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Things to Look for in eSourcing Software

Things to Look for in eSourcing Software

Every competitive business in 2022 will need to cut costs. But, with the growing complexity of supply chains and procurement processes, businesses in the digital age struggle to maintain enough control over their sourcing strategy that can help them drive down costs.

The arrival of e-sourcing software has changed the game. By finding and using a reliable e-sourcing system, businesses can replace the tedious, paper-based procurement with top-rated automated solutions and stay ahead of the curve. However, they need to understand the key features of a reliable solution to find one.

We’ve listed some of those features right here in this article.

Things to Look for in eSourcing Software

Photo by Lukas Blazek on Unsplash 

Budget Analysis

A quality eSourcing system will provide you with detailed reporting and help you make better informed financial decisions.

Your e-sourcing software’s budget management features can help in making smart selections. The spend analysis feature can provide you with a detailed cost breakdown by category.

This can help you prioritize your sourcing activities, identify careless spending, and save money. Updating cost analysis reports provides you with real-time data, allowing you to make swift decisions. 

eRFX Management

eRFX management is an essential component of your eSourcing software. The “X” in eRFX can be code for a variety of things, including I (Information request) and Q (Request for Quote)

From start to finish, the correct eSourcing software should be able to lead you through the whole process. Your eSourcing software’s eRFX features should also help you design templates to quickly and easily draft new eRFX. 

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