Elemica has introduced its Sourcing Optimization solution, which is designed to help procurement professionals make better sourcing decisions, which not only reduce cost but also improve the entire end-to-end value chain. With the new solution, companies can execute complex sourcing activities alongside supply chain visibility and collaboration efforts with contracted suppliers on the same platform, complementing Elemica’s portfolio of logistics, customer and supplier management solutions.
At the heart of Elemica’s Sourcing Optimization solution are mathematical optimization algorithms that allow users to evaluate complex, interdependent bids that have millions of factors, attributes and combinations.
Potential benefits include:
• High Flexibility—Enables practitioners to custom design RFIs, RFQ, RFPs and auctions to fit the needs of the categories being sourced.
• Extreme Complexity Management—Evaluates value chain costs where there are various cost and non-cost factors such as one tender which incorporates material costs, labor costs, distribution and transportation costs, warranties, and more.
• Analysis—Calculates non-cost parameters and scoring defined by the user to be utilized in bid evaluation. Upon bid receipt, users can create unlimited “what if” scenarios to quantify savings trade-offs based on their own unique business constraints.
