Negotiate and build relationships with suppliers in real-time by going to modern solutions to digitize your sourcing operations. Have needed data within your reach and generate contracts with just a few clicks of your fingertips by equipping sourcing software that lets you perform an extensive list of things. Get yours now and start developing and delivering effective strategies to cut costs while boosting profitability. 


10+ Best Sourcing Software

1. mjPRO

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Rating: 4.5/5

Price: Custom

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2. Coupa

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Rating: 4.1/5

Price: $104/Month

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3. Promena

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Rating: 5/5

Price: Custom

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4. Zycus e-Procurement

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Rating: 4.5/5

Price: Custom

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5. Procurify

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Rating: 4.5/5

Price: $499/Month

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6. BuyerQuest

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Rating: 4.7/5

Price: Custom

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7. Smart By GEP

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Rating: 4.6/5

Price: Custom

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8. Market Dojo

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Rating: 4.6/5

Price: Custom

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9. Ivalua

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Rating: 4/5

Price: $2000/Month

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10. Sourcing Force

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Rating: 5/5

Price: FREE

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11. ProcurePort

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Rating: 4.5/5

Price: $199/Month

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What Is Sourcing Software?

Sourcing software refers to the digital solution that helps buyers digitize processes in strategic sourcing. With this technology, end-uses can streamline data collection processes to track information about suppliers across platforms. It centralizes information under one roof, giving you more convenience in comparing and deciding on a supplier. Also, it has advanced filtering capabilities allowing you to locate those that fit your demands and needs. Additionally, sourcing solutions offer spend management capabilities to monitor costs on sourcing processes. 

Benefits

This technology allows you to save plenty of time and energy by instantly narrowing down your available choices for your specific needs. With this, you can incorporate workflow automation to streamline the involved repetitive processes in achieving your sourcing objectives. Also, it provides you with more visibility and allows better access to information for accelerated and better decision-making processes.

Features

There are plenty of sourcing solutions that you can find in the software market. Each can help you in varied ways, and some offer services specializing in specific aspects. That said, ensure to get the software that will help you most to achieve your procurement and sourcing goals. Studying the gaps in your operations and knowing what to look for in your software will help speed up your selection process. The following are features that most top-performing sourcing software solutions offer:

Top 10 Sourcing Software

1. GEP SMART

GEP SMART is a spend management software that provides users with sourcing management and budgeting capabilities. They have 1 billion dollars in revenue and have employed 6,000 people.

2. Coupa

This supply chain management solution has demand forecasting and spend control features. They have 2,615 people working for them and have 542 million dollars in revenue.

3. Zycus e-Procurement

With this purchasing solution, you can access digital tools for improving purchase order management and workflow management. They have 1,259 employees on their team and have 255.6 million dollars in generated revenue.

4. mjPRO

This sourcing solution has functionalities for contract lifecycle management and a self-service portal. Its developer, mjunction services, has 189 million dollars in revenue and has 988 employees.

5. Ivalua

Functionalities for requisition management and electronic signature are accessible on this platform. They have a generated revenue of 125 million dollars and have 600 employees working for them.

6. Promena

With this vendor management software, you can streamline processes for overseeing auction management and risk management. They have 24 million dollars in revenue and have 110 employees working for them.

7. Procurify

With Procurify, you can simplify the complexities involved in compliance management and expense tracking. They have 22.6 million dollars in generated revenue and have 150 employees.

8. Market Dojo

Market Dojo is a sourcing software with supplier qualification and supplier risk management tools. They have 24 people on their team and have 3.5 million dollars in generated revenue.

9. Sourcing Force

Inventory management and forecasting capabilities are features you can use in this procure-to-pay software. They have generated a revenue of 870 thousand dollars and have employed six employees.

10. BuyerQuest

BuyerQuest is a procure-to-pay solution with functionalities for invoice processing and catalog creation. They have 16 people on their team and have 515.2 thousand dollars in revenue.

FAQs

What is sourcing in the supply chain?

Sourcing focuses on establishing consistency and affordability in the supply chain. Also, it contributes to ensuring seamless supply chain collaboration, ensuring that essential stakeholders have complete visibility regarding information and updates in the sourcing process. This process also ensures that you have better insights into the supplier market to assess risks and secure sourcing opportunities and know how to mitigate them efficiently.

What does strategic sourcing mean?

Strategic sourcing is running an in-depth evaluation process to determine the effectiveness of plans and strategies in implementing sourcing activities. It involves understanding supplier relationships and using business intelligence tools to understand the supplier market to determine the best approach while considering all factors to minimize costs in the business sourcing processes.

What are the differences between procurement and sourcing?

Procurement and sourcing often go hand to hand when you talk about the supply chain. Although, using these two interchangeably would be wrong. Sourcing happens before procurement. It is the process of finding and selecting suppliers through research and data analysis. On the other hand, the procurement process refers to acquiring the goods and completing the purchase.

Know about the success and failures of suppliers and centralize data in an integrated platform to determine their capabilities and ascertain that they offer services and prices compatible with your needs. Get the best deals and secure quality products at a low price to minimize risks while achieving stability in the supply chain by using the best sourcing software for you. 


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