4 Common Features of Sourcing Software

Finding suppliers can be quite complicated. Thankfully, developing sourcing software was introduced and brought up 4 features that help in selecting the best suppliers for the product that you and other consumers demand. Continue reading to learn more about them.

Centralization Portals

The key to sourcing projects is having a collaborative technology to facilitate the full cycle of the procurement process for both suppliers and consumers. Vendors of this software provide a communication system in the centralization portal. This makes collaboration easier by enabling you and other buyers to discuss the information from the suppliers.

Much like other communication systems, the discussions made within the software are stored so you can come back and read what the other buyers said. This also reduces the need for meetings as most discussions happen directly in the software.

eRFx Management

Though it looks like a medical acronym, eRFx actually stands for Electronic Request for [x]. In procurement technology, x can be anything from information (RFI), proposal (RFP), quotation (RFQ), or tender (RFT).

All of these refer to a similar activity: buyers requesting needed information from potential suppliers to compare and evaluate it. With this kind of feature, both local and global sourcing software helps end users from writing a request up to sending it out.

Document Management

After sending an electronic request, you’ll receive bids, quotes, or proposals, so you won’t lose anything. You’ll need a way to keep all of the documents organized. That’s where document management enters. The moment you receive a document from a supplier, the software will collect and store it along with your other documents. When they’re all together, all you need to do is scroll down and find them. With document management, the possibility of misplacing a document is eliminated.

Comparison Tools

After receiving the bids, quotes, or proposals from all of your potential suppliers, the next thing you’ll do is compare them. It’s usually hard to make direct comparisons since all the documents you’ll receive are from different suppliers, but the software makes it easy.

With a side-by-side comparison tool, the whole sourcing process can be done in the software. It collects the information from the suppliers and lets you compare them side by side. This tool makes the process a whole lot easier than trying to interpret the differences in their format or making your own table for comparison.

Overall, sourcing software enables easier collaboration, management of RFs, and comparisons. It’s one up for you as a buyer since your decision was made with features that support up-to-date information.

Leave a Reply

Your email address will not be published.