LogicSource Enhances its OneMarket Source-to-Contract Capabilities
NORWALK, CT — LogicSource, the leader in procurement services and technology, today announced a range of enhancements to its OneMarket technology platform and the modules encompassing the Source-to-Contract lifecycle: OneMarket Portfolio®, OneMarket Sourcing® and OneMarket Contracts®. These modules empower users with one fully integrated toolset to automate and accelerate the sourcing process, providing a command center for all aspects of a sourcing project pipeline, real-time savings and value projections, proven RFx tools and templates and a searchable repository for all contract data.
LogicSource’s enhancements to the OneMarket Source-to-Contract modules include a fully integrated user experience between tools, upgraded online support, a library of pre-built RFx templates and the integration of contracts data into the sourcing pipeline process.
Noteworthy Source-to-Contract enhancements include:
- OneMarket Sourcing® events can be directly created from OneMarket Portfolio® projects with the click of a button
- OneMarket Contracts® data can link directly to OneMarket Portfolio® projects to inform project pipelines and individual sourcing events
- Users can choose from a library of cross-category event prerequisites and RFx templates containing pre-built questionnaires, pricing sheets and spec sheets
- Suppliers have a streamlined onboarding and support experience
- Users can rapidly upload up to 5,000 contracts at a time and control user access to contract documents where confidentiality is required
- Users have advanced functionality to configure triggers and alerts for key milestones within contracts, such as renewal, termination, expiration and price changes
The expanded capabilities roll out as Deloitte finds CPOs are wrestling with value delivery challenges that demand greater efficiency. The Source-to-Contract enhancements fuel OneMarket’s ability to simplify and accelerate sourcing programs and results for procurement teams, while providing the tools and reporting to effectively showcase their strategic value.
“LogicSource invested in its OneMarket Source-to-Contract capabilities following a global pandemic that forced CPOs to mine their contract portfolios, negotiate with suppliers and execute new sourcing opportunities in a completely virtual world,” said David Pennino, CEO and founder of LogicSource. “The optimized solution is critical for procurement leaders as they strive to meet a growing list of expectations, including reducing costs, driving innovation and diversity initiatives and effectively managing risk.”
OneMarket’s Source-to-Contract solution includes three of five modules that make up LogicSource’s OneMarket Technology Platform, a fully integrated SaaS platform fueled with expert procurement services and market intelligence. The purpose-built technology platform provides business leaders with a new agile approach to enabling and automating the Source-to-Pay lifecycle.
The new features come on the heels of LogicSource’s updates to OneMarket Insights®, recognition by Spend Matters as a 2021 “Provider to Watch” and Inc. 5000 ranking celebrating the company’s three-year revenue growth of 64%.
LogicSource is purpose-built to drive profit improvement for its clients through better buying. LogicSource focuses exclusively on the sourcing and procurement of goods and services not-for-resale, which typically represents 20% of a company’s revenue and the area of greatest spending inefficiency. Tested time and again in the marketplace, LogicSource’s proven engagement model builds profitable partnerships that achieve 4-15x ROI.
This article was originally published by PRNewswire.