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A Different Way to Negotiate

Two Ways We Engage with Suppliers

A different way to negotiate

As Purchasing professionals, we use two main approaches to establishing prices with suppliers.

The first is through a bidding process. We prepare formal documents and invite several suppliers to participate – a tried-and-true best practice for engaging with suppliers. We know that promoting competition between suppliers is a reliable and effective way to achieve good results.

The second approach is through direct (one-on-one) negotiations with current suppliers. We know that this method is akin to the Wild West, with few tried-and-true best practices. We are usually on our own to achieve good results.

“Why not just use bidding all the time?” an observer might logically ask. Good idea in theory, but not in practice. Bidding is rigorous and time consuming, and few Purchasing departments (including governmental ones) have enough staff to bid everything, all the time.

Direct negotiations, without the benefit of competitive pressure, are a fact of life.

There is good news! The West is becoming less wild. Below we describe a better way to negotiate with suppliers, by taking advantage of the growing phenomenon of cost transparency.

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Category : News

b-pack Innovation 2013 Annual Event

Hosted by The Paris Chamber of Commerce (France),  b-pack Innovation 2013 is an event that brought together the members of the b-pack community. Source & Procure‘s P2P solution partner b-pack is leading the Purchase-to-Pay Revolution!

 

Category : News

eSourcing – Request for Proposal (RFP): Definition

Request for Proposal (RFP)

An RFP (Request for Proposal) is an eSourcing event in which a company or organization announces that funding is available for a particular project or program, describes the project’s or program’s needs and asks for proposed solutions from qualified vendors. It is usually the second step after the vendor qualification process (optional RFI) and represents a more product/service specific exchange of qualification information between buyers and suppliers.

The RFP, which has become an increasingly common tool for procurement departments, allows the buyer to gather non price and initial price related information from suppliers on the specific project or service that will be acquired. This step can be comparable to the Request for Information (RFI), but normally goes into more detail about the product or service requested after the suppliers have been qualified from the RFI step.

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Category : News

eSourcing – Request for Information (RFI): Definition

Request for Information (RFI)

An RFI (Request for Information) is a type of eSourcing event and a formal business process used to collect written information regarding suppliers capabilities.

It is usually used at the planning stage of a procurement activity, as the first step in the vendor selection process, and a qualification step prior to the RFP (Request for Proposal) or RFQ (Request for Quotation). It’s quite common for an RFI to also include elements of an RFQ.

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Category : News

eSourcing solution ezMarket 8.1 released – Neogrid

NeoGrid ezMarketWith the new 8.1 release of its secure cloud-based software ezMarket™, Source & Procure Ltd’s eSourcing solution partner NeoGrid, introduces new features and enhancements that continue to support their goal of delivering buyer and supplier friendly eSourcing/eTendering software.

Delivering on ideas from clients and partners, market trends and their own innovations, NeoGrid introduces the following updates to their leading edge eSourcing solution:

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Category : News

NeoGrid Strategic Sourcing Community Group Event

NeoGrid ezMarketSource & Procure will join its eSourcing solution partner NeoGrid, at their European Strategic Sourcing Community Group on November 5th & 6th in London, UK.

NeoGrid Strategic Sourcing Community Group will come together to share best practices, discuss the ezMarket eSourcing solution roadmap strategy, learn about new functionalities, share actionable methods to help buyers reach their profit improvement goals through eSourcing and hear exciting and valuable insights from community speakers and NeoGrid Management.

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Category : News

B-pack new DIY translation feature

DIY translationSource & Procure‘s P2P solution partner b-pack, the technology leader in Purchase-to-Pay software, today announced a new translation feature that allows users to translate the cloud based application into their own language. The main objective is to empower users and partners thanks to this “Do It Yourself” capacity. Screen edit can be done directly online in the cloud using a graphical user’s interface with real-time update.

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Category : News

b-pack redefines invoice matching

invoice matchingSource & Procure‘s P2P solution partner b-pack, the technology leader in Purchase-to-Pay software, today announced that its purchasing and procurement software makes invoice matching easier and more accurate by adding numbers to each line of a purchase order to simplify the identification of lines for partial receiving and partial billing.

This new feature adds a subtable associated with the invoice folder allowing to store lines of invoices. These lines can be entered manually, imported via an Excel file or ReadSoft Online, an invoicing software now integrated into b-pack. This characteristic is able to recover invoice data line by line which allows to match the right purchase order with the invoice and analyze whether the amounts seized are included or not within the tolerance set.

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Category : News

Procure-to-Pay India 2012

Procure-to-Pay India 2012

Procure to Pay (P2P) India 2012 will highlight procurement processes that span sourcing, order placement, payment, settlement, reconciliation, controlling, auditing and reporting. Best in class companies are automating their P2P processes by eliminating paper based processes and labor-intensive tasks. These are becoming an important source of new efficiencies and driving costs down, and this summit aims to provide case studies and examples of how these can be achieved.

The event will feature strategies to provide organizations with control and visibility over the entire life-cycle of the Procure-to-pay process, from the way an item is ordered to the way that the final invoice is processed, providing full insight into cash flow and financial commitments.

The key focus areas of Procure to Pay (P2P) India 2012 include:

  • Gaining complete insight into cash flow and financial commitments
  • Controlling and gaining visibility over the entire life-cycle of a transaction
  • Implementing change management for P2P successful implementation
  • Understanding about the latest trends in P2P processes
  • Minimizing manual processes to improve resource usage and reduce costs

Category : News

Toning Up Purchase to Pay to Attain Touchless Processing

Toning Up Purchase to Pay to Attain Touchless ProcessingThe benefits of streamlined, end-to-end P2P processes are crystal clear – not only willl your AP department save money, but also exploit the processes to deliver added value across the business through improved visibility of data and business intelligence.

Are you looking to achieve a greater synergy between procurement and accounts payable departments? That synergy can be a major source of competitive advantage to companies who exploit that partnership successfully and use the improved control as a driver for increased visibility and greater purchasing power.

Attend Toning Up Purchase to Pay to Attain Touchless Processing and discover how finance departments are focussing on end to end processes and streamlining payments processes to significantly increase their profit margins.

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Category : News