Sourcing Tools
In addition to possessing the requisite analytics and domain expertise, Source Loop has also developed the SmartSource suite of sourcing tools to optimize the sourcing process. The SmartSource suite was developed with the goal of driving sourcing process efficiency.
Using the SmartSource suite, sourcing projects can be executed in a fraction of the time and expense it typically takes to perform all of the tasks required to successfully source telecom services. The following graph details typical time and cost savings delivered using the SmartSource suite.
Sourcing Process Optimization
SmartSource optimizes the following sourcing processes so time can be spent on true value creating activities such as negotiation, service costs/offer analytics, etc:
RFP Preparation
Creating RFPs for telecom services is no longer an extremely resource intensive and time consuming effort. Using SmartSource and its proprietary set of telecom RFP content, the task of RFP generation is an extremely simple one. Once the enterprise's requirements are known they are simply entered into one of the many telecom RFP templates. Using SmartSource, sections can easily added, deleted or edited; questions can be set up for mandatory answering, answered from a specified list of values; document can easily be printed f or review. Once the document is in satisfactory condition, the document is automatically rendered to an on-line document on our sourcing portal.
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RFP Solicitation
Soliciting RFPs is made easy with SmartSource. All RFP documents created by Source Loop's SmartSource application are automatically rendered into an online sourcing document that is hosted on Source Loop's secure portal. Once the RFP is ready for solicitation to the vendors, Source Loop provides an invitation and support so the vendors can quickly and accurately respond to a client's RFP. Source Loop has contacts at all of the major vendors to ensure a quick response to the posted RFP. Additionally, the application contains a forum where vendors can ask questions and either Source Loop or the client can provide answers to their questions in a public or private response.
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RFP Evaluation/Provider Selection
SmartSource optimizes the evaluation process by providing an online mechanism for scoring the RFP responses. An unlimited number of team members can score the responses using a standardized or unique scoring algorithm for each provider's response. Scoring reports are available for RFP response that shows where the providers scored well/poorly, etc. Provider selection is made easy once the RFP documents are scored in the application.
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Provider Price Negotiation/Bidding
Perhaps the most powerful of all of the capabilities in the SmartSource application is leveraging the reverse auction capability. This capability allows for the creation of real-time auctions where all of the selected providers can bid on the client's RFP. Auctions can be set up in many different ways ranging from where all bidders can have knowledge of all pricing but not know who has submitted each bid to where bidders can only see the winning/leading bid but not know who the bidder is and everything in between. Multiple rounds of bidding can be accomplished in very short time frames using this application. Furthermore, the results of each round of bidding are captured in our database which is then passed on to our analytical engine where the total response from each provider can be analyzed on an "apples to apples" basis to understand the net winner.
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