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Strategic Sourcing Software


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WISE logo
 
Royal 4 has provided applications specifically for supply chain optimization for over 25 years. We believe Royal4’s best-of-breed sourcing application meets the needs of both small and enterprise operations.
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Royal 4 has provided applications specifically for supply chain optimization for over 25 years. We believe Royal4’s best-of-breed sourcing application meets the needs of both small and enterprise operations.
 
Slingshot Enterprise Business Suite logo
 
The Slingshot Enterprise Business Suite is a trusted ERP solution, with more than 30 years of experience in the industry. This system offers applications for contract management, strategic sourcing, forecasting, and more.
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The Slingshot Enterprise Business Suite is a trusted ERP solution, with more than 30 years of experience in the industry. This system offers applications for contract management, strategic sourcing, forecasting, and more.
 
Infor Supply Chain Management logo
 
Infor Supply Chain Management is a powerful tool designed to help organizations optimize their supply chain from end-to-end. With analytics at its core, Infor SCM helps you gain greater visibility into every facet of your supply... Read More
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Infor Supply Chain Management is a powerful tool designed to help organizations optimize their supply chain from end-to-end. With analytics at its core, Infor SCM helps you gain greater visibility into every facet of your supply... Read More
 
Kenandy Cloud ERP logo
 
Kenandy is a comprehensive cloud-based ERP solution created for companies that design, manufacture, or distribute products. It helps businesses manage core processes including order-to-cash, planning and production, procurement, TPM,... Read More
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Kenandy is a comprehensive cloud-based ERP solution created for companies that design, manufacture, or distribute products. It helps businesses manage core processes including order-to-cash, planning and production, procurement, TPM,... Read More
 
ShippersEdge logo
 
ShippersEdge provides logistics mangers the ability to manage their sourcing activities within a web-based TMS. This system is offered as both a light and a full-featured version to help accommodate buyers’ budgets.
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ShippersEdge provides logistics mangers the ability to manage their sourcing activities within a web-based TMS. This system is offered as both a light and a full-featured version to help accommodate buyers’ budgets.

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Conga Novatus Contract Management logo
 
Buyers looking for an application to create, track and report on its most important contracts should evaluate the Novatus Contract Lifecycle Management (CLM) solution.
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Buyers looking for an application to create, track and report on its most important contracts should evaluate the Novatus Contract Lifecycle Management (CLM) solution.
 
Contract Insight Contract Management logo
 
Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It system can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). In... Read More
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Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It system can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). In... Read More
 
Coupa Cloud Spend Management logo
 
Supplier management and sourcing via Coupa Spend Management helps users manage the entire sourcing-to-pay process in a web-based system. Includes Google Maps integration and the ability to parse the Internet for prices.
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Supplier management and sourcing via Coupa Spend Management helps users manage the entire sourcing-to-pay process in a web-based system. Includes Google Maps integration and the ability to parse the Internet for prices.
 
TECSYS EliteSeries logo
 
EliteSeries is a user-friendly Supply Chain Management solution from TECSYS. In addition to flexible deployment options, open source architecture gives companies maximum flexibility to customize and integrate the system.
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EliteSeries is a user-friendly Supply Chain Management solution from TECSYS. In addition to flexible deployment options, open source architecture gives companies maximum flexibility to customize and integrate the system.
 
Transwide TMS logo
 
Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More
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Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More

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Microsoft Dynamics 365 logo
 
Microsoft Dynamics 365 provides integrated solutions that allow businesses to better track leads, automate field service, drive sales and improve operations using mobile, enterprise-ready business apps from the cloud. The system's... Read More
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Microsoft Dynamics 365 provides integrated solutions that allow businesses to better track leads, automate field service, drive sales and improve operations using mobile, enterprise-ready business apps from the cloud. The system's... Read More
 
POOL4TOOL logo
 
The POOL4TOOL Sourcing Portal offers document centralization and workflow management in a Cloud-based supply chain application. The solution can automatically feed data directly into users' existing ERP systems.
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The POOL4TOOL Sourcing Portal offers document centralization and workflow management in a Cloud-based supply chain application. The solution can automatically feed data directly into users' existing ERP systems.
 
S2K Warehouse Management Software logo
 
We highly recommend S2K because of its integrated sourcing, procurement, spend analysis, and order management features within its warehouse application. The combination of these features allows for quick and educated decisions.
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We highly recommend S2K because of its integrated sourcing, procurement, spend analysis, and order management features within its warehouse application. The combination of these features allows for quick and educated decisions.
 
SMART by GEP logo
 
SMART by GEP is a unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a single cloud-based, mobile-enabled... Read More
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SMART by GEP is a unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a single cloud-based, mobile-enabled... Read More
 
Oracle SCM Cloud logo
 
Oracle SCM Cloud offers a full suite of applications for companies to manage their supply chain, distribution, manufacturing, inventory management, and fleet.  Using product development, users can create a detailed bill of material... Read More
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Oracle SCM Cloud offers a full suite of applications for companies to manage their supply chain, distribution, manufacturing, inventory management, and fleet.  Using product development, users can create a detailed bill of material... Read More

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Geneva Business Management Systems (GBMS) logo
 
Geneva Business Management Systems is a cloud-based ERP for supply chain professionals that need a dedicated system to mange sourcing. The ability to automatically generate reports is a big plus when identifying where to focus.
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Geneva Business Management Systems is a cloud-based ERP for supply chain professionals that need a dedicated system to mange sourcing. The ability to automatically generate reports is a big plus when identifying where to focus.
 
FlexRFP logo
 
FlexRFP integrates sourcing, purchasing and supplier analysis into one web-based solution. Offers reverse auction, RFx, spend analysis and supplier relationship management functionality. UI is comparable to Microsoft Excel.
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FlexRFP integrates sourcing, purchasing and supplier analysis into one web-based solution. Offers reverse auction, RFx, spend analysis and supplier relationship management functionality. UI is comparable to Microsoft Excel.
 
QStrat QLM Sourcing logo
 
Qstrat QLM Sourcing lets supply chain managers increase their efficiency and streamline their management processes with its automated reminder system and customizable RFQ formats. It also integrates with many popular ERPs.
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Qstrat QLM Sourcing lets supply chain managers increase their efficiency and streamline their management processes with its automated reminder system and customizable RFQ formats. It also integrates with many popular ERPs.
 
ProcureWare logo
 
eBid eXchange from eBid Systems is a best-of-breed cloud-based procurement and strategic sourcing application that includes qualified supplier notifications, a RFI/RFQ/RFP module, and bidding/contract management functionality.
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eBid eXchange from eBid Systems is a best-of-breed cloud-based procurement and strategic sourcing application that includes qualified supplier notifications, a RFI/RFQ/RFP module, and bidding/contract management functionality.
 
BravoAdvantage logo
 
BravoAdvantage is a procurement platform provided by BravoSolution, a global provider serving over 600 companies and 100,000 procurement professionals in 70+ countries. BravoAdvantage integrates upstream and downstream procurement... Read More
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BravoAdvantage is a procurement platform provided by BravoSolution, a global provider serving over 600 companies and 100,000 procurement professionals in 70+ countries. BravoAdvantage integrates upstream and downstream procurement... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: June 21, 2017


With so many complexities in the supply chain, businesses are feeling an increasing need to create a sourcing process that is both transparent and efficient. Strategic sourcing solutions enable supply chain professionals to manage procurement issues and make informed decisions. We’ve created this buyer’s guide to identify the most common features and benefits associated with the strategic sourcing software and to help you more easily navigate the selection process.

Here's what we'll cover:

What Is Strategic Sourcing Software?
Common Features of Strategic Sourcing Software
Evaluating Strategic Sourcing Software
Benefits of Strategic Sourcing Software
Important Considerations

What Is Strategic Sourcing Software?

Strategic sourcing supports the information-gathering process that takes place before actual purchases are made. Whereas procurement software is more traditionally associated with the actual monetary transactions of purchasing, sourcing software is concerned with accumulating the data necessary to make smart and informed purchases.

Sourcing provides buyers with access into a vast system of supplier databases, which makes it easier to prescreen supplier data and analyze suppliers’ past successes and failures. Along with procurement and demand planning solutions, sourcing systems help organizations make intelligent decisions and are therefore a key element of supply chain management systems.

Common Features of Strategic Sourcing Software

Strategic sourcing software takes managers through the following steps of the strategic sourcing process:

Spend analysis The first stage of strategic sourcing is for the system to initiate a spend analysis to identify areas in which spend could be decreased through new sourcing projects.
Supplier filtering Based on revenue projections and market trends, the sourcing application begins to collect information and filter results, which saves time on information gathering and prevents buyers from wasting time and resources on suppliers that are obviously incompatible with their needs.
Electronic request for x (eRFX) Sourcing managers can submit requests for proposals, tenders, quotes and other forms of information in order to continue eliminating those suppliers that do not meet the organization’s needs or financial goals. Once the data starts coming in, the system manages that information and makes it easy to compare quotes and supplier capabilities.
Auction initiation Once a list of viable suppliers has been created, a reverse auction can force suppliers to compete with each other on price. The sourcing software handles incoming bids and communicates standing bids to competitors. Or it can hand this task over to purchasing software, which will carry out the PO process to its conclusion.
Contract management Allows businesses to document and track sourcing agreements. Some solutions comprise of basic functionalities, such as supplier details, contract value and contract end date. Advanced solutions offer contract negotiation, approval workflow and post-execution activities.
Supply base management (SBM) Enables sourcing professionals to collect and manage supplier information, risk and performance. This module collects supplier’s internal information from audit records and performance statistics. In addition, SBM integrates with external tools to collect data from web services, RSS feeds, and financials information.

Evaluating Strategic Sourcing Software

Strategic sourcing software focuses on different areas: Some focus on spend analysis, while others focus on request management. Many will offer additional features and functionality that are typically associated with procurement or supply chain planning solutions. So when selecting your vendor, assess the use case for your software and ensure that you look for something that meets those needs.

Specific questions to consider include:

  • What supplier information does the software have?
  • How (and how frequently) does the software update its supplier database?
  • Does the software focus in one area, such as spend analysis or contract development, or is it more of a comprehensive solution?
  • Will the software be used by itself, or in conjunction with procurement software or a comprehensive supply chain management system?

Benefits of Strategic Sourcing Software

Organizations realize the following benefits with the successful implementation of strategic sourcing software:

Process optimization. Strategic sourcing software enables executives to streamline and optimize their sourcing processes and strategies. With optimized processes, businesses can reduce sourcing cycles, improve process controls and generate savings. In addition, the software automates workflows and approval routing processes for quick turnaround of sourcing decisions. Streamlined processes increases efficiency in the workforce and enables them to make more timely decisions while following the organization’s compliance policies.

Efficient sourcing. With a common platform for collaboration between sourcing managers and suppliers, the sourcing process becomes more transparent which further enables managers to negotiate better and make more informed buying decisions. In addition, better collaboration with suppliers lays the groundwork for a long-term relationship and creates a fostering environment for all stakeholders.

Trend analysis and business intelligence. By using trend analysis and business intelligence (BI) tools, sourcing professionals can track their performance and take corrective action. Furthermore, advanced solutions update dashboards in real time. BI tools help drive revenue by identifying high-performing products and assisting sourcing executives in procuring these products. In addition, it enables users to identify microtrends in the market and analyze the business environment.

Important Considerations

Best-of-breed vs. integrated suite. Buyers often assume that the best solution comes with the maximum number of features; however, this is not necessarily the best approach for evaluating software. Business professionals should define their objectives and analyze whether a particular software solution will help them achieve those goals. Use cases suggest that the best way to identify goals is to involve all stakeholders in the buying process.

Cloud-based software. The trend toward cloud-based solutions is impacting many processes, and sourcing is one of them. This type of deployment offers several benefits, such as lower capital expenditure, reduced need for hardware infrastructure and access from remote locations. These solutions are commonly available on a subscription-based pricing model with monthly and annual billing periods. In addition, cloud-based software can be easily implemented in an organization’s current IT infrastructure without major compatibility issues.

Compatibility with mobile devices. For sourcing professionals that are always on-the-go, mobile access is a bonus. Mobile access allows these professionals to read, approve, share and collaborate with team members and suppliers from anywhere anytime, which provides additional flexibility to the sourcing process and accelerates the procurement process. In addition, these solutions enable businesses to stay updated with current technology trends, such as bring your own device (BYOD) and reduce strain on the infrastructure.

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