Strategic sourcing is placed at the top of procurement model, we can also call that inventory model. It is focused on finding and contacting with suppliers to meet an organization’s need for materials and services. Once the organization identifies the need for new materials and services, it launches a process to identify the appropriate supplier to meet the need. The process begins with what needs to be purchased, how much needs to be acquired, when it needs to be acquired and the specification and other critical element associated with the new material or service that are needed. This constant process is called as strategic sourcing. Using a good Strategic Sourcing Software helps in improving and evaluating the purchasing activities of the organization.
Strategic sourcing is not very basic and entry level process. It has many steps involved in it that helps in an effective sourcing. Here, I am listing most common steps of sourcing for you to understand:
- Calculating current purchases (prices, products, location etc.)
- Judging the market suppliers
- Total cost incurred
- Finding appropriate suppliers
- Planning the sourcing
- Negotiation and rates
- Implementing new structure
- Tracking the output and improvement
Now this a basic layout or a plan that every organization follows to get best Strategic Sourcing. This may take a lot of personnel and important time of the company to go through all these steps. To gain innovation and sustainable savings, you need a right strategic sourcing environment. One that seamlessly connects suppliers and other stakeholders and is built with amazing tools and sourcing expertise and easy access to information. Here is the best software option that, I think, is the best for strategic sourcing.
Medius e-Sourcing Software Solution
It is a perfect sourcing option for your simple small or large complex industry. Medius uses main stream suppliers, uses data to determine the best cost reducing option and generates huge savings from purchases.
There are a lot competitors that are available in market giving the same sourcing services to the public. But why should you choose Medius over others? Here are some qualities that you will only find in Medius.
One of the best things about Medius is its transparency. It gives a full clear and visible process that is user friendly as well. You can find and make all your contracts in one place which will give you time saving and greater saving options.
Fast & Efficient
With its full transparency and flexible scoring criteria, it gives tons of options and possibilities that will help you quicken the process of sourcing. This fast strategic sourcing will also help in reducing costs.
Medius e-sourcing software is very easy and user friendly. This experience gives it a unique edge over others. Even people who are not related to procurement and sourcing and can also use this software and make informative decisions and derive huge profits and savings.
Identification of suitable suppliers
This software uses its algorithm to generate a list of potential suppliers after they have sent their proposals for our desired product. Our software will then analyze their response based on their proposals and ranks. It can also conduct e-Auctions to increase the stakes of suppliers and giving you the best costs.
Medius sourcing is designed to constantly observe and make stats of your spending to create a comprehensive spending report. After showing you the potential suppliers and then analyzing them automatically, it can further show you details of spending and savings to make sure whether the decision is valid or not.
As I have mentioned top 5 Strategic Sourcing Software with their different options and modules. It can not only help you manage your small and simple business but also a large and complex business model. You can choose your software considering your requirements to ease the process of sourcing. Using any of these software will not only save time but it will also help you throughout the process by showing you market suppliers, your spending, and other necessary things required to make a good decision that will lessen the cost of spending and increase the saving.