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What is eSourcing? A Best Practice Guide from Ivalua

Ivalua Launches Innovations to Improve Sourcing Decisions, Savings Capture and Supply Chain Visibility

What is eSourcing?

Simply put, eSourcing is a collection of digital tools that help streamline, simplify and improve strategic sourcing activities and Procurement processes performed by an organization’s Procurement team. eSourcing tools improve Procurement’s ability to generate value for the organization by managing ALL spend and ALL suppliers, reducing supply chain risk and increasing savings.

How is “Sourcing” different from “eSourcing”?

At the most basic level, Sourcing and eSourcing really aren’t that different. In both cases Procurement professionals are working to locate the best product from the best suppliers with the best price and terms. The key difference between Sourcing and eSourcing lies in the tools used to execute both day to day and strategic sourcing activities.

Traditional sourcing limits efficient collaboration with internal & external stakeholders and suppliers with tools such as email, phones, spreadsheets, PDFs and even faxes. In addition to collaboration, these tools limit transparency, standardization, scale and automation. All of these elements serve as the foundation for effective eSourcing:

Let Ivalua eSourcing Solutions Software Streamline Your Sourcing Process

Ivalua can help you fulfill your sourcing needs effectively, efficiently and affordably with our e Sourcing software. We cover all sourcing projects and RFX, auctions, category management, and BOM Lifecycle Management. Contact us to let us know how we can help you get the supplies you need with as little stress and cost as possible.

There are many eSourcing benefits to an organization.

The most notable include:

  • Making it not only possible, but much simpler, to implement impactful best practices across the entire sourcing organization that help create lasting value.
  • Improving spend management across all major spend categories (indirect, direct, services and CapEx), and with this comes cost reduction.
  • Increased levels of supplier engagement and management greatly contributes to the reduction of risk and increased access to innovative products and services that provide value to the organization.
  • Great efficiency and effectiveness in building strong sourcing pipelines and executing category based strategies to generate savings.

Ivalua offers you an eSourcing process that helps you identify your needs for goods and services, quickly and effectively.

Here are a few ways that our sourcing solution helps:

 

  • We provide various strategies that we implement to find suppliers that best meet your business’s needs.
  • Our program helps to negotiate a contract with a supplier, finding something that is favorable both financially and logistically for your company.
  • The contract can be signed electronically for ease and convenience and, with Contract Lifecycle Management, you can also monitor supplier compliance and manage risk.
With Ivalua, we have accelerated our sourcing life cycle and are able to consistently meet and exceed savings targets. We can measure cycle times for various project types and identify and eliminate bottlenecks to make sourcing more efficient and drive better outcomes.
Ben Lizak Manager, Sourcing Life cycle Management, Sprint

Ready to Manage All Spend & Suppliers with No Compromises?

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