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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.
 
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
 
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.
 
Slingshot Enterprise Business Suite logo
 
Slingshot Enterprise Business Suite is a cloud-based enterprise resource planning (ERP) solution for midsize to large businesses. The software offers an integrated suite with procurement and order fulfillment, supply chain planning,... Read More
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Slingshot Enterprise Business Suite is a cloud-based enterprise resource planning (ERP) solution for midsize to large businesses. The software offers an integrated suite with procurement and order fulfillment, supply chain planning,... Read More
 
Conga Novatus Contract Management logo
 
Conga Novatus Contract Management software is a solution designed to help businesses generate, track, maintain and report on important business contracts. Conga Novatus Contract Management solution automates the CLM process from creation... Read More
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Conga Novatus Contract Management software is a solution designed to help businesses generate, track, maintain and report on important business contracts. Conga Novatus Contract Management solution automates the CLM process from creation... Read More

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Contract Insight Contract Management logo
 
Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). Contract... Read More
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Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). Contract... 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
 
Coupa Cloud Spend Management logo
 
Coupa Cloud Spend Management combines deep knowledge of e-procurement and expense management with a cutting-edge cloud computing architecture to help businesses spend smarter and save more. It brings industry leading innovations in... Read More
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Coupa Cloud Spend Management combines deep knowledge of e-procurement and expense management with a cutting-edge cloud computing architecture to help businesses spend smarter and save more. It brings industry leading innovations in... Read More
 
ShippersEdge logo
 
For companies looking for a simple, budget-friendly TMS solution, ShippersEdge is a web-based, highly scalable route optimization system that manages shipping logistics from beginning to end across the entire enterprise. ShippersEdge... Read More
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For companies looking for a simple, budget-friendly TMS solution, ShippersEdge is a web-based, highly scalable route optimization system that manages shipping logistics from beginning to end across the entire enterprise. ShippersEdge... Read More
 
Tradogram logo
 
Tradogram is cloud-based procurement management software with six applications included one platform. Key features include supplier management, contract management, strategic sourcing, spend control and order management. Team managers... Read More
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Tradogram is cloud-based procurement management software with six applications included one platform. Key features include supplier management, contract management, strategic sourcing, spend control and order management. Team managers... Read More

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Halo logo
 
Halo offers a supply chain management analytics platform that helps businesses plan and forecast inventory needs. Deployment options for Halo include on-premise, SaaS (Software as a Service) or PaaS (Platform as a Service, which allows... Read More
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Halo offers a supply chain management analytics platform that helps businesses plan and forecast inventory needs. Deployment options for Halo include on-premise, SaaS (Software as a Service) or PaaS (Platform as a Service, which allows... Read More
 
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
 
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
 
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.
 
ProcureWare logo
 
Since 1999, eBid Systems has been providing supplier management, sourcing, bidding, and contract management software-as-a-service to clients globally across a range of industries. ProcureWare by eBid Systems is their latest cloud-based... Read More
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Since 1999, eBid Systems has been providing supplier management, sourcing, bidding, and contract management software-as-a-service to clients globally across a range of industries. ProcureWare by eBid Systems is their latest cloud-based... Read More

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POOL4TOOL logo
 
POOL4TOOL is a robust Supply Chain Management system that streamlines the movement of information between clients and suppliers, smoothing all processes from purchase orders to inventory management. The creators of POOL4TOOL pride... Read More
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POOL4TOOL is a robust Supply Chain Management system that streamlines the movement of information between clients and suppliers, smoothing all processes from purchase orders to inventory management. The creators of POOL4TOOL pride... Read More
 
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.
 
BravoAdvantage logo
 
BravoAdvantage is a procurement platform provided by BravoSolution that integrates upstream and downstream procurement processes. The platform includes supplier value management, spend analysis, sourcing, contract lifecycle management,... Read More
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BravoAdvantage is a procurement platform provided by BravoSolution that integrates upstream and downstream procurement processes. The platform includes supplier value management, spend analysis, sourcing, contract lifecycle management,... Read More
 
FlexRFP logo
 
Strategic Sourcing efforts can often be time-consuming, complex and ineffective. Whether companies currently utilize a cumbersome e-sourcing solution or a labor-intensive combination of spreadsheets, emails and misunderstandings, FlexRFP... Read More
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Strategic Sourcing efforts can often be time-consuming, complex and ineffective. Whether companies currently utilize a cumbersome e-sourcing solution or a labor-intensive combination of spreadsheets, emails and misunderstandings, FlexRFP... Read More
 
QStrat QLM Sourcing logo
 
QStrat offers three integrated supply chain management (SCM) products: QLM Costing, QLM Sourcing and QLM Sales. These are flexible systems that are available as either web-based or on-premise.The complete suite offers essential SCM... Read More
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QStrat offers three integrated supply chain management (SCM) products: QLM Costing, QLM Sourcing and QLM Sales. These are flexible systems that are available as either web-based or on-premise.The complete suite offers essential SCM... Read More

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Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: September 22, 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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