Go for gold: World-beating digital sourcing

Procurement software

Each stage of the digital sourcing process requires efficiency, speed and smart decisions. Creating the perfect user journey is like a team navigating their way through a World Cup, and providers that can’t cut it will be knocked out by more powerful systems.

Here’s how Penny would be victorious in each stage of the digital sourcing World Cup tournament:

Gathering quotes from suppliers

Penny uses powerful digital sourcing software, but unlike other providers, we don’t need your suppliers to use it too. We make it much faster and easier for them to respond to an RFQ.

When you need to source a product or service, Penny automatically sends an email to your selected suppliers. Then, all they need to do is follow a link and fill in a short form to submit their quote.

Logging quotes in the system

Whoever invented the copy & paste tool helped humanity a lot. But they also introduced people to mindless hours spent copying and pasting data into Excel spreadsheets…

Thanks to Penny, handling data like this is a thing of the past. When your suppliers respond to an RFQ, Penny will automatically gather the quotes and log them in the system, which means less time copying & pasting data and more time cracking on with your purchasing decisions.

Comparing quotes from vendors

Penny has spend management at its core, and one of the ways that it helps to keep your procurement costs low is through the Value Basket feature. 

It’s a bit like the travel website Expedia, which helps you to find the best value for your next holiday. Penny lets you easily compare the best prices from vendors with full visibility over each quotation, and so you can handpick the one that suits you. 

Unlike comparing prices with Expedia though, you won’t end up on a beautiful beach somewhere exotic – but we think you’ll love it all the same!

Negotiating prices

Imagine if you could negotiate with Expedia over the prices it displays and get money off the quoted prices. You’d be able to bring a whole new meaning to the term ‘budget holiday’. Well, with Penny this is possible. In your Value Basket, you can quickly and easily negotiate prices to try and get yourself a better deal. 

Plus, Penny will colour code your quotes to show you where you’ve managed to negotiate prices down and tell you how much you’ve saved the company – giving you a much-needed ego boost (and showing everyone how much you deserve that pay rise!).

Making your decision

When you’re deciding on which supplier to go with, there are many different factors that come into play rather than just the price of the items. This could include delivery times, whether the supplier is local, and whether you’ve had a good experience with them before. With Penny, you can create a questionnaire in which you can add weight to different aspects and give each supplier a score. This will help you to see the bigger picture and make well-informed choices when you’re making purchasing decisions.

To get started with the best digital sourcing tool in the world, Request a Demo, today!

Sample of the Savings Screen from penny. E-Source solution

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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.

Yes. If your product search finds no results, you can submit a non-standard request.

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