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Strategic Sourcing Software


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WISE logo
 
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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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
 
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
 
Conga Contracts Contract Management logo
 
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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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
 
Shipedge logo
 
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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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
 
Procurify logo
 
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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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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SAP S/4HANA logo
 
SAP S/4HANA (for Supply Chain Management) is an integrated enterprise resource planning (ERP) software suite designed for businesses of all sizes and kinds. The product caters to multiple industry verticals, such as manufacturing,... Read More
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SAP S/4HANA (for Supply Chain Management) is an integrated enterprise resource planning (ERP) software suite designed for businesses of all sizes and kinds. The product caters to multiple industry verticals, such as manufacturing,... Read More
 
ShippersEdge logo
 
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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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
 
Oracle SCM Cloud logo
 
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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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
 
Coupa Cloud Spend Management logo
 
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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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
 
PowerHouse logo
 
PowerHouseWMS is a warehouse management solution (WMS) suitable for businesses of all sizes and industries. It offers tools to manage multiple warehouse activities including receiving, replenishment, task interleaving, cycle counting,... Read More
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PowerHouseWMS is a warehouse management solution (WMS) suitable for businesses of all sizes and industries. It offers tools to manage multiple warehouse activities including receiving, replenishment, task interleaving, cycle counting,... Read More

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GAINSystems logo
 
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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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
 
AIT SureShip logo
 
AIT SureShip is a shipping management solution that integrates Infor StyeLine and other enterprise resource planning (ERP) solutions with UPS, FedEx and USPS. It supports on-premise and cloud-based deployment and is suitable for industries... Read More
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AIT SureShip is a shipping management solution that integrates Infor StyeLine and other enterprise resource planning (ERP) solutions with UPS, FedEx and USPS. It supports on-premise and cloud-based deployment and is suitable for industries... Read More
 
BlueCherry logo
 
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
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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
 
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
 
Apttus Contract Management logo
 
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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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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POOL4TOOL logo
 
POOL4TOOL is a cloud-based supply chain management solution that manages the movement of information from clients to suppliers. It is suitable for midsize companies. It features supplier portal, workflow management, ERP integration,... Read More
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POOL4TOOL is a cloud-based supply chain management solution that manages the movement of information from clients to suppliers. It is suitable for midsize companies. It features supplier portal, workflow management, ERP integration,... 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.
 
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.
 
QLM Sourcing logo
 
QLM Sourcing by QStrat is a supply chain management solution that caters to businesses in industries such as automotive, medical devices, aerospace and more. Key features include quotation lifecycle management, supplier management,... Read More
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QLM Sourcing by QStrat is a supply chain management solution that caters to businesses in industries such as automotive, medical devices, aerospace and more. Key features include quotation lifecycle management, supplier management,... Read More
 
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
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: October 1, 2018


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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