In today’s competitive market, it’s essential for organizations to pursue best value procurement– especially if you’re aiming to optimize your procurement process and outcomes. Traditional methods—like using email, Excel, and paper—focus narrowly on the lowest price, potentially compromising other factors like quality and performance. However, modern procurement software is a game-changer for achieving best value procurement. It provides a holistic approach that envelopes cost, quality, and overall performance.
Achieve Easy Stakeholder Engagement
RFP decisions often depend on the input of several individuals across the organization, including clinicians, facilities managers, administrators, and others.
Procurement platforms provide one online location to engage evaluators and centralize communication.
For evaluators, it means that they can log into one platform to find, review, and score relevant proposal documents at their convenience.
For bid administrators, it means that their inboxes are free from lengthy email chains, and manual tasks like scorecard creation, distribution, and tabulation aren’t a concern. With clear visibility into evaluators’ scoring progress and automatic score tabulation, bid administrators can instead focus on facilitating best value decisions.
Conduct Comprehensive Evaluations for Best Value
To achieve best value procurement, it’s critical to assess suppliers across a spectrum of key performance indicators such as historical performance, project cost, and other metrics. Procurement platforms facilitate the evaluation by providing automated tools for data analysis and comparison.
Taking this approach will minimize the risks of relying solely on low bid offers. By incorporating quality control, past performance, and customer satisfaction metrics, organizations can ensure they’re selecting suppliers that offer the highest overall value.
You no longer have to choose between conducting surface-level evaluations or overloading your team with tasks. Centralizing your evaluations gives you the opportunity to weigh criteria based on your organization’s needs, conduct scoring rounds, and come to valuable conclusions that are far more impactful than just price comparison.
Seamlessly Handle Detailed Project Planning and Risk Mitigation
Who doesn’t love a detailed project plan and a detailed schedule?
Procurement tools are built to organize the process for you, letting you rest easy knowing all your deadlines and next steps are in the system. With this peace of mind, your team can easily anticipate and address potential risks before it’s too late.
Taking a proactive approach to projects ensures on-time completion, cost savings, and higher quality outcomes for the goods and services you’re procuring.
Improve Overall Project Performance
Using eProcurement software also enhances overall project performance by improving supplier relationships and communication.
The ability to track and assess the current performance information and past performance of suppliers ensures the most reliable and high-quality suppliers are chosen.
Performance management doesn’t stop after a bid is awarded. Because of this, it’s crucial that organizations continue to evaluate their suppliers and [provide feedback] to them throughout the entire contract lifecycle.
This consistent supplier management process leads to improved project delivery and higher quality results.
Maximize Compliance Without the Headache
Procurement platforms can’t change the laws that procurement teams must adhere to, but they can support procurement teams’ efforts by providing customizable built-in controls throughout the process.
For example, online Conflict of Interest form collection makes it easy to ensure evaluators’ impartiality before they’re granted access to proposal documents. Procurement platforms also provide centralized digital records of every step in the decision-making process to protect the organization from legal challenge and make it easy to respond to supplier debriefs.
Procurement teams have an unprecedented opportunity to provide value to their organizations through leading practices such as best value procurement.
Embrace Best Value Procurement in Your Organization Today
By leveraging advanced tools, procurement teams are moving away from limited workflows and embracing a more comprehensive approach. Emphasizing best value over the lowest price, focusing on quality and performance, and integrating a thorough risk management strategy ensures that every procurement decision supports the organization’s strategic goals and objectives.
Interested in learning about the impact modern tech can have on your organization? Request a demo of Euna Procurement today.