Finding software can be overwhelming. We've helped thousands of businesses choose the right strategic sourcing software so they can analyze expenses and conduct reverse auctions.

Showing 1-20 of 106 products

Procurify

Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-time solution... Read more

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Recent recommendations: 11 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Contract Insight Contract Management

CobbleStone Software provides enterprise CLM software that has been selected by thousands of contract and procurement professionals spanning the globe. CobbleStone’s proprietary software, Contract Insight, is fully configurable,... Read more

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Recent recommendations: 10 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Conga Contracts

Conga Contracts is a hybrid contract lifecycle management (CLM) solution that helps organizations to generate, track, maintain and report on different business contracts. The solution can either be deployed on-premise or hosted in... Read more

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Recent recommendations: 8 recommendations

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Deployments: CloudOn premise
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Coupa Business Spend Management

Coupa is a cloud-based business spend management solution that helps businesses to manage their budget and spending for business services. Key features include e-procurement, expense management, expense report auditing, real-time benchmarking... Read more

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Recent recommendations: 8 recommendations

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Deployments: Cloud
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WISE

WISE by Royal 4 Systems is a rules-based warehouse management (WMS) system that is able to support a number of industries, including 3PL, automotive, food and beverage and industrial machinery. WISE helps users manage core warehouse... Read more

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Recent recommendations: 7 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Proactis

Proactis delivers end-to-end Spend Management solutions that help organizations focus on the big picture: delivering true bottom-line value by reducing cost, improving process efficiency and increasing value – all while bringing... Read more

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Recent recommendations: 7 recommendations

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Deployments: Cloud
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Kuebix TMS

Kuebix, a Trimble Company, is a cloud-based transportation management system (TMS) designed for shippers and carriers involved in both inbound and outbound logistics. The solution caters to a variety of carriers and modes of transport... Read more

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Recent recommendations: 6 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Oracle SCM Cloud

Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows users to... Read more

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Recent recommendations: 6 recommendations

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Deployments: Cloud
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Paramount WorkPlace

Paramount WorkPlace is a procurement management solution that can be hosted either in the cloud or on-premise. The solution serves midsize and large businesses across industry verticals such as health care, entertainment, technology... Read more

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Recent recommendations: 5 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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GEP SMART

GEP SMART is a cloud-based unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a mobile-enabled suite. Users... Read more

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Recent recommendations: 5 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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NetSuite

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more

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Recent recommendations: 4 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Shipedge

Shipedge is a cloud-based warehouse management solution for small, midsize and large enterprises. It caters to e-commerce warehouses, fulfillment service providers, third-party logistics companies (3PL/4PL), omni/multi-channel retailers,... Read more

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Recent recommendations: 4 recommendations

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Deployments: Cloud
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TECSYS EliteSeries

TECSYS provides a series of supply chain management solutions suitable for midsize and large distribution companies. They currently service a wide range of verticals such as healthcare, 3PL, and other high-volume distribution industries. TECSYS... Read more

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Recent recommendations: 3 recommendations

Platforms: MacWinLinux
Deployments: CloudOn premise
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Determine Contract Lifecycle Management

Determine’s cloud platform-based modular Contract Lifecycle Management solution helps small to mid-enterprise level businesses gain full visibility into all contracts, obligations and contract data. It provides stakeholders, from... Read more

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Recent recommendations: 2 recommendations

Platforms: MacWinLinux
Deployments: Cloud
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Alpega TMS

Alpega is a provider of modular, cloud-based Transportation Management Systems (TMS). Delivered as a Software as a Service (SaaS), this suite of flexible, scalable solutions enable shippers, logistics service providers, and carriers... Read more

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Recent recommendations: 1 recommendations

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Deployments: Cloud
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GAINSystems

GAINSystems is a cloud-based and on-premise supply chain management (SCM) solution designed for midsize to large businesses across manufacturing, distribution, MRO and retail sectors. Core functionalities include demand planning and... Read more

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Recent recommendations: 1 recommendations

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Deployments: Cloud
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ShippersEdge

ShippersEdge is a cloud-based transportation management solution that manages shipping logistics. It helps users manage shipments, submit claims and handle multiple carriers. ShippersEdge helps companies save time and control costs.... Read more

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Recent recommendations: 1 recommendations

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Deployments: Cloud
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Geneva Business Management Systems (GBMS)

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. Read more

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Recent recommendations: 1 recommendations

Platforms: Win
Deployments: CloudOn premise
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BlueCherry

BlueCherry is an enterprise resource planning (ERP) suite featuring modules for omnichannel planning, product lifecycle management (PLM), shop floor control, logistics, e-commerce, finance and electronic data interchange. It is suitable... Read more

Platforms: MacWinLinux
Deployments: CloudOn premise
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Apttus Contract Management

Apttus Contract Management is a cloud-based and on-premise supply chain management (SCM) and configure price quote (CPQ) software designed for large companies in a variety of industries. It offers solutions in areas such as e-commerce... Read more

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Buyers guide


Last Updated: April 2, 2020

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.