Is eSourcing Software Worth the Money & Investment?

Market interest in eSourcing software is on the rise. Procurement software is seeing a market growth of 10% per year. Millions of businesses now use the technology to support their sourcing activities and manage their tenders. 

But are they making the right choice?

The development of new processes and the integration of a new tool into the procurement activities of a business only make sense if there is going to be a genuine cost-benefit to the change. 

In this article, as part of our coverage of eSourcing software, we discuss whether eSourcing services are worth the money they cost. Is eSourcing a smart investment? 

What Does eSourcing Software Actually Do?

eSourcing is the process of carrying out tenders online, which involves gathering information on suppliers, obtaining prices, ensuring they match your purchase needs, and selecting a supplier to onboard for your purchase contract. eSourcing software is the tool you use to create and manage online sourcing events. 

If we look more generally at what eSourcing does for a company and procurement teams, eSourcing software allows you to take full control of your sourcing events, using real-time auctions, RFX systems and supplier data to optimise your decision-making process and find the absolute best market value for quality goods and services. 

How Much Does eSourcing Software Cost? 

Market Dojo’s eSourcing software can be purchased on-demand providing a competitive and low barrier to entry option. There is no contract for this on-demand service which means if you only carry out procurement events infrequently, you can pay for what you need without risk of overspending on unnecessary services.

For businesses that run procurement events regularly, Market Dojo also offers an annual license. While this does mean you are committed to a longer term payment, it provides savings compared to a month-to-month on-demand purchase. Visit our Pricing for more information.

Can eSourcing Save You Money?

eSourcing software doesn’t need to be expensive to deliver fantastic ROI. Millions of businesses use eSourcing software because it not only offers them great features but also cuts down on their costs. 

eSourcing software is worth the money and investment your business puts into it, here are some compelling reasons why eSourcing saves you money.

• eSourcing automates tasks “ Through eSourcing, procurement teams can automate repetitive tasks. For example, you can create ‘template’ events and adapt them to suit your needs, making it easier and faster to start new sourcing campaigns. You can also automate many administrative responsibilities usually run by your team, such as recording data or sending reminders. All this time saved is a resource that can be funnelled back into your business for more rewarding activities. On average, Market Dojo’s customers save 20% of time running tenders compared to manual methods.
• eSourcing saves you money on procurement purchases “ eSourcing events are highly competitive environments. You can use ranked eAuctions to create a completely transparent process that allows suppliers to actively review their bid and compare it against their competitors. By making it clear who is winning and losing, you can encourage suppliers to be more aggressive with their cost optimisation and lower their pricing, which can help clients save on average 16% on purchases through eSourcing and bring down your overall expenses. 
• eSourcing saves you time on procurement “ With a streamlined sourcing process at your disposal, procurement itself becomes a faster activity. With eSourcing software, you can speed up sourcing cycles, making it up to 20% more efficient than if you were to use other sourcing methods such as email. As with automation, such optimisation of time leads to savings in personnel resources.
• eSourcing elevates the impact of your procurement team “ By streamlining and automating time-consuming sourcing tasks, eSourcing software frees your team to focus on more strategic initiatives. Instead of spending hours on manual sourcing management and administration, your people can apply their expertise to higher-value activities such as supplier innovation, risk management, and long-term category strategy. This allows your organisation to get more from its existing talent and strengthen overall performance.

Related eGuide: 7 Ways eSourcing Can Save Time and Money

The Added Benefits of eSourcing Software

eSourcing software delivers value well beyond individual sourcing events. With Market Dojo’s platform, you can automate supplier onboarding, leveraging centralised vendor data once a supplier is selected. Their sourcing and onboarding modules are built to work seamlessly within a unified procurement funnel, therefore reducing manual effort and accelerating workflow. 

That automation becomes especially valuable for organisations running high volumes of procurement activities and managing substantial administrative loads. By shifting the onboarding process into a streamlined, software-driven workflow, teams free up capacity to focus on higher-value tasks: strategic supplier development, risk management, and continuous performance improvement.

Market Dojo offers powerful, on-demand eSourcing and eProcurement tools to optimise your supply chain. Get in touch with our team and arrange your personalised demo