Sourcing and procurement departments play a strategic role in controlling spending and managing risks. They must think creatively to increase savings and draw insights from suppliers in an increasingly complex supply chain.
Strategic sourcing processes that improve compliance, reduce risk and strengthen supplier collaboration result in increased sourcing performance and savings. To increase sourcing performance, organizations must optimize processes across business functions including buyers, general counsel and suppliers.
Contract management software responds to these challenges by streamlining the source-to-contract process. With modern contract management software, all supplier contracts are housed in a central repository, increasing visibility and minimizing risk. Organizations can establish an automated sourcing process where buyers can get key insights on suppliers before they engage with them—for example, by assessing non-compliance or business risks based on already executed contracts.
Once the suppliers are engaged, buyers can negotiate terms that are already approved by the legal team, dramatically increasing compliance and reducing risk. Suppliers can participate in reviews and respond to requests and negotiations in real-time through a secure collaboration portal, reducing the overall process cycle time.
The Icertis Sourcing application is an easy to use, cloud-based solution that is built on top of the Icertis Contract Intelligence (ICI) platform. It automates the source-to-contract process for global procurement organizations and easily adapts to complex sourcing scenarios. Its simple, intuitive interface handles simple-to-complex sourcing events, encourages swift adoption and onboarding, and improves collaboration through these capabilities:
To learn more about how the ICI Sourcing App can improve collaboration and streamline the sourcing process for your organization, request a free demo.
Ensure compliance, minimize risk, and create long-term strategic agility while gaining full visibility into supplier’s risk profile and ensuring compliance throughout the procurement process.