What is eSourcing?
Simply defined, eSourcing is a set of digital technologies that assist in the streamlining, simplification, and improvement of strategic sourcing operations and Procurement procedures performed by an organization’s Procurement team. By monitoring ALL expenditures and ALL suppliers, minimizing supply chain risk, and boosting savings, eSourcing systems increase Procurement’s capacity to deliver value for the business.
This allows businesses to keep track of their suppliers more easily and gives greater visibility into their procurement activities.
ELIT eSourcing Procurement Software facilitates effective and seamless supplier collaboration to help obtain the maximized returns out of your sourcing events.
ELIT eSourcing software Cloud assists in streamlining, simplifying, and enhancing the sourcing processes. It helps minimize supply chain risks and spending and deliver value for your business by providing enhanced visibility and tracking into your sourcing spends and activities.
ELIT eSourcing Procurement software works by:
- Determining purchase contract specifications and requirements
- Creating and distributing RFI questionnaires, RFPs, or RFQs to suppliers
- Centrally storing all eSourcing documents sent and received through the online portal
- Pre-qualifying suppliers
- Holding eAuctions, if applicable
- Reviewing competitive bids from qualified suppliers
- Performing analysis and vendor evaluation
- Negotiating with suppliers and checking references
- Communicating with suppliers under consideration through the portal
- Selecting supplier(s) for contract award or purchase
- Creating contracts
- Sending contracts or purchase orders to winning suppliers
- Reviewing automated spend analysis by vendor and purchase category
- Maintaining supply chain and supplier relationship management
- Conducting post-contract vendor evaluation.
ELIT’s eSourcing software solution will open up channels of communication between your business and its suppliers by establishing a direct and real-time link and encouraging activities such as bids, purchase orders, invoices, and collaborations. Sourcing automation saves money and allows for a faster return on investment!
ELIT’s easy-to-use eSourcing solution allows simple and complex sourcing effortlessly. Its advanced features reduce sourcing cycle time and provide better visibility into savings and control on TCO.
Benefits of using ELIT eSourcing Cloud software solution.
- Timely actions on all requirements
- Huge savings of Time in coordinating with requisitioners
- Significant reduction in lead time to convert PR to Order
- Elimination of risk of stock out
- Availability of time to strategize negotiations
- Improves trust between suppliers and develops relationships
With ELIT eSourcing software, you can get the following utilization benefits.
- Enables you to avoid contract penalties and fines thanks to automated notification alerts.
- Features cosmopolitan multi-lingual and multi-currency functionalities that simplify international supplier management.
- Monitors vendor spending and identifies optimization opportunities to help reduce costs and increase contract value.
- Can be easily integrated with third-party enterprise resource platforms like SAP, Oracle, and more.
- One-click conversion of multiple PR line items to RFQ
- Auto Selection of Source list
- Dashboard reflecting the status of every PR/ Line item in the transaction
- Facility to include PR in ongoing RFQ
- Ease of converting PR to Order based on historical rates
- Flexi price builder for complex sourcing.
- Scalable events for sourcing more in less time.
- Configurable templates and user roles.
- Intuitive supply-side portal access.
- Multi configuration settings in eAuction – Bid Display, Tie Prevention & Minimum Bid Decrement.
- Multi-round negotiation support in both simple and complex categories.
- Ability to handle large-scale sourcing projects with increased stakeholder participation.
- It can be seamlessly integrated with any existing ERP or SCM systems including SAP, Oracle, or any other industry standard business planning solutions
- Collaborative scoring and approval workflows for a hassle-free sourcing experience.
With ELIT eSourcing software, some of the key things that stand out include:
ELIT.ai. This includes the ability to manage all parts of your typical RFI or RFP, including questionnaires and pricing templates.
Reverse auction capabilities. Reverse auctions help purchasers reduce buying prices through greater competition and avoid having to negotiate with several suppliers individually. Auctions can help potential purchasers by expediting the bidding process, enhancing transparency, and ensuring compliance between the Buyers and Suppliers involved.
Furthermore, adopting the reverse auction bidding model to source products or services can result in considerable cost reductions, bringing bottom-line value to your entire procurement budget.
If your company is considering incorporating e-Auctions into its entire strategic sourcing process, online cloud-hosted software like the one supplied by ELIT eSourcing software can give a large ROI with minimal investment.
Templates for RFP/RFI/RFQs. ELIT eRfx is an all-in-one online RFP/RFI/RFQ lifecycle management system. This solution has enhanced capabilities that assist organizations in creating and tracking the status of the eRfx document. This system, based on open architectural principles, may be effortlessly linked with various business application platforms such as ERP, sourcing platforms, and so on. It allows for comprehensive iteration tracking, customizable workflows for quicker decision-making, auto evaluation and scoring of supplier responses, insightful dashboards, and time and effort reduction.
Real-time response for strategic sourcing. Having real-time responses within a single platform to ease the process of making purchase decisions is an advantage in and of itself, but it is not the only one. Purchase procedures and activities are more efficient, and user productivity is higher. It helps in risk reduction, cost savings, and increased innovation.
Supplier evaluation and comparison. ELIT Software is designed to assist in managing vendor relationships with confidence, measuring performance against KPI indicators, and identifying areas for improvement. It has a simple and easy-to-use dashboard that displays real-time supplier metrics. The supplier registration and onboarding procedure are simplified by standardized templates that speed up the supplier onboarding process.
ELIT.ai eSourcing has collaborative scoring and approval workflows based on various business policies of an organization to give a hahassle-freeourcing experience.