E-sourcing is the process of using
technology to manage the sourcing of goods and services, and procurement
software can provide a variety of benefits for organizations that use it for
e-sourcing. Here are some statistics and examples to illustrate these benefits:

• Increased efficiency and cost savings: A
  study by the Aberdeen Group found that organizations that use e-sourcing
  software can reduce the time and cost associated with the sourcing process by
  up to 50%. One example of a company that has seen significant cost savings
  through the use of e-sourcing software is GE. The company has implemented
  an e-sourcing platform from Zycus and achieved a 35% reduction in the time
  spent on sourcing activities and a 10% reduction in the cost of goods. With
  FactWise’s end-to-end procurement platform, teams can achieve up to 25% in cost
  savings via analytics and 20% increase in efficiency via automation.
• Improved supplier management: E-sourcing
  software can provide organizations with a centralized repository of supplier
  information, including data on supplier performance, compliance, and risk. This
  can enable organizations to effectively manage their supplier relationships and
  to quickly identify and address any issues that may arise. For example, IBM
  uses its procurement software IBM Emptoris to manage its supplier information
  and evaluate suppliers based on pre-defined criteria. FactWise offers holistic
  supplier analytics across price, on-time delivery, quality and others, so that
  teams can easily track supplier performance. Our impressive selection algorithm
  helps users ensure they work with the best-rated vendors across parameters that
  are most important to their specific requirements.
• Better negotiation and decision-making: E-sourcing
  software can provide organizations with real-time data and analytics on
  supplier prices, lead times, and quality, which can enable organizations to
  negotiate better deals and make more informed purchasing decisions. A study by
  the Hackett Group found that organizations that use e-sourcing software can
  achieve an average cost savings of 8% on their purchases. FactWise offers
  dynamic RfX analytics alongside historical and vendor performance analytics to
  ensure that teams can leverage decision intelligence and always be data-driven.
• Enhanced compliance and risk management:
  E-sourcing software can include built-in compliance and risk management
  features, such as contract management, supplier onboarding, and e-auctioning.
  These features can help organizations to comply with regulatory requirements
  and to mitigate risks associated with procurement activities. For example, the SAP
  Ariba e-sourcing platform includes built-in compliance and risk management
  features, which have helped its clients to ensure compliance with regulatory
  requirements and to mitigate risks related to procurement activities.
• Increased collaboration and communication: E-sourcing
  software can provide a platform for collaboration and communication between
  various departments and stakeholders within an organization. This can help to
  improve cross-functional communication and to ensure that procurement
  activities are aligned with the overall goals of the organization. Users
  leverage FactWise’s smart dashboards and critical notifications to always stay
  updated and connected, with no dependence on emails, phone calls and so on.

In conclusion, e-sourcing software can
provide a variety of benefits for organizations, including increased efficiency
and cost savings, improved supplier management, better negotiation and
decision-making, enhanced compliance and risk management, and increased
collaboration and communication. These benefits can help organizations to
reduce costs, improve supplier relationships, and make data-driven decisions. Companies
such as GE Power, IBM, and SAP Ariba have already reported significant savings
and improvements through the use of e-sourcing software.