You’re a Vendor Relations buyer. How do you know which e-sourcing platforms are worth your time?

1 Define your goals

Before you start browsing e-sourcing platforms, you need to have a clear idea of what you want to achieve with them. Do you want to automate your RFx process, conduct reverse auctions, manage contracts, or collaborate with suppliers? How often do you need to run sourcing events, and how complex are they? What are your budget and timeline constraints? By defining your goals, you can narrow down your options and focus on the features that matter most to you.

2 Compare functionality and usability

Once you have a shortlist of e-sourcing platforms that match your goals, you need to compare their functionality and usability. Functionality refers to the range and quality of features that the platform offers, such as RFx templates, bid analysis, supplier scoring, contract management, and integration with other systems. Usability refers to how easy and intuitive the platform is to use, such as the user interface, the navigation, the support, and the training. You can compare functionality and usability by requesting demos, reading reviews, and asking for references from other buyers.

3 Assess security and reliability

Another important factor to consider when choosing an e-sourcing platform is security and reliability. Security means how well the platform protects your data and your suppliers' data from unauthorized access, breaches, and cyberattacks. Reliability means how often the platform is available, how fast it is, and how well it handles errors and issues. You can assess security and reliability by checking the platform's certifications, policies, backups, and performance metrics.

4 Evaluate customer service and support

Finally, you need to evaluate the customer service and support that the e-sourcing platform provides. Customer service and support include the quality and availability of the platform's staff, the responsiveness and resolution of the platform's help desk, and the feedback and improvement of the platform's features. You can evaluate customer service and support by contacting the platform's representatives, testing the platform's help resources, and monitoring the platform's updates and enhancements.

Choosing an e-sourcing platform is not a one-size-fits-all decision. You need to find the platform that best suits your business goals, needs, and preferences. By following these tips, you can make an informed and confident choice that will help you optimize your Vendor Relations process.