For years, Oracle PeopleSoft Strategic Sourcing has been a top option for sourcing software. However, with the emergence of Oracle Fusion Cloud Sourcing, organizations are leveraging modern advancements to boost strategic savings, improve negotiation best practices, and achieve better bottom-line results.
This article will explore the ins and outs of Oracle’s Strategic Sourcing products and discuss how our team of skilled Oracle consultants can help your organization maximize your investment.
What is Oracle PeopleSoft Strategic Sourcing?
Oracle PeopleSoft Strategic Sourcing allows organizations to streamline core procurement processes, manage purchase orders or contracts effectively, and execute real-time auctions.
The RFx process involves inviting and choosing bidders, creating requirements, receiving bids, negotiating terms, and awarding contracts. When leveraging PeopleSoft Strategic Sourcing to manage purchased goods and services, companies experience unparalleled efficiency, profitability, and control.
Key Features of The Oracle PeopleSoft Strategic Sourcing Solution
Modern organizations often understand the strategic procurement process is necessary for enhancing profitability. RFx activities, including requests for quotes and proposals, prioritize securing the suppliers that bring the most value at the lowest cost over just searching for the lowest price.
Resources like online auctions help improve competition, limit supplier risk, and benefit organizations across different industries. Contract monitoring, cost analysis, and optimizing supplier performance are also essential for making informed sourcing decisions and discovering hidden value in the supply chain.
Strategic sourcing involves identifying the most suitable suppliers for necessary goods or services and determining the conditions under which they are awarded business. The strategic aspect comes from employing various processes to maximize value within the supply chain. This value may be reflected in warranty terms, pricing, delivery precision, quality, or other factors.
A comprehensive solution using reverse auctions, internet-based portals, and proposal analysis tools can provide significant value in optimizing the supplier management and approval process.
PeopleSoft Strategic Sourcing enables organizations to:
- Automate and manage the RFx and auction process both within and outside the organization.
- Utilize existing supplier and customer relationships while expanding to new trading partners.
- Track bidder participation and outcomes effectively.
- Preserve knowledge and strategies within the system for future reference and performance analysis.
- Conduct award analysis with optimization tools to determine the best award decision.
- Plan sourcing activities with resources that track progress over time.
Even the most advantageous purchasing agreements can hold little value if not consistently enforced. Oracle Sourcing boosts savings when integrated with the Oracle Advanced Procurement suite by ensuring consistent execution from request to payment.
Oracle Procurement Contracts promotes compliance by tracking contract deliverables, while Oracle Purchasing implements negotiated agreements through the Oracle Sourcing platform.
Oracle Daily Business Intelligence tracks contract usage and compliance, making it easier to identify new opportunities. The Oracle Advanced Procurement suite maximizes the value of Oracle Sourcing by enforcing purchasing agreements across the organization.
Key Advantages of PeopleSoft Strategic Sourcing
- Long-term strategic supplier relationships based on lowest cost and best value supplier performance
- Limited procurement costs through reverse auctions and competitive bidding
- Reduced supply management costs by improving the effectiveness and efficiency of strategic sourcing initiatives
- Alignment of critical purchasing objectives and business strategies
What is Oracle Fusion Cloud Sourcing?
Oracle Fusion Cloud Sourcing streamlines the sourcing process by guiding users through a step-by-step negotiation process. Users can then limit the negotiation cycle time and recognize savings faster.
With Oracle’s advanced sourcing tools, users can customize negotiations to specific organizational needs, use social collaboration tools to connect with other users and gain insights from information about previous events. Sourcing excellence requires combining the specialized skills of subject matter experts and procurement professionals to effectively tap into the power of their functional expertise and feedback.
Online collaboration tools allow subject matter experts to contribute their specialized knowledge efficiently and effectively. Oracle Cloud Sourcing streamlines the integration of scores from various team members, enhancing overall transparency and team evaluation.
Suppliers benefit from a user-friendly interface that enables them to participate in and efficiently respond to negotiations. They also receive a clear view of sourcing activities, making it easier to take action on critical initiatives. By minimizing the time and effort needed to train suppliers, users can concentrate on achieving maximum value for their organization.
Key Features of Oracle Fusion Cloud Sourcing
Visibility in sourcing activities is key to ensuring your organization leverages top-tier talent to make the most of critical sourcing opportunities. Oracle Sourcing provides insight into sourcing activities and key metrics associated with sourcing operations, further boosting sourcing efficiency.
Users can dive deeper into relevant sourcing events and stay up-to-date on the latest developments across the sourcing lifecycle. The built-in negotiation monitor allows for the precise evaluation of the competitive landscape and helps users identify potential savings.
Leaving potential savings unutilized is not an option with Oracle Fusion Cloud Sourcing. Manually comparing and compiling supplier proposals can be both time-consuming and inefficient. However, Oracle Cloud Sourcing offers award analysis tools that help quickly identify the best award decision for businesses by considering factors like quality, price, and overall value.
Users can compare supplier responses using graphical tools to easily determine which option best aligns with their current business needs. Award information can also be exported for offline spreadsheet analysis and approval.
Procurement organizations share a common goal of driving sustainable savings. To reach this goal, more effective tools are needed to handle the growing complexity of strategic sourcing initiatives. With Oracle Sourcing programs, users can proactively establish business objectives and track the progress of negotiations through key metrics and embedded analytics.
Defining and monitoring sourcing programs enhances visibility into the overall performance of your sourcing efforts. Oracle Sourcing provides the structure, tools, and information needed to maximize the value of supplier negotiations.
Key Advantages of Cloud Sourcing
- Boost the competitive nature of suppliers
- Simplify the supplier negotiation process
- Reduce overall sourcing costs
- Improve negotiation methods
- Determine the best award decisions
- Leverage collaboration tools for better results
- Utilize built-in training and ongoing support for continuous improvement
How Can We Help?
Whether you need help navigating your current Oracle setup, additional support driving integration or upgrade initiatives, or just an extra hand getting started with Oracle Cloud products, Surety Systems can help.
Our senior-level Oracle consultants have the skills and experience needed to offer specialized help when you need it most, ensuring your critical project objectives are covered from start to finish.
Contact Us
Are you ready to learn more about Oracle Strategic Sourcing and how our senior-level Oracle consulting can help you make the most of the technology you already own? Contact us today.
