In the past, the most crucial skill a procurement officer had was the competence to negotiate price and the terms of a contract. Once negotiations were concluded and the contract was signed, the job was done. Currently, the job isn’t so easy which is why eSourcing is an extremely critical tool, enabling procurement and sales departments to expedite and simplify the full life-cycle of the procurement process. If your team has yet to take advantage of this collaborative technology, here are 5 things you should know.
There are several benefits to eSourcing which include:
- Reduces Risk. The standardized approach of eSourcing gives companies control over their call for bids and an audit trail to remain compliant.
- Improves Vendor Relations. Through increased transparency and openness between buyers and suppliers, you can significantly improve vendor relations.
- Must Be Easy To Adopt. If your team isn’t actually using the eSourcing platform then you can’t save the time or money that was intended. In order for your platform to be adopted it needs to be easy to use and effective.
- Levels The Playing Field. For startups and smaller companies who have more modest sales and procurement departments, it can provide a platform to demonstrate the value of goods or services.
- Saves Time. You can shorten the procurement cycle with supplier management, RFX templates, streamlined order processing and many other features. At the end of the day the procurement cycle is the time it takes to find the technology you need and at the price you want, any improved efficiency is going to save you time and money.
Automating the administrative duties of the sourcing and procurement process allows teams to be more focused on their strategy as opposed to labor-intensive traditional tasks. eSourcing empowers procurement teams to progress beyond negotiations and make advances in the world of data analysis and successful supplier management.
GenAI Sourcing Intake is LIVE with Several of Our Fortune 100 Customers
Fairmarkit Projects GenAI Will Reduce Intake-to-Source Cycle Times by 95%+ and Dramatically Increase Procurement’s NPS