Sourcing Software: How are businesses improving logistics procurement in 2017?
Procurement in the Logistics environment is on the verge of moving to the next level. Thanks to new technology, modern cloud-based sourcing software will enhance decision-making in 2017.
Collaborative data, supplier relationships, and market trends are seamlessly interconnected, deploying procurement to the frontline instead of a company’s back function.
Many in the logistics industry believe that 2017 will be a turning point for sourcing departments. Perhaps breakthrough is even more suitable. The fueling factor is without a doubt the unrivaled collaboration within the enterprise. With technology emerging, procurement teams now have dedicated sourcing software at their fingertips. Thanks to this evolution, business-impact becomes measurable and decisions are based on clear, solid data. Companies that embrace the use of logistics sourcing technology, will reap a variety of benefits. We have listed the top 3 three benefits.
1.Simplifying the freight sourcing traject
Looking at 2017 and onwards, there is absolutely no need for the traditional complexities involved with supply chain sourcing. In fact, best in class companies are already making use of the latest technology, allowing them to simplify the procurement process. As a result, companies magnify organizational targets with streamlined strategic sourcing procedures. Let’s break it down. Companies gain strength in various fields:
- real-time project visibility
- Improved supplier visibility (Collaboration!)
- Dedicated communication flow in the cloud
- Strategic decision-making based on comprehensive data
This sounds nice, but the result is even better. Thanks to the improved process, companies can go beyond just cost savings and tackle strategic issues, such as ensuring that resources are allocated appropriately or that suppliers are selected for ROI. By implementing a company-wide sourcing methodology, metrics become more strategic and the company stays ahead of the curve.
2. Mitigate risks around data
Corporate vulnerability is one of the area’s where technology is going to make a difference. Management around compliance and supplier data / contracts should no longer be an issue. Procurement teams equipped with the latest technology can flag issues based on real-time information. This will help procurement to:
- Predict business outcome
- Monitor supplier performance
- Mitigate inconsistent decision-making
- Improve supplier relationships
3. Document and contract management
Before the tech ‘revolution’, procurement and sourcing teams had insufficient visibility into contracts and their associated risks. Nowadays, the management of documentation and contracts is easier than ever before. Freight procurement professionals are equipped with full data transparency. As a result, legal departments have immediate insight into compliance, governance standards, and reporting. Stakeholders can instantly access any bidding history or supplier service agreements, minimizing risk exposure and simplifying the freight audit and payment processes (financial overview).
Altogether, integrating modern sourcing software technology — a fully cloud-based and mobile-friendly solution — puts companies in pole position. It seems like 2017 is the year to bring sourcing to the next level. Collaboration and partnerships are key. Most of all, the technology is there and ready. As a result, sourcing and procurement teams are ready to transform. It is a matter of time. Procurement becomes more dynamic, responsive, lean and agile. First and foremost, we gain data visibility. Secondly, communication and collaboration are enhanced. 2017 is the year that lifts sourcing to a dynamic and collaborative process. We are ready when you are!
About TenderTool – The independent E-sourcing Solution
TenderTool takes away the pain and frustration in tendertool.ahabr.teching as that is common ground for both shippers and carriers. Tenders typically take too much time, are too complex and not standardized.
Our unique sourcing features in the cloud:
- Automated calculations
- Easy communication with carriers
- Full status visibility
- Automated rate card creation
- Extensive reporting
- Scenario building
More TenderTool Logistics E-Sourcing content
Road Freight: How To Improve Your FTL Tenders
Sea Freight Benchmarking Best Practices
5 Proven Tactics To Receive The Best Freight RFQ Results
7 Ways Logistics E-Procurement Will Boost Your Logistics Tenders
Transportation Tenders: What Makes TenderTool Different?
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