Krinati Solutions

What is eSourcing? The process of Sourcing involves looking for new suppliers, assessing their capability, comparing their products and their offerings with the demand or with the incumbent supplier’s offering, uniting with all suppliers to receive marketable bids, researching the bids, and negotiating for the optimum price & capability mix. Depending on the strategic nature of the goods or service being sourced, some stages of the sourcing process assume more importance, say brainstorming sessions to decide on cost reduction regulators, inputs from manufacturing and quality teams on issues faced and framing an approach that addresses them. eSourcing platform  helps to digitalize the entire Sourcing process through an online platform that’s penetrated by both the buying team and the suppliers. eSourcing result generally delivers 3 functionalities viz. 1. Request for Information( RFI) A questionnaire that suppliers respond to. Given the strategic nature of the sourced ...

  What is eSourcing? The process of Sourcing involves finding new suppliers, evaluating their capability, comparing their products and offerings with the requirement or with the incumbent supplier’s offering, collaborating with all suppliers to receive commercial bids, analyzing the bids, and negotiating for the optimum price & capability mix. Depending on the strategic nature of the goods or service being sourced, some stages of the sourcing process assume greater prominence, say brainstorming sessions to decide on cost reduction levers, inputs from manufacturing and quality teams on issues faced, and framing an approach that addresses them. eSourcing helps to digitalize the entire Sourcing process through an online platform that is accessed by both the buying team and the suppliers. eSourcing solution  typically delivers 3 functionalities viz.: 1.  Request for Information (RFI ) A questionnaire that suppliers respond to. Given the strategic nature of the sourced cat...

  Procurement teams often face a scenario where they have to compare bids from suppliers that aren’t exactly similar. What do we mean by that? Here are some scenarios where bids received from suppliers aren’t comparable. Shipping costs are incurred by the buyer and are different for each supplier i.e. supplier provides goods ex-works and the buyer is responsible for the transportation of goods. Payment terms are different Quality and esourcing services levels are different Switching costs are incurred with a new supplier Preference is given to incumbent suppliers plus others If we need reverse auctions to be conclusive in themselves, then they cannot be applied in such scenarios. This can be a challenge for companies trying to establish reverse auctions as a norm for supplier negotiations. The way to address this is via Transformed Price bidding. How does that work? The bids placed by suppliers are transformed by applying ‘Price Transformation Factors’, thus normalizing the bids r...

  Reason 1: Inviting unqualified suppliers to the auction event Auctions should ideally be the final step in the negotiation process. Negotiating with suppliers post the auction is a big no-no. Similarly, qualifying suppliers post the auction has its demerits too. Assume the lowest-ranked supplier is disqualified post the auction. The next ranked supplier will doubt the veracity of the event and will likely be peeved. Reason 2: Poor supplier management Suppliers would much rather compete in a transparent and fair market, where their capabilities can be fairly evaluated. They prefer to participate in auctions with similarly capable suppliers. They doubt an unclear selection and shortlisting process. Having a simple auction tool is critical to ensure suppliers aren’t discouraged from participating in online auctions. Some common supplier queries are the following: Why is the buyer even conducting a reverse auction? We have serviced them well over the years and delivered terrific valu...

  In the last couple of months, we have been successful in signing up new customers across 4 countries. These companies are from varied industries - Financial Services, CPG, Auto, and Energy & Utilities. Here are 5 reasons why companies select the eSourcing services of Krinati to tide over the ongoing crisis. 1. Immediate Savings With Online Auctions Conduct Reverse, Forward, and Dutch auctions for direct materials, indirect materials, and capital expenditures. Our customers also conduct online auctions for packaging and logistics spending. All of these are aligned with making the process more transparent for suppliers too. 2. Digitalization Of The Entire Sourcing Process Automate RFIs, and RFPs, Analyze bids in real-time as soon as they are submitted by suppliers. Generate Note for Approvals. Buyers experience greater control they now have over a sourcing event, with critical information at their fingertips to execute activities much faster. 3. Highest Rate Of User Adoption ...

  A combination is formed when businesses agree to act together for an anti-competitive purpose rather than contending against each other. The combination-forming companies divide the requests and guests between themselves and agree on prices. The consequences are increased prices and deteriorating quality of products and services. Several profitable studies and legal opinions of antitrust authorities have planted that the median price increase achieved by cartels in the last 200 times is around 25. Principal Procurement Officers (CPOs) are demoralized with the demanding task of relating to and breaking these cartels. Competition laws frequently prohibit private cartels. Identifying and breaking up cartels is an important part of the competition policy in utmost countries. As Chief procurement officers (CPOs), you're demoralized with the demanding task of relating and breaking these cartels, especially in a reverse transaction process. Still, it's important for you to take into...

  The reverse auction dates back to the 1990s; it made its debut when the internet opened its doors as a platform for auctions and e-purchasing. It's known by colorful other names similar as e-auction, sourcing event, e-sourcing, and procurement auction. For those strange with this setup, it'll first help to touch upon in brief how a reverse auction works here. In a regular auction, the one you and I know about, there's a dealer who has an item up for trade. The interested buyers place flings on the item. The one that quotes the maximum money heists the deal. In reverse auction procurement , it's the contrary. There's one buyer and numerous merchandisers. Then the buyer puts forth a demand for a particular...