What is Source-to-Contract Technology?

Automate and streamline the vendor selection process to award RFPs and RFQs in a fraction of the time of a manual approach. eRFx manages risk, increases visibility, and improves compliance, resulting in reduced cycle times and cost savings. Massive quantities of complex data points can be collected and organized to make data-informed business decisions. A library of templates and questionnaires within the platform increases compliance adherence and efficiency. All historical information is benchmarked for future sourcing events to enhance speed to market and more easily manage supply risk events.

Challenge shortlisted suppliers against each other in the highly competitive environment of an e-auction to drive down costs and uncover true market prices. Typical Reverse Auctions take less than an hour to run, meaning that weeks of face-to-face negotiations can be condensed into as little as 30 minutes.

Digitize and streamline contract authoring, red-lining, approval, and signature processes, while increasing the visibility and accessibility of contract data and documents.

Through the use of approved contract clause libraries, automated approval workflows, and eSignature functionality, a contract management solution can significantly speed up manual admin-heavy processes and eliminate paper-based elements. Reporting and dashboard functionality provides improved visibility and control of contracts, and expiry reminders help mitigate costly contract overruns.

Automate and streamline the supplier onboarding process by making suppliers responsible for uploading information such as certificates, contracts, accreditations, and other documents through a supplier portal, which expedites risk evaluation and the approval process. With all the supplier information in one place, your team can ensure all potential and awarded suppliers remain compliant and that accreditations and certificates are up to date; collect ad-hoc information from the supply base to mitigate against disruptions; and comply with new laws and regulations (e.g., Modern Anti-slavery Act). You can also monitor supplier performance against agreed KPIs.