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Data Found through Vendors

Collecting, tracking and analyzing purchasing data using an e-procurement solution can provide organizations with multiple advantages inside the evaluation of suppliers. For example, a chance to track vendors which may have downloaded your RFP documentation or any corresponding addenda, by time and date, may help justify which vendors are most attentive to the bid opportunity. Data also gives purchasing professionals a grasp on the effectiveness of supplier outreach initiatives. Knowing the variety of vendors in a "pool" with an upcoming RFP can help your buying organization gauge vendor participation. Categorizing suppliers within particular set of commodity codes may also prove to be valuable data. Using standard coding such as NIGP codes (government procurement), NAICS codes, SIC codes or an internal categorization structure are typical common practices within e-procurement for choosing organizations in addition to their vendors. Justifying decisions through data in the supplier evaluation and selection process are crucial in remaining accountable.

Transparent Data

Transparency in purchasing can be carried out and maintained by having an e-procurement solution. Whether it's your organization's president, board of directors, other internal stakeholders or even tax payers and external audits, the supplier buying process will always be questioned and evaluated. Providing data like the percentage of local or women-owned businesses that have been awarded bids, the overall variety of suppliers that have been sent RFP information, and/or a breakdown of qualifications and pricing for each and every vendor proposal received, can solidify compliance requirements. Tracking who is able to access data and starting approval workflows in your purchasing plan, greatly limits the chance of internal data corruption.

Reporting Data

Data collection and reporting could be a daunting task from time to time. Using a procurement system simplifies data collection and analysis by automating the process. By by using a centralized, online purchasing platform, organizations can automate customizable data reports and the authorization process for internal users. Information throughout the entire purchasing process may be tracked from bid submissions to award information. Statistics, including bid tabulation, results and vendor information, could be made available with simply the click of a mouse. Purchasing departments decrease the amount of time invested in manually compiling data employing a solution that has pre-made robust reports and can feel comfortable which has a secure environment they control. Many procurement solutions have customizable and easily configurable reports at the same time.

Procurement Solutions with the Emphasis on Data

Finding an e-procurement software or software-as-a-service solution which include extensive data tracking and reporting functionalities is important. SourceSuite, a cloud based e-procurement solution, posseses an extensive data measurement module that ensures every bit of purchasing facts are audited and tracked. Buying organizations in all industries can configure procurement reports to keep up high amounts of transparency and accountability inside sourcing evaluation process. Features such as audit and reporting, custom reports along with a centralized buyer report dashboard are contained in SourceSuite's data measurement solution. With easy-to-export information, SourceSuite allows you to securely measure and analyze important data all over the country bidding process.