Oracle Modern Best Practice for Banking—Procurement

Modern Best Practice for Insight to Smart Sourcing
Strategic, Streamlined Sourcing

Insight to Smart Sourcing

Reducing costs and minimizing supplier risk starts with smart sourcing. Leverage mobile, social, and analytics to achieve the best contract value from qualified suppliers. Streamline sourcing and ensure supplier qualification with easy-to-use tools. Share information and collaborate with cross-functional teams. Enable employees to analyze supplier rewards using social networks and mobile devices—for improved decision-making, anytime, anywhere.


Identify Opportunities
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Identify Opportunity

Focus on high-impact opportunities by analyzing spending patterns and supplier performance and qualifications.


Initiate Sourcing Event
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Initiate Sourcing Event

Create policy- and regulatory-compliant online negotiation through step-by-step guidance and templates.


Develop Specifications
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Develop Specifications

Align specifications with business needs by collaborating with stakeholders and experts such as third-party risk management.


Manage Negotiations
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Manage Negotiations

Publish the request for proposal and begin participation. Suppliers submit responses and collaborate via online tools.


Monitor Response
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Monitor Response

Review and compare submissions. Extend or pause event based on the responses.


Analyze and Award Negotiations
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Analyze and Award Negotiations

Award business based on detailed bid analysis, risk assessment, and collaborative review.


Finalize Contract
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Finalize Contracts

Streamline contract creation by applying the terms and conditions from the negotiation event through the exception-based approval.


Ensure Utilization
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Ensure Utilization

Realize savings by applying contract terms to covered purchases automatically. Conduct periodic audits to minimize third-party party risk exposure.


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