Strategic Procurement

Requirement means goods or services of a certain quality, price, and volume needed within the specified time frame. In Acquirell, a requirement is a system’s key unit designed to collect and accumulate requisitions for goods and services for specific employees or departments. It is primarily used for budget planning and control, as subsequent sourcing events are organized to meet the already agreed and approved requirements.

Electronic Sourcing Event (E-Sourcing) means the process of receiving and processing supplier bids through a specialized web portal. In Acquirell, these are sourcing events to obtain the most advantageous offer to supply specific goods or services. In the basic setup, Acquirell suggests using reverse auctions, Dutch forward and reverse auctions, and requests for proposals, quotes, or information. You can easily customize the bidding parameters and mechanics.

Electronic Marketplace (E-Marketplace) means a web platform for purchasing goods or services offered by multiple suppliers. In Acquirell, an e-marketplace is a portal that allows you to meet your business needs by holding competitive sourcing events: a reverse auction, a Dutch forward/reverse auction, or a request for proposal/quote/information. The e-marketplace also allows holding supplier prequalification and their attestations according to various criteria.

Auction means the sale or purchase of goods or services according to the rules established in advance by the action organizers. The auction organizers invite persons who wish to buy or sell a product or service and who, in turn, submit their quotes. If the auction is public, an invitation is not required. A forward auction means one seller and many buyers; a reverse auction means one buyer and many sellers. Reverse auctions are used for procurement. In Acquirell, an auction is an e-sourcing event with a wide range of settings. Suppliers are invited to the auction through the system.

Reverse Auction means a sourcing event to purchase goods or services, the basic principle of which is bidding for the supply of goods or services at the lowest price. The contract is awarded to the supplier willing to supply at the lowest price.

Dutch Reverse Auction means a sourcing event to purchase goods or services with price increase intervals. Price increase intervals and the reserve price are set by the sourcing exec. The contract is awarded to the supplier who first agrees to sell the product or service at the lowest price. In Acquirell, a Dutch reverse auction is an e-sourcing event where the sourcing exec sets a starting price at which bidding starts, price increase intervals, and a reserve price. The contract is awarded to the supplier who first agrees to supply the product or service at the lowest price. The system automatically ends this sourcing event after the first bid. If no one submits a bid, the system automatically completes the auction when reaching the reserve price (the maximum price at which the organizer is willing to buy the item).

RFx (Request For Proposal, Request For Quotes, Request For Information) means a sourcing event to purchase goods or services based on certain criteria specified by the sourcing exec, during which suppliers submit their proposals. The contract is awarded to the supplier whose proposal best meets the specified criteria and requirements. The criteria may be, e.g., the lowest price, product quality, supplier qualification, delivery terms, etc. Acquirell helps structure a variety of information in suppliers’ proposals and present it in a way that allows the sourcing exec to compare proposals and evaluate them against a variety of criteria.

Prequalification means evaluating potential bidders and their selection by the sourcing exec to allow suppliers that meet specific requirements to participate in a particular sourcing event.

Pricing Resubmission means the process by which bidders submit additional bids for the purchase or supply of a product or service. It is initiated by the sourcing event organizer if they are not pleased with the outcome of the main bidding stage. In Acquirell, pricing resubmission is the submission by bidders of additional bids to supply goods or services initiated by the sourcing event organizer as an auction, Dutch auction, or single price change.

Supplier Relationship Management (SRM) means building a supplier engagement strategy, clustering them, documenting the history of working with them, their systematic evaluation, and identifying and coordinating supplier engagement activities.

Contract Lifecycle Management (CLM) means a strategy for managing all contract work, processing the contract at all stages, from initiation to closing, and monitoring compliance with all contract terms and potential renewal. Acquirell CLM is a module for automating all stages of contract management. CLM allows you to coordinate contracts within the company and with suppliers, manage contract terms, handle disputes and claims for reimbursement in case of violation of obligations by suppliers, archive contracts, and use existing contracts as templates for new ones.