Why Automated Digital Sourcing Will Become Your New Best Friend

Procurement software

As a procurement manager, sourcing goods and services digitally won’t be anything new – you probably spend half of your time trawling through potential suppliers websites to try and find the best deal, and organising them into reports!

A few years ago, before online systems and software became part and parcel of businesses, the process of finding the right products at the right prices was a long and boring task. 
Fast forward to 2020, and in a few clicks procurement managers can compare prices from hundreds of potential suppliers, and efficiently submit RFQs with lightning speed. By using digital sourcing technology, it’s easy to keep your procurement process organized and streamlined. But if you think that digital sourcing has reached its peak, you’re wrong. There’s much more room for improvement.

Automation is the future

Procurement can be a complex minefield of data – so much so that even if you think you’re on top of the situation, you may actually be processing everything very inefficiently. 

The simple solution to this is automation. Imagine an online platform that can automatically sort and simplify your list of suppliers into a streamlined and uniform list, which gives you recommendations based on your preferences, and where you can extract insightful data and reports to give more visibility over your suppliers. If you’ve imagined all of this in one data-driven platform, then you’ve just imagined penny

penny is a unique procurement platform and stand-alone digital sourcing tool which works smartly and efficiently to boost your digital sourcing, helping you to save time and money during the procurement process. It lets businesses get more from their existing roster of vendors by making the data more digestible, accessible and transparent. 

On top of this, with penny you can instantly perform actions against groups of suppliers – for example, if you want to send out an RFQ to a large number of your suppliers, you can easily do that using penny’s simple software. 

And when it comes to collating and comparing the results from the suppliers in transparent reports, penny will do this for you – so you don’t need to waste time manually entering lots of data into your procurement system. Organization is key to penny’s platform. You can rank your suppliers according to a number of factors, including price, quantity and shipping fee, among others. You can mark vendors as principal suppliers, or as secondary if you’re just window shopping. 

Make things simple by choosing penny

The products you choose to help with your sourcing play a massive role in the procurement process, so make sure you make the right choice! If you don’t, you’ll be making life much harder for yourself by slowing things down, and you might miss out on a vital piece of information about a supplier that could save your business a lot of money.

You’ll love penny’s clean and simple dashboard so much that you’ll want to start using it for your grocery shopping! Get in touch with us today to find out how penny’s digital sourcing tool can help to streamline procurement for your business.



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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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