Lewis Young   |   27 Apr 2024   |   4 min read

Streamlining Procurement with VendorPanel's Go to Market Tool

Go to Market FFG blog

Procurement activity can range from low value or recurrent purchases through to highly complex tenders, and everything in between. But regardless of value or complexity, procurement professionals require oversight, efficiency and data across all sourcing activity to enable the Procurement function to be a strategic powerhouse within an organisation.

But with decentralised buying, an increasing emphasis on engaging with ESG suppliers and limited resources within Procurement, teams may struggle to maintain the visibility they require to get the most value from purchases, while working efficiently, hitting targets and remaining compliant.

The Ongoing Challenges

Risk of Compliance Violations

Without a centralised platform for procurement activity, organisations leave themselves open to the risk of non-compliance. With manual or offline processes, organisations may overlook regulatory requirements, contractual obligations, or internal policies, exposing them to legal and financial repercussions.

Human Error and Inefficiency

Without automation, procurement is prone to human errors, such as data entry mistakes and supplier compliance issues. These errors can cause delays and financial losses. Manual processes are time-consuming and inefficient, especially for tasks like supplier management and creating RFxs. This inefficiency hampers procurement workflows.

Lack of Supplier Insight

With an ever-increasing focus on ethical sourcing and ESG supplier engagement, manual supplier discovery processes present real challenges for Buyers and procurement. Trawling through websites and Google search results to validate supplier credentials, or waiting for supplier surveys is time-consuming and fraught with risk, if the information is out of date, inaccurate or misleading.

Lack of Transparency

With siloed or manual procurement processes comes a lack of transparency. Getting visibility over an organisation’s procurement activity, like how many open RFxs are out in market, which suppliers have been invited to quote, supplier performance and engagement, and reporting become challenging without the use of technology.

Limited Scalability

Legacy and outdated processes limit an organisation’s ability to scale efficiently. As the workload for Procurement increases, managing larger volumes of data and requests becomes overwhelming. This can result in bottlenecks, delays, errors and increased administrative burden on procurement teams, and limited time for strategic projects and planning.

The Solution: VendorPanel’s Go to Market Tool

VendorPanel's Go to Market tool is a procurement platform designed to help streamline sourcing activity for both procurement and non-procurement professionals. It makes the complexity of procurement feel simple by intuitively guiding users through standardised, transparent and best practice procurement processes. The platform allows users to manage everything from simple RFxs to complex tender evaluations in one place.

From streamlined supplier management to transparent evaluation processes and audit-ready reporting, the platform empowers procurement teams to achieve greater efficiency and effectiveness in their sourcing activities.

Unlocking Benefits

Simplified Procurement Processes

Go to Market consolidates all quote-based sourcing and tender activities into one user-friendly platform. The bouncing ball navigation allows procurement tasks to be more manageable and efficient. The platform handles every aspect of the procurement cycle, from supplier discovery and management to response evaluation and award.

Seamless Supplier Discovery and Management

VendorPanel provides a centralised platform for seamless supplier discovery, drawing from preferred supplier lists, external databases, or public tenders. Its advanced search capabilities, including geo-location and category-specific searches, simplify the process, granting access to over 60,000 ABN-verified suppliers. Additionally, the platform integrates ESG Supplier Intelligence powered by givvable, enabling buyers to confidently identify and engage with ESG-compliant suppliers at the point of purchase.

Go to Market also facilitates supplier management by offering features such as supplier onboarding and preferred supplier list creation. Automated reminders ensure compliance, while comprehensive supplier profiles offer valuable insights for decision-making.

Efficient Request Management

The platform's Request Wizard guides users through every step of creating a request, ensuring all necessary information is provided before going out to market. Request Templates are available to help buyers craft high-quality requests, leading to timely and complete responses from suppliers.

On average, Buyers save 4.5 hours per RFx done through Go to Market in comparison to manual processes.

Transparent Evaluation Processes

Transparency and fairness are paramount in the evaluation process, and VendorPanel ensures compliance through built-in checks and balances. All correspondence between buyers and suppliers is tracked within the system, and responses remain locked until the RFx has closed. Buyers can choose from various evaluation methods, including Quick Select, Evaluation Matrix, or Multi-Party Evaluation, depending on the complexity of the procurement event.

Audit-Ready Reporting

Go to Market activity can be generated into insightful data and customisable reports to help inform decision making. The platform also provides a full audit trail of procurement events and the decision-making process, should it be required.

Integration and Scalability

VendorPanel's Go to Market tool seamlessly integrates with other platforms like existing ERPs, finance or contract management systems to deliver a best-of-breed technology stack for organisations.

Additionally, our Source-to-Contract solution is modular, meaning organisations have the flexibility to add solutions as and when they need them, dependent on requirements. Our Policy Guide, Procurement Planning, Advanced Evaluations and Contract Management modules can be fully integrated with Go to Market, further increasing efficiency, oversight and compliance for users.

A Force for Good

Go to Market makes the complex feel simple, allowing Buyers across entire organisations to purchase compliantly, and with ease. The intuitive tool enables significant time and cost savings across all departments with purchasing power, arming Buyers with the information they need to go to market autonomously, while maintaining visibility for Procurement teams.

If you are interested in learning more about our Go to Market module, please get in touch with us today.

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