New Scout DNA Speeds Process to Optimize Vendor Selection and Cost Reduction
SAN FRANCISCO — February 27, 2019 — Scout RFP, the Sourcing and supplier engagement platform, today announced the launch of Scout Dynamic Negotiation Analytics (Scout DNA), a new module for its sourcing and supplier engagement platform to enable deeper and multifaceted supplier negotiation and selection. Scout DNA integrates and analyzes multiple factors and constraints to help determine the best choice of a supplier for a particular need. In addition, the new module enables an automated, dynamic negotiating process with suppliers to achieve optimal cost savings and the greatest business impact.
Scout DNA empowers sourcing professionals to inform their negotiation strategy by quickly analyzing a side-by-side comparison of bids and savings calculations to get a sense of the best possible business outcome. Most sourcing organizations today contend with multiple spreadsheets and rely on a business analyst to lay out the right rules and comb through thousands of lines of code to analyze pricing scenarios for a single event. Scout DNA is purpose-built for Sourcing to easily and quickly allow for:
Viewing scenarios that have the biggest impact on savings targets
Detecting outlier bids and understanding incumbent comparisons
Comparing prices to current or set pricing options
Measuring savings and cost increase based on historical reference and relevant constraints
Providing feedback to suppliers to let the pricing data negotiate for the business
"Most Sourcing teams have been limited in the complexity and speed of their supplier negotiations due to disparate sources of information, lack of advanced analytical abilities, and a lack of bandwidth," said Chris Crane, Co-Founder and VP of Product at Scout RFP, "Scout DNA enables Sourcing to accelerate the negotiation and selection process for fast, data-driven decisions that deliver cost savings, expedite go-to-market, and achieve greater business impact. No mathematics Ph.D. required."
Through the simple creation of data scenarios, Sourcing professionals can tabulate through multiple options to arrive at the most effective decisions quickly and efficiently. Scout DNA puts dynamic negotiation in the hands of the user, which saves significant time chasing data or toggling between spreadsheets so they can focus on supplier negotiation.
The automated, dynamic negotiating process within Scout DNA allows Sourcing to present data and feedback directly to suppliers to trigger more systematic interaction in the bidding process. The module provides custom, one-to-one feedback to suppliers on how to improve bids based on actionable data and market trends. Suppliers receive notification of available feedback and can easily access the module to evaluate where they can adjust their bids or quotes to remain competitive.
"This is a specialized product for integrating the complexities and dispersed data points of negotiation, and one of the first we've seen in the industry," said Neil Aronson, Head of Global Strategic Sourcing at Uber. "A product like Scout DNA will have the ability to save enterprises considerable amounts of money that would have previously slipped through the cracks, and allows everyone on the team to understand where those savings come from — no matter their title."
The launch of Scout DNA follows Scout RFP's recent $33 million in Series C funding. For more information, request a preview of Scout DNA.
About Scout RFP
Scout is the sourcing and supplier engagement platform trusted by procurement teams to streamline their process, manage a unified pipeline of projects, and collaborate with stakeholders and suppliers to achieve greater business impact. Over 180 global brands like Adobe, Biogen, easyJet, Workday, Salesforce, ServiceNow, and Zappos trust Scout's automated sourcing and auction platform to deliver greater impact through seamless business engagement. Managing over $23 billion in project spend, Scout's powerful platform makes enterprise commerce faster and more transparent, reduces risk, and drives profitability. Scout is headquartered in San Francisco, and funded by Workday Ventures, Salesforce Ventures, New View Capital, GV, Menlo Ventures, and Scale Ventures. Read more on the Scout Blog or follow @scoutrfp on Twitter or LinkedIn.
Contact Information
Emily Cress
BLASTmedia for Scout RFP
317.806.1900 ext. 137
scoutrfp@blastmedia.com
Company: BLASTmedia
Company URL: https://www.scoutrfp.com/
