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6. Bid and Spend Tools
Sourcing and procurement are a major part of supply chain operations for many
businesses. Therefore, tools that support these activities should be a top priority as well.
Sophisticated tools for supply chain management can help you dig down and take a granular look
at what you‘re spending on each item that you take in and send out during production. Bid and
spend tools also automate much of the procurement process, reducing errors and resources spent.
For instance, top systems can automate the entire procure-to-pay process.
Track your negotiations and responses using big and spend tools.
These tools can also assist you in evaluating bids from different suppliers by helping you spot
opportunities for improvement. Many of today‘s systems incorporate automated spend analysis
to help users better understand their overall procurement processes and come up with ways to
improve them. For procurement teams with many members, SCM systems allow procurement
officers to set limits for employees by creating approval processes and spending limits.
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