Advanced Sourcing
Advanced Sourcing
Penny’s advanced sourcing system is a cloud-based solution that excels above first-generation advanced sourcing solutions in terms of ease of use, process automation, and scale. Advanced sourcing allows sourcing departments to move beyond simple decision-making that’s primarily based on cost.
Buyers can gather a variety of price and non-price bid data from suppliers, then evaluate alternative awarding scenarios depending on those parameters and other limitations. We at Penny believe advanced sourcing shouldn’t be difficult. Our solution is designed to be user-friendly, and have a wide reach as well as a substantial impact.
Why Use Advanced Sourcing?
Traditional sourcing is time-consuming and challenging. It’s mostly done offline, in spreadsheets, beyond advanced sourcing tools, and it’s error-prone. A single formula error can risk an entire set of results. Traditional sourcing can take a long time. It could take several days or weeks to produce reports on a complex sourcing case.
All the while, the team is focusing its efforts and resources on tactical plans rather than strategic projects that could increase the company’s value. Advanced sourcing initiatives are often either incomplete or oversimplified. Even if sourcing workers have all the data, there is no way to adequately examine it.
Advance Sourcing Made Easy
If you’re feeling stuck or need to get more out of e-sourcing & optimization, Keelvar can help you:
- Innovative automation features to increase productivity
- Optimize spending on logistics, production overhead, and indirect categories
- Boost supplier involvement and results
- Prepare for optimal sourcing automation by investing in the correct technologies
High Flexibility
Competitive Bidding
Unparalleled Speed
Optimal Solutions
Penny’s advanced sourcing solution can help you run multiple scenarios and use mathematical optimization to examine all elements of supplier proposals and discover ideal solutions.
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Frequently Asked Questions
Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.
- Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc
- Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.
- History and records of requests and purchases can be extracted and tracked easily via the platform.
- Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
- Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
- penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.
Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.
Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.
