Should You Invest in Source-to-Settle Software?

04/1/19


Source-to-Settle Software

What is Source-to-Settle Software?

Source-to-settle software is an advanced system that provides an end-to-end digital sourcing experience for both you and your vendors.  Your current sourcing process is most likely manual, filled with a difficult-to-track bid process including spreadsheets that constantly get lost in your organization’s shared drive.  Source-to-settle software makes eSourcing easy for both you and your vendors to efficiently collaborate, and for your organization to have better transparency over bid responses, so you can award the best vendor based on your needs.

With source-to-settle software, you and your team can leverage:

  • Real-time requisitions
  • eApprovals
  • Monitored budget levels
  • Spend tracking
  • RFX assembly with templates
  • Online bidding
  • Digital questionnaires
  • Rating & scoring
  • And more

The goal for eSourcing is to award the best vendor with an easy and fast process. Procurement managers and buying teams can easily automate and manage their purchasing and sourcing cycle with leading eSourcing software because of instant buying requests, better requirement analysis, easy supplier identification, online bidding and sourcing, scoring of bids, RFX and contract authoring, an online collaboration portal, and communication with suppliers.

Quickly turn an employee request into a sourcing record, invite vendors online to compete, then collect and score bid responses and promptly select and award the best supplier. 

Which of the following scenarios sounds most like you and your current eSourcing process?

Frustrated Alley

 

Alley: “I feel like I’m not getting the best pricing for the bid I posted because we’re not getting enough vendors to submit responses.  I’m also frustrated because I can never find the documents or vendor information I need.  This inefficient process is exhausting.”

 

Efficient John

 

John: “Today I was able to review RFP responses right from within our eSourcing system and, after reviewing the survey responses we received, I was able to easily select the vendor to award based on the ratings in our system.  I also noticed in the vendor record that we’ve done business with them before and the turnout was great!”

 

If you sound like Alley but want to be more like John, it’s probably time to address your current process for distributing, managing, and collecting your bids and RFPs.

 

Is Source-to-Settle Software Right for Your Organization?

If you and your colleagues find your current process difficult, long, and resembling Alley’s scenario above, you should consider investing in eSourcing software.  The ROI your organization can receive from managing bids, vendors, and contracts in a central repository with advanced, integrated eSourcing tools is going to reduce stress, eliminate process bottlenecks, and make your team feel like they have control and transparency like never before.

CobbleStone’s eSourcing software provides a robust, seamless, and scalable end-to-end sourcing platform utilized by public and private organizations of all sizes.  CobbleStone provides purchasing innovation with a one-stop eSourcing solution to manage all stages of the procurement cycle.  We help organizations take advantage of better sourcing and savings with instant visibility and increased stakeholder participation.  

Sign up for a demo of CobbleStone’s eSourcing software today to start your journey of finding the best suppliers, improving productivity, reducing costs and risk, increasing compliance, and improving the sourcing cycle with today’s procurement technology.

 Make your case for contract management software. Download your guide now.

Rosemary Shields

Written by Rosemary Shields

Rosemary Shields is a Marketing Coordinator at CobbleStone Software.

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