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Sourcing
The procurement cycle begins with sourcing - identifying, evaluating, and negotiating with the optimal group of suppliers. Failsafe Canada 's comprehensive sourcing solution automates the process of creating, distributing, and evaluating bids (RFQs, RFIs, RFPs) conducting auctions (forward and reverse), and maintaining supplier report cards.
Sourcing has benefits for buyers and suppliers. The numerous benefits to buyers include accessing new suppliers, reducing purchasing costs through competitive bidding, reducing purchasing cycle times, and streamlining and automating internal processes. Supplier benefits include increasing investment recovery, increasing sales channels, liquidating excess inventory easily, and reducing sales and marketing expenses.
Powerful Sourcing Features
Automates requests for information, quotes, or proposals, accelerating the process and helping negotiate the best value. Buyers evaluate suppliers on price and non-price parameters with weighted attribute RFx. Streamlining the manual RFx process allows buyers to evaluate and select suppliers based on value to the organization. |
Weighted attributes enable buyers to establish any number of attributes on which to gather and compare responses from bidders. These fully configurable attributes allow for relative weighting of each attribute and associated response value. The complex algorithms required for quantitative scoring of responses are all handled by Sourcing, with side-by-side comparison on the Event Scoreboard |
Side-by-side comparisons of responses from multiple bidders make it easy for buyers to evaluate them and select a winner. The Event Scoreboard also allows a buyer to make "split" awards, and optimize the award based on lower total costs and not just the best bid. This time saving element promotes quicker, better-informed decisions. |
Organizations can define and maintain metrics of supplier performance. Supplier report cards help drive purchasing decisions and evaluate suppliers. Report cards are configurable based on user-defined parameters such as quality, responsiveness, delivery, and cost. Each parameter can then be weighted and scored. |
Sourcing enables true online collaboration and negotiation with suppliers. With the solution, you can facilitate event creation and automate true cross-enterprise workflow. Information is disseminated throughout the organization and allows online negotiation between buyers and suppliers. Participants in sourcing events can participate in the free-flow sharing of information, and create an audit trail of messages that includes text, images, and documents. |
English auctions, Dutch auctions, sealed bids, and dynamic ascending and descending events, just to name a few. Sourcing delivers over 20 mechanisms so you can choose the right one for each event. |
Alerts reduce the risk of missed opportunities by notifying you of events (proactive event notification) that meet your criteria, changes, and out-bid situations. |
Procurement
Cost-effective procurement requires reach, speed, and control. Employees need easy access from anywhere to catalogs of approved goods and services required to perform their functions. The approval process must be fast and simple. And the solution must ensure that the process is controlled, keeping maverick or off-contract spending in check and staying within budgetary limits. Failsafe delivers the most comprehensive procurement solution in the mid market.
Procurement streamlines your entire procurement process, delivering…
- The convenience and efficiency of employee self-service
- Automated workflow for accelerating approvals
- Total control of catalog management and policy enforcement
- A strategic approach to building collaborative supplier relationships
- Cost savings that immediately contribute to your bottom line
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