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Home » Blog » Procurement Technology » Elevating Sourcing Process to the Next Level: Part 3 – Sourcing Simplified by Leveraging Technology

Elevating Sourcing Process to the Next Level: Part 3 – Sourcing Simplified by Leveraging Technology

Sourcing Simplified by Leveraging Technology
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In the second part of the series, we discussed how the sourcing process can be improved with the help of technology by accelerating event drafting and bringing in flexibility in scheduling the event.

In this post we will move on to the next two steps to simplify the sourcing process.

The third step is HOLISTIC RESPONSE ANALYSIS

This step involves analyzing the supplier responses collected during the event. In-depth and customized analysis is made possible by technology. For instance, analyzing responses from suppliers of a particular geography or of those suppliers with whom the organization has done business in past etc.

Once desired scenario is created, it can be saved and sent to the team members for their comments. There are multiple scoring best practices that can be followed to rank the suppliers. They are,

  • Collaborative Scoring

Come to a common score by inviting the concerned stakeholders to evaluate the suppliers.

  • Automated scoring

Assign weightage to objective questions and get automated scores once the suppliers have answered the questions.

The fourth step is OPTIMIZE SUPPLIER AWARDS

This last step refers to awarding contract to the most suitable suppliers. Based on the information collected and the analysis; this decision can be taken manually or by using technology.

Depending on the parameters set, technology can offer various solutions like – lowest cost supplier from the lot, combination of 2 or more suppliers generating maximum savings, etc.

Investing in correct technology can make the sourcing process more efficient and offer benefits like reduced cycle time, better visibility, improved transparency etc.

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