Procurement Resolutions 2016: 4 Simple Ways to Improve the Purchasing Process
As we kick off 2016, it's a great time for purchasing professionals to review their procurement strategies and tactics for the upcoming year. By taking the time to examine your procurement process you will likely be able to identify areas where time savings and/or efficiency improvements can be made. Read on for some of the best resolutions a procurement professional can make this year and learn how to start 2016 in a positive way!
Pre-qualifying vendors in the run-up to a project makes good sense for everyone involved. A simple web form is all you need to separate qualified vendors from those who are not a good fit for the project; by doing so you will save yourself (and your vendors) time and headaches. Imagine accepting a bid from a vendor only to discover that they do not have the necessary experience to actually do the work required. By implementing pre-qualification, you avoid having to disqualify vendors after the fact and then starting your solicitation process all over again.
Another way to make sure that the vendors responding to your solicitations match the project requirements is through invitational bidding. This approach focuses on exclusivity and is easy to implement when using a software-as-a-solution procurement suite like SourceSuite. Simply populate your invite list with qualified vendors, send out your RFP or RFQ, and sit back as responses from qualified vendors roll in.
A supplier rotation feature makes it easy for buying organizations to automate the selection of qualified vendors on a per-project basis. All you have to do is enter the details of preferred suppliers into your procurement solution, choose a few basic selection parameters and you’re done! Suppliers can be segmented according to compliance, equity and/or diversity requirements; once activated, the Supplier Rotation feature will automatically select the vendor that is the best fit for the job based on past and present needs.
Electronic Bid Submission
Still using a paper-based bid submission system? Now would be a good time to go paperless! Purchasing departments are increasingly turning to electronic bid submission systems to streamline their solicitation and bidding processes. Purchasing professionals can shorten bid response times, increase the number of compliant bids received and improve security by moving some or all of their bid process to an electronic system. Lower operational costs are also associated with the implementation of a paperless bidding system – just one more reason to switch to electronic bidding today.
Nathan Munn | SourceSuite.com