Secure quality supplies from the best suppliers at the perfect timing while optimizing costs by shifting your strategic sourcing activities digitally. Get the right digital tool to deliver your strategic plans for more seamless processes to maximize outcomes. That said, secure your very own robust strategic sourcing software as early as now.
11+ Strategic Sourcing Software
1. ProcurePort
2. Workday
3. SAP Ariba
4. SAP Fieldglass
5. Precoro
6. RFP360
7. Jaggaer
8. BuyerQuest
9. Coupa
10. Procol
11. Procurify
12. Prokuria
What Is Strategic Sourcing Software?
Strategic sourcing software helps purchase departments and other organizations involved in the supply chain streamline implementation sourcing strategies. It integrates multiple functionalities in a single platform, allowing better control over your sourcing processes throughout your procurement management cycle. Also, it makes it simpler to compare offers of potential suppliers and simplifies the registration process for them.
With this strategic sourcing tool, you can compare offers and get real-time updates regarding pricing changes for more informed decisions. Additionally, it offers collaboration software functionalities to improve your supplier management and engagement practices and messaging channels, allowing for an exchange of information in real-time.
Benefits
A strategic sourcing solution in your digital toolkit allows you to utilize workflow automation capabilities for minimizing human intervention for tasks such as generating reports and monitoring offers. Also, it helps you to increase productivity, reduce costs, and mitigate risks to make you more confident in overseeing your sourcing operations.
Features
When you look for available strategic sourcing solutions for you in the software market, you will get back an overwhelming number of results. Despite that, it should not be a big problem to single out which one is for you if you know what aspects to focus on and service offerings to look for in filling in your current needs. The following features are essential elements that your ideal strategic sourcing software should not go without:
- Collaboration software functionalities
- Supplier risk assessment tools
- Contract management capabilities
- Bidding management features
- Stock management tools
- Pipeline management features
- Savings tracking capabilities
- Purchasing optimization
- Supplier relationship management tools
- Powerful reporting tools
Top 10 Strategic Sourcing Software
1. Workday
This financial reporting software has supply chain management and expense tracking capabilities. They have a revenue of 4.32 billion dollars and have employed 12,500 people.
2. SAP Ariba
With this eCommerce platform, you can streamline multi-channel marketing and inventory management. They have 4,476 people in their team and have 649 million dollars in revenue.
3. Coupa
Coupa is a spend management system that provides users with compliance management and supplier management features. They have more than 3,000 people working for them and have 542 million dollars in revenue.
4. Jaggaer
Jaggaer is a sourcing solution with functionalities for sales & ops planning and tools for setting up a supplier web portal. They have 162.4 million dollars in revenue and have 1,120 people working for them.
5. Procurify
Cash flow management tools and accounting software integration are features you can enjoy in this digital solution. They have generated a revenue of 18.7 million dollars and have employed 129 people.
6. RFP360
With RFP360, you can simplify the complexities involved in bid management and document management. They have a generated revenue of 6.4 million dollars and have 44 employees.
7. Procol
Functionalities for supplier onboarding and vendor performance analytics are accessible in this procurement solution. They have 31 employees and have a revenue of 5 million dollars.
8. BuyerQuest
BuyerQuest is a procurement software with product comparison and pricing management capabilities. They have a revenue of 4.8 million dollars and have 36 employees in their team.
9. Precoro
With this procure-to-pay solution, you can use contract management and procurement management capabilities. They have 26 employees and have 3.8 million dollars in generated revenue.
10. ProcurePort
This purchasing solution has purchase order management and online bidding tools. They have 600 thousand dollars in generated revenue and have four employees in their team.
FAQs
What activities does strategic sourcing involve?
Strategic sourcing is the approach that involves constant evaluation of essential factors in sourcing and management of the supply base to ensure that you can find the best offers and nurture relationships with sourcing partners. This practice aims to negotiate optimal costs while at the same time ensuring to minimize the supply chain risks.
What are the differences between procurement and strategic sourcing?
The two terms overlap in that they involve tasks for purchasing services and goods in the supply chain. Despite that, you should not consider them as similar. Procurement covers the whole process for ensuring smarter buying decisions, including sourcing. Meaning, strategic sourcing is just one part of the process, making it a subset for the former.
What are tips for a successful strategic sourcing strategy?
Putting together a skilled and competent team is one item that tops the list of the tips you should consider to ensure the success of your strategic sourcing operations. Also, incorporate modern and innovative solutions in your activities to go with that and automate tasks for monitoring suppliers. Another tip is to customize your criteria for ranking vendors based on your business requirements.
Get your hands on the digital solution that guarantees you the value, costs, and compliance and allows you to perform an extensive list of tasks such as risk management and relationship management to get the results you deserve. Make the choice today and secure the best strategic sourcing software for you that will benefit your business in the long term.
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