The Procurex Rewards
- Procurex is used to getting the best available market price and value at the time of the bid. In many instances, a strategic sourcing project will result in a lower price paid than traditional sealed bids or negotiations. While savings are sometimes difficult to accurately measure, and while some costs are “hidden” (supplier change costs, set-up charges, etc.), companies employing this technology in properly conducted strategic sourcing projects are experiencing 10% or more real cost savings. Procurex uses a total cost of ownership approach in calculating savings for clients. Whether you use the last actual price paid or bid price reduction, you can accurately track, report and post the results to all interested parties within minutes after the event is complete.
- The buyer reward is process improvement. Although it may take more time to put together a strategic sourcing project, this preparation brings about a disciplined, thorough and fair bid process and, ultimately, better supplier selection decisions. Strategic sourcing projects require special care be taken to write accurate specifications and evaluate the true historical spend information which enable you to better forecast your demand to potential vendors. This process discipline will improve your productivity for future competitive bids because you will have quick access to the information in the future. Procurex will reduce the negotiation time from weeks to minutes. The cycle time is shortened which, in turn, will reduce costs and improve efficiency for both buyer and seller.
- Bid transparency. Procurex’s proprietary technology can be used as a transparent reporting tool for all accepted bids. This works especially well in the public sector where every penny is tracked and monitored. Our online bidding systems can save all data for quick report generation at the click of a mouse. The Procurex strategic sourcing technology is web-based. This allows the live event to be viewed in real time by any interested parties from any internet connection or on a viewing screen in a conference room.
- The reward is increased organizational competitiveness. When you reduce cost and improve productivity, you make your company more competitive and, therefore, able to attract and retain more clients. Streamlining your procurement process through online competitive bidding methods, such as strategic sourcing projects and eRFX, will benefit your organization and your career. When you can show measurable results and easily report those results to management, both you and the organization will benefit.
Remember, you should treat Procurex as one tool in your procurement toolbox. Most organizations that currently do competitive bidding will be able to see the value of strategic sourcing and recognize how it fits into their organization.
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