A Recipe for Sourcing Success


The best recipes are those that are easy to follow and quick to make.

Why? Because for most people, cooking isn’t worth it if they have to spend half the day in the kitchen with their heads stuck in complex recipe books.

The same can be said of the digital sourcing process. Nobody likes a complicated system that’s slow, fiddly and difficult to understand. If you do, then you really need to get out more…

In the digital sourcing world, you can guarantee a speedy and hassle-free experience by choosing Penny. 

We’ve created a unique digital sourcing experience by blending simple UX and a seamless API to create lightning-fast procurement for your business. 

Here’s how we do it…

Personalised scorecards

When you’re handling lots of quotes, it can sometimes feel like you’re trying to find a needle in a haystack. Cost, delivery times, taxes, existing relationships – there are plenty of factors you need to consider in order to make the right decision.

All this dilly-dallying can slow down the procurement process massively.

Wouldn’t it be great if you could create personalised scorecards that show you exactly which vendor to choose? Funnily enough, this is precisely what Penny lets you do.

In Penny’s digital sourcing system, you can design a quick questionnaire with your own criteria for what you’re after from your suppliers. The scores generated from these give you a better picture of the value each vendor is offering, and you can give different weight to the responses depending on which factors are important for you.

You can then sort your vendors in order of their scores, and just like magic, you’ll have the best option sitting right in front of you!

Value Basket

Penny helps to simplify your quotes into one dashboard, which we call your Value Basket. You can probably guess why we came up with this name – it’s because you can see all of your quotes together, and then handpick the one which represents the best value for you.

In your Value Basket, you can sort your quotes logically, making it much easier to make smart purchasing decisions. This is especially relevant if you’re handling lots and quotations from multiple suppliers. 

Plus, we’ll make it easy for you to see where you’ve managed to negotiate the prices down by colour-coding quotes for you.  

Your Value Basket will become your new best friend when you see how much money it’ll save you. If it were a person rather than some lines of code you’d probably take it out for dinner to say thanks.

RFQ email link

One of the main delays in the procurement process is waiting around for your suppliers to respond to your RFQ. 

For many digital sourcing providers, this delay is caused by the fact that suppliers need to launch the software themselves and spend ages navigating the bureaucracy of the system.

Here at Penny, we know that the suppliers have got better things to do than getting bogged down with the intricacies of a procurement system. That’s why we make it so that suppliers don’t need to download any software to submit their quote – they simply have to follow a link in an email and fill in a few details. 

This can dramatically speed up your sourcing by getting rid of those infuriating delays while you wait for vendors to get back to you.

Are you looking for new levels of speed & simplicity in your digital sourcing?

Get in touch with Penny today.

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