Our toolbox provides functionality for buyers and suppliers to create unique solutions to meet their company's needs. Review items of interest below and contact one of our professional procurement consultants.
Economic Engine Buyer tools are designed to create time saving value for your
professional purchasers and contract administrators. Purchasing costs can also
be lowered potentially by increased competition among vendors.
All of our tools are easy to use with no special software and only minimal
training required. All you need is internet access and an email address.
Ten easy steps to saving time and money:
1. Pick purchasing modules to be used in your Private Marketplace.
2. Receive online or personal training from customer support when you are ready
to place your first online bid request. No previous training necessary.
3. Fax your present vendors an invitation to join your Private Marketplace.
Customer Support will help them register and respond to bids.
4. Receive electronic bid responses from your vendors.
5. Make addendums to your bid or answer vendor questions online.
6. Evaluate initial Bid responses with help from Customer Support.
7. Award Administration feature allows to split bid awards easily.
8. Online Catalogs for Requirement or Indefinite Quantity Contracts can be set
9. Tracking and reporting capabilities are as complete as the information placed
in the Marketplace.
10. Integration to either front end or back end ERP systems can be easily accomplished.
Our online bid and response capabilities help create unique solutions to meet
your company’s needs. These purchasing modules help you not only save
time and money on phone, fax, mail communications, but at the same time we train
your vendors to do business your way.
Pick purchasing modules to be used in your Private Marketplace.
The Economic Engine Software has many modules for you to choose from that will
help fit the way you do business now. The modules will conform to your purchasing
procedures already in place, initially helping you by helping to eliminate phoning,
faxing and mailing your vendors. Once your vendors are trained by our Customer
Support, from that point on your business will be able to be conducted online
with a higher degree of performance and accountability.
User hierarchy and approval processes to manage all purchasers in your organization
can be established and maintained within the Economic Engine. Existing business
procedures can be copied so internal approval processes do not have to be changed,
just done online. You can have a final authorization process in place before
award sent to any vendor.
Receive online or personal training from customer support when you
are ready to place your first online bid request. No previous training necessary.
The Economic Engine software is designed to accommodate the way you normally
purchase goods and services, so learning to post bid information online will
be very similar to what you do now, except walking to and from fax machine to
either send bids or receive responses, or in some cases, both. It is easy to
attach prepared documents for the vendor to view and download. This procedure
will again help replace most of your fax and or mailing procedures presently
in place. If your company has software in place that helps prepare the bids,
we can simply integrate into your present system to allow the bids to be emailed
to your vendors. Once the vendors have responded to your bid electronically,
Customer Support will walk you through the evaluation procedure, again which
is designed similar to how you currently evaluate bids. In general, you will
only have to learn what areas of the software which help streamline your vendor
communications and external purchasing procedures. Once an individual buyer
has been through the procedure of posting, evaluating and awarding a bid online
the first time, they seldom have problems with the next one. If they do, Customer
Support will be available to answer questions via phone or email during your
Fax your present vendors an invitation to join your Private Marketplace,
Customer Support will help them register and respond to bids.
Once your company has been initially set up with its own Private Marketplace,
we will give you some example letters for you to fax to your vendors. We recommend
that you only send only to the vendors that fit the commodity type of the current
bids. That way your vendor will be more apt to respond by getting registered
as there are business opportunities awaiting them within the software.
We provide a website link for you to place on your company’s website.
This allows vendors to sign up directly to your Private Marketplace, without
any further assistance from you (our customer support will handle any registration
or software questions they may have). Generally over a year or so, you will
have placed bids in the majority of your companies commodity and service codes,
so that most of your vendors are now registered and are just awaiting the next
email bid notification in their subscribed area. No more faxing or mailing of
bids notifications once your vendor signs up the first time.
Economic Engine can help you find qualified new suppliers, while educating and developing
current suppliers. Communicate with your suppliers in real time. Have all your
suppliers in one location – your private e-marketplace. We do all the
education and training for your suppliers so they understand how to maximize
the offerings of your e-marketplace and its benefits to their company. Research
thousands of potentially new, credible suppliers by having access to view their
company information and invite them electronically to participate in your e-marketplace.
Easily identify certified and self-certified women and minority owned businesses.
Manage your supplier diversity program by providing opportunities to company’s
that fit your outreach needs. Based on the outreach you can provide executive
reports to verify your company’s goals and dedication.
Receive electronic bid responses from your vendors.
Even if your company has an automated way of faxing bid opportunities, it is
a good chance you still have to receive a vendors proposal back in the form
of a fax or mail. The ability of the vendor to respond electronically will help
guarantee that numbers aren’t transposed incorrectly or smudged or unclear
faxes are not misread. The ability for your vendors to know that their electronic
response will definitely end up on your desk top is generally more comforting
to them than a faxed or mailed response that might possibly get misplaced.
Make addendums to your bid or answer vendor questions online
If your vendors are registered on the system, a buyer can answer a question
or publish an addendum online and each vendor will have immediate access to
the new information without a phone call, mail or fax. The ability for a buyer
to know the vendor downloaded and viewed the initial bid documents along with
any addendums or questions can help assure the buyer that responses should be
forthcoming, as with a fax or mail, there is generally no guarantee it got in
the right hands. Sometimes finding all vendors that have been sent the initial
documents and making sure they all got any addendums to the bid can be a tedious
task for someone in the purchasing department. This software makes it easy.
Evaluate initial Bid responses with help from Customer Support
Once your bid due date has arrived, you can call Customer Support and have
them walk you through the evaluation process. The ability to view vendor substitutions
and either approve or disapprove is accomplished with ease, as the software
brings them to your attention. Once this task is taken care of the software
will place all the vendor responses on a spreadsheet side by side for you to
evaluate. (No more copying faxed or mailed bid response line items to one
master copy for evaluation.) Pick and choose multiple vendors based on price
only, or lump sum to one vendor if your purchasing guidelines allow. You as
the buyer get to determine what evaluation criteria you will use for commodities
as well as services. The Economic Engine software allows for Request for Proposals
for services and Quality Based Solicitations to be done online, as well as commodities.
Your buyers can eliminate phone, fax, and mailing of most documents.
Economic Engine can instantaneously send multiple line item RFQ’s and
RFP’s to multiple suppliers at the touch of a button.
Create and manage vendor lists for your specific needs. You may designate which
suppliers within your marketplace are to receive your bid information. This
can be done by geography (buy local) or by diversity status (if you have a diversity
program), or other specific vendor information, or you may elect to open the
bid up to any and all vendors based on their commodity codes, to assure the
utmost competition for price and other evaluation criteria you company may have.
You have the ability to determine who sees your bids online, your valued experienced
vendors, or their new potential competitors, or a combination of the two.
Award Administration feature allows to split bid awards easily.
Bids can be awarded electronically on the system. Awards can be split between
two or more vendors at the touch of a button to allow for maximum pricing advantage
to the buyer. Whether combining the installation with the commodity, or separating
out, the buyer has the option per line item. If the buyer wishes to notify the
winning bidder(s) and the losers to create more competition on the next bid,
then a module can be added to email all the results of the bid once accepted
by the winner(s).
Online Catalogs for Requirement or Indefinite Quantity Contracts can
be set up.
Once the bid is awarded and accepted by the vendor, each line item will be
placed immediately in a private catalog for specific buyers to use. These contracts
can be made available to all specific buyers in certain areas of the company
or companywide. By implementing the catalog procedure you can combine bids of
different departments accruing substantial savings through non duplicating workflow
and potential pricing advantages.
Tracking and reporting capabilities are as complete as the information
placed in the Marketplace.
The Economic Engine software allows your company to track any information going
into the system along with the ability to generate your own reports based on
this information. You can evaluate your company as a whole in specific areas
of purchasing, or even a specific buyer’s performance. These reports can
be generated and displayed for anyone using the system or specific people you
may designate. Because they are done online, you will be able to create and
access these reports in real time. Generate tracking reports on spending habits
based on numerous fields that are updated by your vendors. Create custom reports
online for specific personnel: FOIA, Supplier Diversity initiatives, etc. The
ability to have vendors update their information for you to manipulate can be
very attractive to companies that want to make sure outreach is done in certain
Integration to either front end or back end ERP systems can be easily
If an ERP system generates your internal purchasing requisitions, we can allow
those buyers in the end user area access to create “fill in the blank”
bids that can be forwarded to the desktops of specific buyers who finish up
the process before going to bid. We can also integrate our economic engine software
easily into your purchase order process. This integration could allow your accounting
department to approve funds based on cost estimates prior to bid going out online,
or approve bids after evaluation but before award to ensure funds are set aside.
Once the vendors have accepted their bid awards on the system, we can have that
information flow back into your present accounting package. We have found our
software modules can be utilized efficiently with or without integration.
Even though you would think that integrating would be the best choice, there
seems to be areas of procurement that require specific functions be done via
mail. The stand alone modules are easily adapted to buyers in specific areas
of the company so that a major overhaul of your purchasing department is not