Manage Sourcing and Evaluation of suppliers effectively and consistently.
Digitialise & automate sourcing and evaluation recommendations to streamline supplier selection, matching and transactions on a single platform.
What Is Strategic Sourcing?
Strategic sourcing is a procurement process that involves securing critical goods and services for the business. Strategic sourcing refers to the upstream processes of procurement like evaluating suppliers, analysing spend, awarding RFQs, evaluating bids, and negotiating contracts. Its main goal is to provide the needed services or products for the business, while maintaining maximum profitability.
To accomplish this, strategic sourcing relies on in-depth spend analysis, robust supplier evaluation, detailed market research, and effective management of current suppliers. Strategic sourcing is a crucial part of successful strategic sourcing.
Why Is Strategic Sourcing Important?
Over the last few decades, strategic sourcing has changed drastically as technology and globalisation have impacted the process. It’s now more important than ever to keep costs low, reduce risk, manage compliance, and effectively navigate the ever-evolving market.
Manual and analog sourcing methods can often lead to open gaps in the process, resulting in potential errors and limited visibility into the process. Modern sourcing and procurement teams need digital solutions that minimise risks, add value, create cost savings, and meet compliance standards. Tenderboard offers a single platform to digitalise and automate sourcing and evaluation.
Sourcing with TenderBoard
TenderBoard makes professional sourcing and supplier evaluation straightforward and more efficient through easy RFQ management and automated evaluation options.
Whether it’s indirect sourcing or project-based sourcing, Tenderboard streamlines strategic sourcing through a single platform that tracks and manages purchases, sends reminders, and makes prequalifying, sourcing and awarding suppliers simple.
Manage Your RFQs
Track and manage all your purchases on a single platform.
Source and award RFQs and Tenders on a platform that also supports Non-Sourcing Purchase orders and Non-PO Invoices.
Source for Suppliers
Allow users to select suppliers from an approved vendor list, or let TenderBoard do the work to invite suppliers based on your criteria.
Reminder emails are also automatically sent so your suppliers know their outstanding action items.
Create multiple related RFQs that allow you to source and track individual items and services for your project, then roll up the costs into 1 RFQ for your project’s total sum.
Pre-determine your evaluation matrix in the system to auto-run prequalification and shortlisting of vendors. With flexible and highly configurable scoring, you can easily define any requirements needed and assign weightage for more precise evaluation.
Customised Bid Submission Pages
Eliminate back and forth communication and disqualification of suppliers based on technicalities by including checklists for required documents and information in your RFQs, so vendors know what to submit. Add instructions, specific file fields and mark mandatory items for easy identification and evaluation once your vendors have submitted their quotations
Manage Expression of Interests (EOI)
Screen potential suppliers with an Expression of Interest (EOI) before allowing chosen suppliers to view your tender documents and submit proposals.
Suppliers can answer your pre-qualification questionnaire, or submit signed NDAs and other required documents through TenderBoard’s eProcurement Platform for your team to review or approve.
The Importance of Supplier Evaluation
Supplier evaluation is a vital aspect of strategic sourcing. It’s the process of assessing and approving potential suppliers through a variety of assessments, requirements, and qualifications. The goal is to compile a list of the best and most cost effective suppliers available.
In the modern procurement landscape, procurement teams need this process to be as automated as possible. Gone are the days of manually checking boxes by hand when evaluating your options. Digital solutions like TenderBoard allow sourcers to easily define and weigh different requirements for precise supplier evaluation.