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Oracle Modern Best Practice for Insurance—Procurement

Simplify Contract Creation
Simplify Contract Creation

Insight to Smart Sourcing

Reducing costs and controlling maverick spending starts with smart sourcing. Leverage mobile, social, and analytics to achieve the best contract value. Simplify contract creation and streamline sourcing with easy-to-use tools. Make better decisions on the go by using social tools and mobile devices to deliver specifications and award analysis documents. Share information and collaborate with cross-functional teams across all branches and agencies.


Identify Opportunities
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Identify Opportunity

Focus on high-impact opportunities by analyzing spending patterns by branch, brokerage, department, or other category and supplier performance.


Initiate Sourcing Event
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Initiate Sourcing Event

Create policy-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 experts and stakeholders. Determine the most likely suppliers per branch, brokerage, department, or other category.


Manage Negotiations
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Manage Negotiations

Publish requirements and requests for proposals by department, branch, brokerage, enterprise, or other category. Suppliers submit responses and collaborate via online tools.


Monitor Response
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Monitor Response

Review and compare submissions. Extend or pause proposal gathering based on supplier responses and/or response rates.


Analyze and Award Negotiations
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Analyze and Award Negotiations

Award business based on fact-based, data-driven analysis and collaborative review.


Finalize Contract
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Finalize Contract

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


Ensure Utilization
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Ensure Utilization

Realize contract savings by automatically applying previously negotiated pricing and terms to covered purchases.


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