Colorado20bids24

Data Found through Vendors

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

Transparent Data

Transparency in purchasing can be carried out and maintained with an 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 shopping process will always be questioned and evaluated. Providing data such as the percentage of local or women-owned businesses which have been awarded bids, the overall quantity of suppliers which may have been sent RFP information, and/or a breakdown of qualifications and pricing for every vendor proposal received, can solidify compliance requirements. Tracking who are able to access data and starting approval workflows as part of your purchasing plan, greatly limits the potential risk of internal data corruption.

Reporting Data

Data collection and reporting can be a daunting task from time to time. Using a procurement system simplifies data collection and analysis by automating the process. By by using a centralized, online purchasing platform, organizations can automate customizable data reports as well as 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, may be made available with simply the click of your mouse. Purchasing departments lessen the amount of time invested in manually compiling data utilizing a solution which has pre-made robust reports which enable it to feel comfortable having a secure environment they control. Many government procurement solutions have customizable and easily configurable reports too.

Procurement Solutions by having an Emphasis on Data

Finding an e-procurement software or software-as-a-service solution which includes extensive data tracking and reporting functionalities is essential. SourceSuite, a cloud based e-procurement solution, comes with a 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 keep high amounts of transparency and accountability within the sourcing evaluation process. Features for example audit and reporting, custom reports plus a centralized buyer report dashboard are included in SourceSuite's data measurement solution. With easy-to-export information, SourceSuite makes it simple to securely measure and analyze important data car bidding process.