What is a Sourcing Tracker in Procurement? – Definition
If you’re in the procurement industry, then you know that there are countless tools and processes available to help streamline your procurement process. One such tool is a sourcing tracker. Sourcing trackers provide a comprehensive overview of the entire procurement process. From forecasting demand and identifying potential suppliers to tracking orders and shipments, this powerful tool can help make sure that you’re always on top of your game. In this blog post, we’ll be discussing what a sourcing tracker is, how they work, and why they are essential for any successful procurement operation.
What is a sourcing tracker?
A sourcing tracker is a tool that procurement professionals use to track and manage the sourcing process. It helps them to keep track of all the steps involved in sourcing, from supplier selection to contract negotiation and management.
A sourcing tracker typically includes a dashboard that allows users to see at a glance the status of each step in the sourcing process. It may also include features such as document management and workflow management to help users keep on track.
How does a sourcing tracker work?
A sourcing tracker is a procurement tool that helps organizations track and manage the sourcing process. It allows users to see the status of each step in the sourcing process, from requisition to award. A sourcing tracker can also help users identify potential issues and take corrective action.
The benefits of using a sourcing tracker
There are many benefits of using a sourcing tracker in procurement. First, it can help you keep track of your suppliers and their performance. This is important because it allows you to identify any issues early on and take corrective action if necessary. Second, a sourcing tracker can help you improve your negotiation position with suppliers. By having data on hand, you can more easily find areas where you can save money. Finally, a sourcing tracker can also help you manage your supplier relationships better. By understanding your supplier’s performance, you can make sure that they are meeting your expectations and take steps to improve the relationship if needed.
The different types of sourcing trackers
There are many different types of sourcing trackers available on the market today. Some are more robust than others and offer more features. Here is a breakdown of the most popular types of sourcing trackers:
1. Basic Sourcing Tracker: This type of tracker is typically used by small businesses or those just starting out with procurement. It offers basic tracking features such as vendor management, purchase order management, and contract management.
2. Advanced Sourcing Tracker: This type of tracker is typically used by larger businesses or those with more complex procurement needs. It offers advanced tracking features such as RFP management, supplier performance management, and spend analysis.
3. Enterprise Sourcing Tracker: This type of tracker is typically used by enterprise-level businesses or organizations with very complex procurement needs. It offers all of the features of an advanced sourcing tracker, plus additional features such as e-procurement, catalog management, and request for quotation (RFQ) management.
How to use a sourcing tracker
Assuming you are referring to a sourcing tracker in the context of procurement, a sourcing tracker is used to manage the progress of sourcing events. It is a tool that can be used by both buyers and suppliers to track the status of an RFP, RFQ, or other type of sourcing event.
A sourcing tracker can be used for various purposes, such as:
– To track and compare the progress of multiple sourcing events
– To monitor supplier performance during a sourcing event
– To evaluate buyer performance during a sourcing event
There are many different types of sourcing trackers available, but they all have one common goal: to help buyers and suppliers manage the progress of a sourcing event.
Conclusion
In conclusion, a sourcing tracker in procurement is an important tool that helps to streamline the entire process of purchasing goods or services. A sourcing tracker allows executives to identify where their money is being spent and provides them with real-time visibility into the supply chain. By utilizing this technology, companies can save time and money while ensuring that they are getting the best value for their purchases. Investing in a quality sourcing tracker will undoubtedly be beneficial for any business looking to stay competitive in today’s market.