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

Transparent Data

Transparency in purchasing can be achieved and maintained with an e-procurement solution. Whether it's your organization's president, board of directors, other internal stakeholders and even 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 that have been awarded bids, the overall variety of suppliers which may have been sent RFP information, and/or a dysfunction of qualifications and pricing for every vendor proposal received, can solidify compliance requirements. Tracking who are able to access data and creating approval workflows as part of your purchasing plan, greatly limits the risk of internal data corruption.

Reporting Data

Data collection and reporting can be a daunting task at times. 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 and the authorization process for internal users. Information through the entire entire purchasing process might be tracked from bid submissions to award information. Statistics, including bid tabulation, results and vendor information, could be made provided with simply the click of the mouse. Purchasing departments reduce the amount of time used on manually compiling data by using a solution containing pre-made robust reports and may feel comfortable which has a secure environment they control. Many e-procurement software solution have customizable and easily configurable reports too.

Procurement Solutions with an Emphasis on Data

Finding an e-procurement software or software-as-a-service solution such as extensive data tracking and reporting functionalities is important. SourceSuite, a cloud based e-procurement solution, has an extensive data measurement module that ensures every bit of purchasing details are audited and tracked. Buying organizations in most industries can configure procurement reports to take care of high degrees of transparency and accountability inside sourcing evaluation process. Features for example audit and reporting, custom reports as well as a centralized buyer report dashboard are incorporated into SourceSuite's data measurement solution. With easy-to-export information, SourceSuite makes it simplallows you to securely measure and analyze important data through the entire bidding process.