Accelerate sourcing events and improve supplier negotiations.
Improve your sourcing processes by evaluating the best suppliers, reducing overall cycle time, and saving costs.
Why Medius Sourcing?
Total visibility of your sourcing process
With a clear and easy-to-follow process, you can consolidate all your sourcing events in one place, resulting in greater visibility and measurable savings.
Speed up sourcing cycles
Medius Sourcing streamlines your day-to-day sourcing activities by ranking and evaluating suppliers based on responses to automated sourcing events.
Easy-to-use means rapid ROI
Rapid user onboarding and built-in best practice workflows enables high adoption rates immediately. Even those who aren’t experienced in procurement can run an event at day one.
Unmanaged spend, long and expensive processes deplete money and resources.
Common challenges you face
- High volume of unmanaged spend
- Lack of internal collaboration through the cracks
- Long, expensive, and inconsistent manual processes
Risks of not having a solution in place
- Paying too much for your sourced items or services
- Wasted time and poor project management
- Error-prone, excessive spend and duplication of efforts
Rewards of Medius Sourcing
- Greater spend influence - being able to manage and influence a company’s spend is a key enabler to driving cost savings for an organization
- More value creation - top-performing teams return 1.9x more overall cost savings as compared to peer companies*
- Faster time-to-value - digital world class procurement organizations experience a 17% shorter sourcing cycle time*
*Source- The Hackett Group Digital World Class Procurement Advantage, Oct. 2023
Time to streamline your sourcing.
Demand capture
Instead of receiving multiple emails from colleagues or people stopping by to ask you to purchase something for them, Demand Capture is a structured, consistent queue to manage sourcing requests in one central location. Even people who don’t have access to the module can submit requests directly to you.
Project-based sourcing
The Medius platform enables your sourcing teams to run project-based sourcing with multiple rounds and different types of events whether it’s an RFX, auction or quick quote. In the case where single events are being run throughout the year in category waves, the Medius Sourcing solution can capture accurate task, event, timeline, and savings information to manage sourcing activity accurately.
Quick quotes
You can create a quick quote for small, fast sourcing events and invite previously used suppliers or non-registered suppliers to quote for your event. This process still maintains procurement policies even with a quick turnaround and captures what was sourced, who it was sourced from, and how the award decision was made, i.e., three bids and a buy.
Robust RFX for any size
Build and run simple to complex sourcing events using documents and pre-populated templates that are fully configurable to your needs. With a sourcing solution, you achieve a competitive electronic process that drives better results and quicker RFXs allowing for more events and more savings.
See all your sourcing activity.
Improve decision making with dashboards that provide complete visibility of all sourcing activity so you can get insights into supplier data visually.
Robust RFX for any size
Build and run simple to complex sourcing events using documents and pre-populated templates that are fully configurable to your needs. With a sourcing solution, you achieve a competitive electronic process that drives better results and quicker RFXs allowing for more events and more savings.
A sourcing app that doesn’t require integration.
Medius Sourcing is a stand-alone application that doesn’t require integration with your ERP. This way, our intuitive sourcing software gets you up and running in weeks, rather than months. It features:
Routing requests to any supplier so you can create and enforce standard, repeatable processes
Rapid rollout and user adoption which leads to more events and more savings
Monthly software enhancements to improve efficiencies
See Medius Sourcing in action.
With Medius Sourcing you can create and manage tenders. In this quick product tour, see how you can get supplier interest, evaluate responses, awarding business, and create contracts.
Supplier participation is simple with Medius Supplier Onboarding.
Medius Supplier Onboarding helps you quickly onboard new suppliers and easily maintain accurate supplier data. Invite your suppliers to self-serve via our intuitive portal where they can complete registration, submit interest to participate in your sourcing initiatives, and fulfill information that may be requested for a sourcing event, such as a Request for Information (RFI).
Benefits of Sourcing Solutions
1
Time savings and efficiency-boosting
Sourcing can accelerate the time it takes to award a contract to a supplier by drastically reducing the time you spend on the sourcing event, freeing up time to focus on other essential tasks.
2
Improved spend compliance
Sourcing can allow all procurement-related documents to be stored in just one place. By doing this, auditing is made simpler, and by extension, so is compliance with any regulatory procedures. This is because our sourcing solution shows precisely why a supplier was selected and how.
3
Reduction in costs
Medius Sourcing will streamline your day-to-day sourcing activities, including RFX, auctions, contract management, and all the way to spend analysis – helping you manage and understand all spend in your organization.
4
Visibility to all sourcing activity
Our solution allows you to create, distribute, collect and store RFX documents electronically. You’ll have access to complete data on all sourcing activities between you and your suppliers.
Sourcing Software FAQs
Sourcing software, also referred to as Electronic sourcing, or eSourcing, refers to the usage of web-based tools to collect and compare information about several suppliers in order to help the buyer select a preferred provider and offer. As such it helps procurement professionals save time by eliminating manual tasks and improve visibility of information gathered during the sourcing process.
While sourcing is only one part of the overall procurement process, it is key; it involves inviting potential suppliers to a sourcing event, collecting vendor information, running a sourcing event and eAuctions, analyzing/evaluating responses, and issuing contracts.
Sourcing software solutions eliminate the need to manually carry out labor-intensive and time-consuming tasks of running eAuctions and sourcing events and filling out supplier questionnaires. It allows you to build and run simple to complex sourcing events using online forms and pre-populated templates.
Sourcing software can even help you rank and score suppliers based on their responses to speed up the selection process.
eSourcing software facilitates procurement to automate processes in a single digital location, saving time and resources to run and manage sourcing events. It optimizes performance, increases process efficiency, and achieves cost savings. It also helps limit maverick spending.
Companies have access to a more extensive selection of products and services to meet their specific needs with efficient sourcing software. Quickly locating products from their preferred suppliers helps control the quality, volume and costs of procured products and services.
Sourcing software has a powerful toolset with both online RFX and auction capabilities, with the ability to award suppliers right through to contract stage.
Buyers can also run comprehensive surveys to capture internal and external feedback. Users should be looking for these key functions:
- Up and running in weeks, not months
- No integration to your ERP
- Creates and enforces standard, repeatable processes
- Provides a way for any user to make and route requests easily
- Sourcing dashboard to give complete visibility on all sourcing activities
- Rapid roll-out and user adoption to result in running more sourcing events and generating more savings
Virgin Active Case Study
- A 46% reduction in the supplier base
- 13% savings on addressable spend over 12 months
- $1.3 million savings in just five eAuction events
- 500% efficiency and productivity increase of the procurement function
Download our brochures
to see what Medius can do.
