Executive Briefings

Elemica Debuts New Sourcing Optimization App

Elemica has developed a new Sourcing Optimization application.

The tool allows companies to execute complex sourcing activities along with supply-chain visibility and collaboration efforts with contracted suppliers on the same platform. It features mathematical optimization algorithms that allow users to evaluate complex, interdependent bids that might have millions of factors, attributes and combinations. Practitioners can custom-design requests for information, quotations and proposals, as well as auctions, to fit the needs of the categories being sourced. The application evaluates multiple cost and non-cost factors related to materials, labor, distribution, transportation and warranties. It 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 particular business constraints.

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The tool allows companies to execute complex sourcing activities along with supply-chain visibility and collaboration efforts with contracted suppliers on the same platform. It features mathematical optimization algorithms that allow users to evaluate complex, interdependent bids that might have millions of factors, attributes and combinations. Practitioners can custom-design requests for information, quotations and proposals, as well as auctions, to fit the needs of the categories being sourced. The application evaluates multiple cost and non-cost factors related to materials, labor, distribution, transportation and warranties. It 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 particular business constraints.

Read Full Article