In what ways sourcing and e-procurement software differ?
Strategic sourcing software or sourcing software comes under the e-Procurement. The Sourcing software does not work like the procurement software. The difference is that unlike the procurement software, the sourcing software’s aim is the selection and identification of the suppliers that are linked to a particular firm. The aim is achieved with the management of documents in a proper way, allowing the company to easily make the comparison among different suppliers.
This comparison can be done on the basis of their capabilities, the information gathered from them. The information collected should be real as fake can be misleading and does not produce accurate results. The information once stored should be updated from time to time. The vendors who have their data stored should have the feature of supporting the real-time updates.
Decentralization is a big no!
The sourcing process can turn painful if not done in collaboration. Centralized approach can produce good results. Anyone in a centralized approach can see his bids and proposals. It saves a lot of time which can be wasted in long meetings. Through sourcing software, everyone joined with the firm receive quick updates at the same time and can give their reviews in a go. Communication system is carried out by e-technology and that saves the expenses too.
All the records are saved in the form of data and can be revisited and seen any time one wants to. Any activity between suppliers is saved and nothing wrong can go with it.
In the sourcing software process, the document management also plays an important role. An e-RFX (most common acronym used for combination of Request for Proposal, Quote and Bid) document is created on which all the bids and proposals are entered. These e-RFX documents are quite organized and there remains no worry to lose any data. The sourcing software collects the data when the document is sent by the supplier.
Steps in the Sourcing software
The real-time saving of documents is done and that ensures that no document is misplaced in any case.
The next step in the sourcing software is to compare the documents of the suppliers in terms of their potential regarding the proposals, bids and quotes. The comparing process is handled by the sourcing software itself with the help of its built-in comparison tool.
The sourcing software automatically creates the contracts. Even the past contracts are clearly visible and can be opened anytime.
Another feature of the sourcing software is reporting. Reporting is the complete processing, assessing and generation of the results. Not to mention, the data should be updated otherwise, no sourcing software will be able to provide accurate results.
Multi currency, restricted views and customizable viewing option make the sourcing software a perfect and organized data planner and analyzer. The on-going changes are at once saved without giving the option to save. The sourcing software is a must have for record maintenance and related purposes.