eSourcing software equips procurement teams with digital tools to streamline and optimize all parts of the sourcing process, such as supplier onboarding and qualification, sourcing events management, contract management, and more.

What is offered within eSourcing software: functionality and benefits

The core features of eSourcing solutions include:

• Supplier onboarding via configurable registration forms, commonly available to suppliers as a self-service option, automated supplier pre-qualification against compliance requirements, and setup of supplier approval workflows.
• RFx management via collaboration tools to establish product or service requirements and decide upon the best-fitting suppliers together with involved stakeholders, RFx templates, automated scoring and cross-comparison of supplier proposals.
• eActions management with template-based creation of eAuction events, setup of nomination criteria (assigning weights to cost, quality and capacity criteria, etc.) and bidding conditions, real-time eAuction monitoring and update notifications to participants.
• Contract management with centralized contract repository, contract templates, automated contract routing for approval of internal stakeholders, alerts on contract expiry. Access to contract information can be limited based on user roles.
• Supplier data management with supplier profiles storage, supplier product or service catalogs creation, a search engine to easily retrieve necessary data, and self-service capabilities for suppliers to update their information.
• Supplier performance monitoring against pre-defined KPIs.

With eSourcing software implemented, your company can reduce sourcing cycle times, negotiate lower prices for products and services, and minimize supplier compliance risks.