Operationalize your sourcing environment by fostering competition, encouraging value-add from your suppliers and delivering truly sustainable results
What if you combined a rock solid sourcing process with your very best sourcing person and tools – then made it extensible across your business?
Xeeva Sourcing was built with exactly that in mind – where expertise and process come together in a virtual sourcing environment. There is a way you want your professionals to execute sourcing activities, milestones they need to adhere to, common tools and templates that need to be used and results that you want to drive consistently and in a repeatable way. Our sourcing module, which can be tightly coupled with our procure to pay solution, enables a best practice multi-step sourcing process and helps clients to identify, track and complete often complex and globally-dispersed, sourcing projects. We designed the flexibility into our solution to handle with equal ease, the most complex of strategic sourcing projects, category management consolidation efforts, even very tactical quick hits and rapid sourcing projects with incumbent suppliers that should still be tracked to the penny.
Xeeva Sourcing allows for the assignment of sourcing projects to individual buyers and tracks those projects from cradle to grave. It has flexible workflows and detailed process steps for each stage of the sourcing process. Sourcing managers can track, review and revise different sourcing project activities to ensure that quality, on-time deliverables match the project objectives provided to your internal customers. Projects are streamlined with systematic approval processes and savings sign-off required from the budget owner, including acknowledgement of the savings opportunity and its execution – step one to ensuring that a closed loop process exists to prevent savings leakage.
Using our sourcing software, your managers analyze and monitor a specific project’s health via various metrics such as investments, total spend, timelines and project performance. Completed projects are automatically tracked over time, validating realized savings against committed savings and helping ensure full value realization from the sourcing activities conducted.
As your experience grows with the system, it serves as a repository for cost saving ideas that can then be replicated in other geographies, business units or across different commodity types. This helps procurement teams that are saturated with work and can lose visibility into opportunities that could otherwise be operationalized if there were standardized processes and a platform that allowed for collaboration between key stakeholders.
RFP, RFI, RF anything. Xeeva Sourcing also serves as the engine for your buyers to conduct online sourcing events – everything from RFQs for MRO materials to RFPs for 3rd party services. Select the type of RFx needed, specify whether procuring a service or product, determine the suppliers to include in the request process and then modify the baseline intelligent RFx templates provided as part of the solution. Product oriented templates for example include RFx for assembly, transforming, process and forming; services oriented templates include representative samples for time and materials, result / milestone based, input and standard unit or firm fixed deliverable RFxs.
Once you’re satisfied the content is right, issue the RFx through the system and manage the milestones, correspondence and responses that come through the system. Suppliers access the Sourcing software module securely through their own web browser with no need for any special software or applications.
Your scoring criteria can lie within the Sourcing module and your evaluation team can collaborate on their assessment of supplier responses. Once awarded, negotiations are complete and the contract signed, the pricing for the services or materials are transferred to Xeeva P2P – becoming the new standard pricing for your contracted goods or services.
As part of our sourcing solution, your procurement managers can interact directly with our Marketplace. Marketplace is a free service to buyers that allows you to search a tightly controlled, Xeeva-approved list of suppliers across exactly the types of commodities your team is looking to purchase – commodities you might already have in your catalog and you’re looking to compete, or new commodities not previously sourced. This universe of new potential suppliers offer you opportunities for better rates, new capabilities, value-add services and increased competition as party of your procurement lifecycle. Connection to Marketplace suppliers is at the click of a button.
With Xeeva’s contract management functionality you can manage the lifecycle of any type of supplier agreement for increased contract compliance and better overall productivity. Manage your NDAs, Contracts, SOWs and other important supplier documentation on one centralized repository. Purchasing documents are loaded into our system so that buyer, business owner and finance with permission-based controls can access at any time. Configurable contract metadata, e.g., contract terms, expirations and payment terms are fully searchable.
Apply best practices across the entire sourcing organization. Centralized or de-centralized, get everyone performing at an A-player level by giving them the same process, steps, tools, templates and milestones to execute sourcing activities.
Gain global visibility into sourcing projects. Within a couple of clicks management can easily view projects open, completed, projected savings – any element of the solution presented through configurable dashboards.
Accelerate the sourcing lifecycle. Each step is driven by time-bound milestones — each milestone is tracked, and deviation from those milestones can be monitored in real-time through the sourcing dashboard. Intervene early and help your team plough throw hurdles in the sourcing process — mitigating risk in critical sourcing events through proactive monitoring.
Realize real savings. Convert that hard sourcing work of your procurement teams into realized savings. When you connect with our procure to pay solution and eInvoicing, adherence to contract terms becomes automated rather than through today’s ad hoc manual audits of invoice, contract and PO. Savings is tracked by sourcing project on an on-going basis so the impact of the project over time can be monitored and reported.
Hold teams accountable. Secure agreement upfront from the budget holder that hard fought negotiations will convert to real budget savings – or record the deliberate choice to reinvest those saved dollars into another project, budget center or simply more from the same vendor but at a lower price.
Discover new suppliers faster, simply. Integrated with our Marketplace, your buyers are exposed to a new universe of suppliers (or even some current ones) but with better pricing – all at the click of a button.
Reign in maverick spend. Manage spend and apply procurement organization rigor across non-contracted, maverick spending and bring that spend into the sourcing fold.
Strengthen compliance. Ensure a greater level of control and compliance over existing vendor contracts and purchasing arrangements. Find what you need when you need it and ensure your key stakeholders have the same view into supplier relationships and terms. Proactively monitor performance, terms and key contract milestones.