Risks Of Not Leveraging E Sourcing Software


For finance executives in the acquisition and procurement cycle, there are inherent risks when it comes to operating without sourcing software. In todays economy, costs and margins are little room for error; one missed bid or undervalued contract can strain the balance sheets of even the most profitable organizations. source-to-pay solution can be safe hedge against missed opportunities and misplaced resources and should be leveraged for any organization intent on optimizing their spend.

Cost Savings and Efficiencies

For organizations that actively seek to save on internal and external costs, sourcing software can provide unmatched speed and accuracy in the bids, tenders, and quotes (RFQs) departments. source-to-pay solution can drastically reduce the time needed to compile RFQs and can help to eliminate redundant data entry processes; this can lead to greater ability to access competitive pricing and reduce the chance of errors that can end up costing company more than it expected to pay.

Process Automation and Reengineering

With any source-to-pay solution, there is the ability to automate and streamline the entire source-to-pay process. sourcing software can allow for many repeatable processes to become automated and optimized, vastly decreasing the amount of time to manage complete transactions. Manual processes can be eliminated without forgoing the control and compliance that company might want. In terms of reengineering, sourcing software can provide insights into tendering processes, where bottlenecks and workflow inefficiencies can be identified and improved.

Visibility and Accountability

e sourcing software provides levels of visibility and transparency that are essential for todays market. With better visibility into supply bases, companies can discover new vendors, consolidate their purchasing base in unprecedented ways, and use their audit and compliance departments to ensure that all procurement processes meet company requirements. It can also become easier to track and trace future expenses within the procurement process. Additionally, the ability to monitor involvement, analyze past performance and send alerts to ensure that product quality, pricing and contractual obligations are always met is another advantage of having source-to-pay solution in place.

Ultimately, having an sourcing software available provides an overall increased confidence in any companies bid and tender process. Without the ability to accurately assess the costs, manage compliance obligations, and spot new opportunities to capitalize on, any organizationstands to risk financial losses. Investing in source-to-pay solution can be worthwhile risk management decision and can provide increasing peace of mind for any finance executive.