The next evolution in sourcing is now
Today, sourcing takes a fraction of the time that it used to, thanks to advanced technology that leads to automated processes and streamlined communications.
Sourcing has evolved from the traditional use of mail, fax, phone, or email for submitting requests for information (RFI), requests for proposals (RFP), or requests for quotes (RFQ). These can now be compiled, and responses compared in minutes as opposed to days or even weeks. eSourcing, or electronic sourcing, does all the heavy lifting while saving time and money.
eSourcing software is a subset of the broader procurement software market designed to streamline the process of evaluating, selecting, and collaborating with current and potential suppliers, thus enabling buyers to select the optimal providers of goods and services needed to reach their business goals.
The RFx (RFI, RFP, or RFQ) is distributed to pre-approved suppliers through a single platform where all suppliers will be asked the same questions, in the same format, at the same time. The requested information maintains transparency and consistency within responses with each buyer.
The eSourcing tool enables the buyer to collect and analyze large amounts of data in a uniform and straightforward way. The software qualifies and quantifies the responses, resulting in the ideal supplier being easier to identify and select. This increased efficiency amounts to overall savings as well as other operational improvements.
Time Savings
Scanmarket users report up to 40% of their time saved over traditional paper-based sourcing. Long gone are the days of mailing, faxing, or emailing information to various suppliers and buyers to find the best product for the best price.
Money Savings
Statistics show savings between 15% and 18% on average compared to the current price. This illustrates the vast room for negotiation most suppliers have in their price tags.
Sourcing Process Transparency
All data and interactions are logged and easily accessible for future negotiations or for audit documentation. Everything is online, meaning it is easily shared internally, making team-focused knowledge transfer simpler. The digital paper trail is key.
Methodical Approach to Buyers
Only ask the necessary questions with the help of templates. This ensures that non-critical information is not being evaluated and overcomplicating the process. Buyers can make the right decisions in half the time by streamlining the process and increasing efficiency and quality of work.
Supply Base Optimization
eSourcing makes supplier comparison and evaluation easier. One-to-one or one-to-few comparisons are much easier when your suppliers are already entered in your pre-approved supplier database. As the database grows, the software automates scoring and generates initiative pairings.
As the eSourcing software industry continues to evolve, procurement leaders evolve as well. Don't get left behind on your digital transformation journey.
How can Unit4 and Scanmarket help your organization?
Unit4 eRFx by Scanmarket can increase efficiency, reduce costs, and save up to 40% of your people’s time compared to traditional paper-based sourcing.
Book a Free Demo now or click here to see our suite of software and to learn more about how we help our customers meet their objectives with ERP software that generates long-term value.
