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Team Procure

Team Procure is a cloud-based procurement suite that empowers businesses to manage their purchasing approvals, purchase orders, strategic sourcing, suppliers, and inventory. Conduct RFQ and E-Auction negotiations to secure the be...Read more about Team Procure

4.7 (3 reviews)

20 recommendations

Tradogram

Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team manag...Read more about Tradogram

4.5 (94 reviews)

16 recommendations

Precoro

Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billin...Read more about Precoro

4.8 (221 reviews)

8 recommendations

Order.co

Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purc...Read more about Order.co

4.3 (104 reviews)

6 recommendations

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Oracle Fusion Cloud SCM

Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM

3.9 (9 reviews)

4 recommendations

Coupa

Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa

4.1 (93 reviews)

2 recommendations

Market Dojo

Market Dojo delivers strategic sourcing and supply chain performance solutions. Key features include event management, auction planning, supplier and user management, smart reporting and white labeling. RFX functionality helps us...Read more about Market Dojo

4.7 (90 reviews)

1 recommendations

Workday HCM

Workday HCM assists global businesses of all sizes in a variety of industry verticals with workforce planning, analysis, and execution. Workday delivers user and administrative tools such as financial management, HR planning, tale...Read more about Workday HCM

ProcurementExpress.com

We bring your entire purchasing process together in a single cloud based app that magically automates away your most boring, time-consuming purchasing tasks. Easy to use Purchase Approval System for Small Business CFOs. Procure...Read more about ProcurementExpress.com

RFP360

It’s not easy to source the right product, technology or service — and choosing the wrong vendor or supplier is costly. Instead of making things easier, traditional RFPs and other types of RFx (RFI, RFQ and more) complicate the pr...Read more about RFP360

Asite

Asite’s construction management platform allows project managers to easily manage and collaborate on all project documents, including RFIs, submittals, daily field reports, drawing logs, and more. You can Bring all your project in...Read more about Asite

aPriori

About aPriori: We started with a simple idea: create a software platform with embedded product design and manufacturing intelligence to make your job faster and easier. And that starts by having a team of incredible people who kno...Read more about aPriori

SAP Fieldglass

SAP Fieldglass is a cloud-based vendor management system (VMS) that helps businesses find, hire and manage external workforce. The worker profile management solution enables managers to create, view or edit workers’ profiles and p...Read more about SAP Fieldglass

eBuyerAssist Platform

eBuyerAssist by Eyvo is a cloud-based procurement solution that caters to businesses across various industry verticals, which helps them manage their purchasing routines, from requisition to fulfillment. eBuyerAssist features an ...Read more about eBuyerAssist Platform

TYASuite

Enterprise Resource Planning is a very effective tool to manage, control and optimize business processes. It helps in streamlining all the operations under one roof and helps in improving the overall productivity of the business. ...Read more about TYASuite

Logility Platform

Accelerating the digital supply chain from product concept to customer availability, Logility helps companies seize new opportunities, sense and respond to changing market dynamics and more profitably manage their complex global b...Read more about Logility Platform

SAP Ariba

Focused on streamlining source-to-pay operational processes, SAP Ariba provides e-procurement and supply chain management solutions that enable growing, medium-sized, and large companies to achieve end-to-end digital transformatio...Read more about SAP Ariba

CodeSignal

CodeSignal is how the world discovers and develops the skills that will shape the future. CodeSignal's skills platform empowers you to go beyond skills gaps with hiring and AI-powered learning tools that help you and your team cul...Read more about CodeSignal

ConWize

ConWize is a cutting-edge cloud-based software utilized today by general contractors, developers, subcontractors, and management companies. Our customers' biggest challenge in bidding and estimating is entirely solved by a sophist...Read more about ConWize

Periscope S2G

BidSync is the bid notification service that gives exclusive access to bid opportunities from 400+ partner agencies at no cost. Upgrade to BidSync Pro and you are granted access to approximately 100K new government bid opportuniti...Read more about Periscope S2G

Buyers Guide

Last Updated: March 16, 2023

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.