Sourcing Challenge

Supplier negotiation, the process of creating and evaluating Requests for Information, Quotes, and Proposals (RFx's) is a time consuming and labor-intensive process. Sourcing teams work hundreds of hours to collect, normalize, and evaluate supplier data, much of it submitted in disparate, non-standard forms.

Commonly used tools, like word processors, spreadsheets, e-mail, and desktop databases are inadequately suited to RFX creation, evaluation and supplier selection. These too have limited, if any, document management capabilities and no method for capturing and reusing the knowledge gained for future sourcing cycles.

Proven techniques for supplier negotiation are typically not captured or shared across commodities, departments or divisions. Additionally, there are no defined or enforced standards for RFx creation. Each buyer uses his/her own documents. As a result, bidding events are cumbersome, time consuming, and deliver sub-optimal results.

SourcingTool available On-Demand, enables sourcing organizations to accelerate and improve negotiated savings through  eRFx events. SourcingTool is a comprehensive solution for creating, collaborating, publishing, negotiating and analyzing RFx`s. SourcingTool enables organizations to implement sourcing strategies with easy-to-use tools to define, gather, and analyze RFx information on a wide range of spend categories. An intuitive web-based interface provides access to knowledge libraries and templates to make creation, collaboration, data collection, and analysis simple and effective.

An easy to use, yet advanced technology designed to unlock greater value from the sourcing process through comprehensive assessment of supplier award scenarios, what-if analysis, and bid optimization based on real-world business constraints.

SourcingTool works together with other Electool modules to streamline the transition from opportunity identification, to bidding events to contract award. Companies can increase visibility of contracts and bidding events and enforce compliance with contract pricing terms by providing employees a single system of record for contracts and RFPs, integrating RFx, auction, and contract negotiation. For example, users can pull data from a sourcing event directly into a contract and then convert the contract terms and conditions into structured data. There's no need for inaccurate re-keying of data or searching multiple disparate systems for the right information.

SourcingTool can be deployed independently as a stand-alone RFx engine or as an integrated module of the Electool suite for a best of breed strategic sourcing solution.

SourcingTool and AuctionTool modules are available On-Demand. Electool takes care of all the infrastructure management and support services, including buyer and supplier enablement.