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 esourcing software has changed the game. By finding and using a reliable e-sourcing system, businesses can replace 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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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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