of setup and evaluation time on each event. These features are very valuable for mid-size organizations with limited personnel. Think how much quicker an event can be set up if suppliers and specifications can be added and invited with a few clicks.
The benefit for larger organizations is enormous. They typically have multiple suppliers in each region for each line item especially in indirect categories. For bigger indirect categories they will typically have hundreds of line items in each event. The sheer number of outcomes can be overwhelming. Eliminating the manual selection and evaluation process can save weeks on each event.
Every organization is looking for ways to increase efficiency and reduce costs.
There is a world of information and misinformation available at our fingertips.
We sometimes operate in a vacuum and use the tools we have because we don’t have the time to explore newer and better ones.
Some executives and owners are reluctant to spend on new tools even if the evidence is clear that they will save time and money. Some of the available solutions will let you rent the tool for an event before buying. This is a smart approach especially if budget pressure is high.
Action Step: If this type of functionality is enticing you should strongly consider an evaluation event to experience how this could enhance your team’s results. I can facilitate that for you.
EC Sourcing Group is one of the companies I represent because their tools have been created by dedicated and experienced sourcing professionals. They know the day-to-day challenges your team faces and have built their tools to solve them. If you want to know how, I invite you to request a demo or 30 minute discovery conversation so you can experience the platform, process, people, and tools. You can reach me at 973-936-9672.
Next week I will continue on this same theme so your organization can improve your bottom line.
If you would like to know more ways to reduce costs without changing the way you do business simply give me a call or send me an email with your contact information and the best time to reach you.
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Until Next Time, I Wish You Great Success in Your Business and in Your Life