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Data Found through Vendors

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

Transparent Data

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

Reporting Data

Data collection and reporting could be a daunting task sometimes. Using a procurement system simplifies data collection and analysis by automating the method. By employing a centralized, online purchasing platform, organizations can automate customizable data reports along with the authorization process for internal users. Information through the entire purchasing process might be tracked from bid submissions to award information. Statistics, including bid tabulation, results and vendor information, might be made provided with simply the click of a mouse. Purchasing departments slow up the amount of time used on manually compiling data employing a solution which has pre-made robust reports and can feel comfortable having a secure environment they control. Many e-procurement software solution have customizable and easily configurable reports also.

Procurement Solutions with the Emphasis on Data

Finding an e-procurement software or software-as-a-service solution which includes extensive data tracking and reporting functionalities is important. SourceSuite, a cloud based e-procurement solution, has an extensive data measurement module that ensures each bit of purchasing details are audited and tracked. Buying organizations in all industries can configure procurement reports to maintain high levels of transparency and accountability inside the sourcing evaluation process. Features such as audit and reporting, custom reports and a centralized buyer report dashboard are contained in SourceSuite's data measurement solution. With easy-to-export information, SourceSuite makes it simple to securely measure and analyze important data through the entire bidding process.