Wednesday 7 October 2015

Implementing Sourcing Techniques for Complex Investment Areas

Authored by Khizar Farooq

Implementing sourcing processes in intricate areas is quite challenging task to be highlighted in procurement industry. Generally, in most company’s procurement procedure is more complicated than simply developing specs, floating a RFQ, acquiring regular products etc.

However, experts analyzed that when an event is created, such as an auction and selecting a winner, a number of items may require specialist software having specific features. The data prerequisites can be dynamic and two-way. Some other features for instance industry sector may demand specialist treatment or sector specific expertise.

Instances of complicated commodities could include Courier and Parcel Services, Travel, Custom Engineering and Property,Human Resources/Temporary labor and Facilities Management.

A solution fully integrated with e-Purchasing systems may be the answer to suitable sourcing solution, which will enable all the procedures to have smooth communication process with suppliers to request and select candidates, recommended vendors identified and selectable vendors to be approved and registered, time recording and authorization against purchase order, invoice generation from time recording for easy matching, all purchasing data readily available for analysis and also be fully defined within the e-Purchasing solution.

E-commerce can be a hosted HR solution between vendor and buyer which allows data to be brought back for analysis and approval into the buyer`s e-Procurement system.

Likewise, sourcing travel is complicated due to the profile of those traveling, the trip authorization and attaining data from appropriate suppliers associated with travel, such as international airline reservations system, rail services, hotel and car hire, and ticketing requirements. Travel Sourcing solutions store travelers’ information, all journeys requests and approval, verify booking systems and provide choices, and book selected reservations. Data can be brought back for approval and analysis via integration into the buyer’s Procurement process.