E-Sourcing Tools: What Do You Need To Begin?
E-Sourcing Tools: What Do You Need?
Enterprises around the globe are looking to utilize e-sourcing tools to take their supply chain management to the next level. With that being said though, many corporations are not getting the full effect from their investment by poor management of the process and in turn lose some of their projected value from the use of the tool. Functionality of the software is important to the revenue on the process, but in the end, an effective process integrated to give you the highest ROI is the main item you should be wanting. RFX, RFQ and RFP are necessities to gain the highest amount of return from your time involved in the e-sourcing tool, but when looking to add value to your business, look for project management, reporting, e-request and online reverse auctions.
When you start your e-sourcing process, you should have an end goal in mind. All principles should be defined in order to get the most out of your RFP, RFQ, RFX, etc. Always begin with that end result in your mind and know what you would like to answer in the end.
Examples:
If you are looking to find trend analysis and determine the cycle time, you will need to know the following information:
- Beginning and Ending Dates of E-Sourcing Process
- Type of Sourcing to be Completed (RFP, RFI, RFX)
- Amount of Project Investment
- Businesses to be Involved Internally and Externally
If you are seeking to find out the potential return on investment of particular projects:
- Savings Potential
- Benefits of this Particular Project
- Type of Sourcing to be Completed (RFP, RFI, RFX)
- Internal Business Sections Working with the Project (Marketing, IT, Sales, etc)
- Resource Levels of the Current Project Team
When you work with any time of e-sourcing tool, project management needs to be a top priority in order to see the return on investment that you desire. At the end of the day, the bottom line will always be the most important item in the entire transaction. Get the most out of your investment is a necessity and utilizing the right RFX, RFP, RFI software can make or break the entire project. Find the right e-sourcing software and have a strategic plan in mind. Quantify everything that you can and find out the best ways to get the most out of your investment.
