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MUMBAI, INDIA, February 09, 2021 /24-7PressRelease/ -- Building on the earlier version of their Strategic Sourcing Software that addresses the core challenges of a procurement teams - visibility, transparency and professional procurement practices, the new version meets the practical challenges of large and mid-sized companies to build competitive advantage in sourcing and procurement.
Ila Imani, CEO of Expenzing said, "Strategic Sourcing has often been considered to be a practice which is automated only by the large enterprises, in manufacturing, or in large finance and banking organizations. Its usage has been limited to fewer enterprises partly due to affordability of the right technology, and partly due to practical requirements from the tool, which have not been available in the market. Now with the new version of Expenzing Strategic Sourcing Suite, companies both large and mid-sized, can look at best practices in procurement transformation. We expect that this new version will be a key business driver for growth."
Highlights of Expenzing Strategic Sourcing Software Version 5
• enhanced user interface makes it extremely easy for the suppliers to offer proposals
• enhanced supplier evaluation engine makes the selection process more objective
• ability to run multi stage RFPs starting from a one-stage RFP to consecutive RFPs which start with a non-commercial Request for Information to commercial responses
• ability to integrate with multiple Procure-to-Pay systems
• reusability of RFPs to save time of the procurement team.
As per MarketsandMarkets™, the global procurement analytics market size is expected to grow from USD 1.6 billion in 2018 to USD 4.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. Enterprises round the world are looking for digitalization and automation as a necessity, in the post-COVID world, as opposed to nice-to-have initiatives.
With governmental guidelines published in most economies to ensure professional procurement, it is expected that e-procurement will be established as standard procedure for businesses in the next 2 years.
Expenzing is a global software company offering global customers cloud-based solutions for Procure-to-Pay and Expense Management. Expenzing software powers client organizations to control spend, implement tighten financial controls, and improve operational efficiency.
Expenzing, an end to end Procure-to-Pay product suite, considers its Strategic Sourcing product to be a key business driver for its growth across countries.
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