Why Intake and Orchestration tools need a specialized RFI

Procurement as a workflow touches nearly every function at a company.

As such, it’s rarely just one person who makes the decision on a dedicated product, even if procurement is driving the decision. It’s a complex, multi-layered, and cross-functional task to select an intake and procurement orchestration solution that will effectively scale throughout the lifetime of your company.

To help simplify a complex task, it’s helpful to leverage specialized Request for Information (RFI).

A well-crafted RFI helps procurement teams identify and evaluate potential vendors' capabilities and services. As every company is different, a specialized RFI can help ensure that the chosen solution aligns with a company’s unique needs and long-term goals. 

‍Spend Matters, the leading procurement solutions intelligence and ranking firm, has put together a comprehensive RFI to assist businesses of any scale to compare procurement orchestration tools more effectively, assisting to select a solution that optimizes procurement process workflows, drives cost savings, and enhances overall efficiencies for years to come.

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Unique elements required for procurement orchestration platforms

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Procurement orchestration platforms are designed to streamline and automate procurement processes. These platforms must cater to both employee and approver workflows, ensuring a seamless experience for all stakeholders involved. An effective procurement orchestration platform should feature:

• Dynamic Forms and Request Management: Efficiently collect and manage procurement requests, whether for new purchases, vendor onboarding, or contract renewals.
• Workflow Automation: Automate the routing of requests to relevant stakeholders, reducing bottlenecks and ensuring timely approvals. Find a tool that can automate sourcing and other workflow adjustments to accommodate real-time changes.
• Integration Capabilities: Seamlessly connect with existing ERP systems and other procurement systems to create an embedded platform that enhances the overall procurement ecosystem.
• Approval and Collaboration: Facilitate hierarchical approvals and enable collaborative decision-making among procurement teams. This is important for maintaining transparency and accountability—key components of an effective procurement process.
• Data Harmonization and Analytics: Ensure data consistency across various systems and provide comprehensive analytics for better decision-making. Metrics and real-time notifications play a significant role here.

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Types of workflows solved by intake and orchestration solutions

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These tools are not designed just to be used by a CPO—a predictive procurement orchestration solution addresses a variety of workflows, benefiting both employees submitting requests and approvers managing them.

Employee Workflows

• Intake request: Simplify the process for employees to submit procurement requests with user-friendly, dynamic intake management that ensures compliance—and reduces the potential for rogue spend.
• Status Tracking: Allow employees to track the status of their requests in real-time, reducing the need for follow-up inquiries and improving user experience.
• Notifications and Alerts: Provide automated notifications and alerts to keep employees informed about the progress of their requests.

Approver Workflows

• Task Management: Streamline task management for approvers, ensuring that all necessary reviews and approvals are completed efficiently.
• Queue Management: Organize approval chains and manage approvers by role, ensuring that the right people are involved at each stage of the procurement process.
• Exception Handling: Allow for dynamic adjustments to workflows to handle exceptions without disrupting the entire process.

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Long-term considerations when evaluating procurement orchestration solutions

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When evaluating intake and orchestration tools your internal procurement professionals will work in every day, you have to think long-term to ensure sustained value and efficiency. Be sure to consider:

• Scalability: The solution should be capable of scaling with your organization as it grows. As headcount increases, the volumes of requests will increase accordingly, so procurement tools need to scale and integrate with best-of-breed systems used across the company.
• Adaptability: Procurement orchestration should be able to adapt to changing business needs and external factors, such as disruptions in the global supply chain or new regulatory requirements.
• Sustainability: Choose a solution that supports sustainable procurement practices, aligning with your organization’s ESG and sustainability goals.
• Cost Savings and ROI: Evaluate the potential for cost savings through improved efficiency, reduced cycle times, and better supplier selection. Look at case studies to find social proof of a tool’s effectiveness.
• User Experience: A solution with an intuitive user experience can reduce the time-consuming nature of procurement tasks, leading to higher adoption rates among employees and approvers.
• Support and Innovation: Consider the level of support offered by the provider and their commitment to continuous innovation. Providers that leverage advanced technologies, such as artificial intelligence and machine learning, can offer major advantages.

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Don’t buy without the Spend Matters RFI

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A specialized RFI for intake and procurement orchestration platforms can guide procurement leaders in selecting the optimal solution for their needs. By focusing on the unique elements required, addressing key workflows, and considering long-term factors, organizations can enhance their procurement function and achieve greater efficiency and cost savings.

To ensure your procurement process is optimized and future-proofed, consider using a specialized RFI tailored to intake and procurement orchestration solutions. 

Download the free ‘Intake and Orchestration RFI’ by Spend Matters’, and take the guesswork out of your evaluation process.