PeopleSoft announced Monday a new suite of strategic sourcing applications designed to provide end-to-end support for Web-based procurement of indirect and direct materials.
PeopleSoft 8.4 Strategic Sourcing is a collaborative solution built to help organizations manage the complex bidding and negotiation process associated with the procurement of direct goods and large capital expenditures, according to company officials. It provides business management and workflow support for every step of the source-to-settlement process, including commodity spend and purchase contract compliance, RFQ (Request for Quote), reverse auctioning, and contract award and fulfillment.
Traditionally, workflow processes associated with procurement have been manually intensive and paper-based, said Tom Anthony, PeopleSoft director of supplier relationship management product strategy.
"These solutions are designed to allow our customers to analyze their spending ... and reduce the time it takes for a RFQ," he said. "In reducing those cycle times, you can do more of them."
Business analytics embedded in the solution are designed to help organizations quickly evaluate the performance of their suppliers based on user-defined criteria such as cost, warranty, quality, and delivery, Anthony said. As a result, companies can quickly and efficiently determine the most appropriate suppliers, terms, and conditions, he added.
Strategic Sourcing is scheduled for availability in the first quarter of 2002.