Best Strategic Sourcing Software
Best strategic sourcing software are Prokuria, Workday, SAP Ariba, Basware, and Procurify. S ourcing management software prepare and manage all the strategies and source them to different departments within your organization with one of these software systems.
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List of 20 Best Strategic Sourcing Software
The only procurement software that's flexible
Kissflow Procurement Cloud is a flexible procure-to-pay suite that enables businesses of all sizes to streamline their procurement processes from sourcing to invoice processing and supplier management. Learn more about Kissflow Procurement Cloud
Starting Price: $1990 Per Month
Category Champions | 2023
Your command center for procurement and sourcing
Prokuria is a popular strategic sourcing software that controls and automates end-to-end procurement with agile technology. Read Prokuria Reviews
Starting Price: $20 User/Month
Recent Review
"User-friendly interface" - Barbulescu Ana-Gabriela
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The fact that Prokuria gave me with so much help was what I liked most about them. Give them a call or send them an email if you have any questions or concerns; they're always available. So far, my experience with Prokuria has been incredible! |
It met my requirements and I didn't detect anything wrong with it. |
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What I appreciated most about Prokuria was the amount of assistance they provided. If you have any queries or issues, give them a phone or send them an email - they are always accessible. So far, my experience with Prokuria has been fantastic! |
It served my needs well, and I didn't detect any issues. |
TYASuite Procurement software is designed to effectively drive down costs, improve cash flow & automate multi-layered approval processes, in a single view. Read TYASuite Procurement to Pay Reviews
Starting Price: $17.36 Per Month
Recent Review
"excellence experience of managing " - Sethu
| Pros | Cons |
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Extremely proficient at the the purchase and invoicing transactions and flows. Highly configurable. Overall strong vision. We are growing into the usage of the Sourcing tool and starting to utilize some specialty modules like Virtual Cards. |
nothing found |
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Fully automated management services, Comprehensive data analysis and reporting tools, Cutting-edge data security and privacy and High-performance at low cost |
NA |
Category Champions | 2023
Workday comes as a strategic sourcing platform with a single platform for HR, finance, and planning services for unified communications. Read Workday Reviews
Starting Price: Available on Request
Recent Review
"Best of for small business and departments" - Abu Zar
| Pros | Cons |
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One click searching system. |
I found everything good in my knowledge. |
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Workday is easy to use and I did not require any help in setting up my profile |
I did not really find any significant problems in using the system, however would prefer better customer care. |
Category Champions | 2023
SAP Ariba strategic sourcing software and supply chain cloud solution offer easy to deploy and use technology for mid-size and large businesses. Read SAP Ariba Reviews
Starting Price: Available on Request
Recent Review
"Easy to finalise the vendore" - Abhishek Kumar
| Pros | Cons |
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Easy to find out the vendors. |
Time line |
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Its one of the best contract management tool which manages all contracts and agreements being its procurement , sales , negotiation and pricing. |
Customization of flow is little tricky. |
Emergents | 2023
Zycus eprocurement is one of the dedicated strategic sourcing services that offer free-text speech, strategic buying decisions, virtually infinite, and global scalability to different businesses. Read Zycus e-Procurement Reviews
Starting Price: Available on Request
Recent Review
"Friendly guided procurement" - Elroy Silveira
Emergents | 2023
SYSPRO ERP is the strategic sourcing ERP software for multiple manufacturing and distribution businesses in Asia. Read SYSPRO ERP Reviews
Starting Price: Available on Request
Recent Review
"It is easy to use and flexible solutions" - Tapan Padaliya
mjPRO is a SaaS based product that digitises the entire Procurement value chain from "planning a purchase" to "payment to the supply partner". The unified easy-to-use system connects all data and stakeholders ensuring 100% spend visibility and successful adoption. Read mjPRO Reviews
Starting Price: Available on Request
Recent Review
"The best social networking app in the world" - ashraf balaawey
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A new website that helps to communicate and make all your purchases in one site, easily and quickly in taking action |
Tracking data and activity, warning of dangers, permanent monitoring, and speed in authorizing transactions |
ProQsmart is an AI-powered comprehensive procurement platform that provides manufacturing companies with a seamless procurement experience. It simplifies and streamlines the entire procurement process, saving time, reducing costs, and improving collaboration. Read ProQsmart Reviews
Starting Price: Available on Request
Recent Review
"ProQsmart: Excellent tool for Procurement and Monitoring" - Nirmal Thomas
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One of the standout features of ProQsmart that I found particularly useful is the ability to upload inspection images and inspection reports. This feature has helped us maintain the delivery quality of the items we order by allowing us to visually confirm that the products we receive meet our standards. |
Vendosmart could further enhance its platform based on customer feedback or market trends. It's always a good idea to stay in touch with the vendor and provide feedback to help improve the platform. |
Contenders | 2023
Procurify is the popular strategic sourcing software that simplifies and enables controls over the business’s expenditure with features like real-time insights, budget controls, custom approvals, purchasing management, etc. Read Procurify Reviews
Starting Price: Available on Request
Recent Review
"Best in the business " - Rajesh Ravichandran
Contenders | 2023
Basware is one of the strategic sourcing tools used in cloud-based procure-to-pay solutions and networked accounts payable automation services. Read Basware Reviews
Starting Price: Available on Request
Recent Review
"Essential P2P tool that I'm always delighted to use" - Marta Gorska
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It is very easy to use, fast and has many helpful features. I like how intuitive it is |
Sometimes it tends to freeze without warning and needs to be restarted |
Contenders | 2023
Smart By GEP is unified source-to-pay strategic sourcing and procurement software with multiple features like spend analysis, savings tracking, sourcing, contract management, supplier management, procure-to-pay, etc. Learn more about GEP Smart
Starting Price: Available on Request
High Performer | 2023
ProcurePort comes as an intuitive platform that streamlines the complex strategic sourcing process and offers multiple features like quotes comparison, saving money with auctions, visualizing expenditure, etc. Learn more about ProcurePort
Starting Price: Available on Request
Contenders | 2023
Coupa is a modern strategic sourcing solution that offers a cloud platform for managing multiple business transactions, including procurement, payments, and supply chain. Learn more about Coupa
Starting Price: Available on Request
Emergents | 2023
Web3 Wax is the fully-featured software that offers strategic sourcing steps in features like invoice processing, contract management, sourcing management, catalog management, receivables, etc. Learn more about Web3 Wax
Starting Price: Available on Request
High Performer | 2023
JAGGAER is an enterprise commerce network that offers strategic sourcing tools like spend analytics, category management, supplier management, sourcing, contracts, e-procurement, invoicing, inventory management, supply chain management, quality management, etc. Learn more about JAGGAER
Starting Price: Available on Request
Emergents | 2023
Proactis uses high-end strategic sourcing technology for procurement controls, spend controls, and early payments support to different companies. Learn more about Proactis
Starting Price: Available on Request
Emergents | 2023
Scanmarket offers the best benefits of strategic sourcing with end-to-end contracts management, eAuction savings report, spend analytics, project management, eRFx, supply base management, etc. Learn more about Scanmarket
Starting Price: Available on Request
Emergents | 2023
GoBonfire is a dedicated software that facilitates the sourcing process with features like unified platform, shared RFP samples, intake, and approvals, price-only bids, contract management, RFP auto-scoring, evaluations, etc. Learn more about GoBonfire
Starting Price: Available on Request
High Performer | 2023
CBX Cloud comes as a strategic sourcing solution having multiple functionalities like sourcing, product lifecycle management (PLM), order & production management, mobile apps, etc. Learn more about CBX Cloud
Starting Price: Available on Request
Until 30th Jun 2023
It is easy for any business to get confused in selecting the perfect strategic sourcing software amid the rush of multiple options. With every software marketed with the purpose of greater than the other, it is not wise to go for a single option without having a checklist of the must-to-have features.
There is no solution called one-fit-for-all, and hence, we bring a detailed buyers’ guide for choosing the ideal strategic sourcing solutions according to your business needs. We’ve focused on a clear understanding of this modern software that handles the strategic sourcing software, key features, benefits, market trends, and the top five rank-holding options.
What Is Strategic Sourcing Software?
The e-sourcing software or sourcing software or the strategic sourcing software focuses on automating the information gathering that is crucial in completing the purchase process. It comes as the specific e-procurement software currently used in the procurement divisions of multiple companies.
Some of the leading strategic sourcing tools offer a unified portal for inviting bids or quotations from multiple suppliers, compiling the information in a single repository, comparing figures side-by-side, increasing supplier competition, and cost savings in every decision making.
The overall efficiency of the supply chain system increases as all the data is viewed and managed in real-time only. It focuses on the information gathering that is crucial for making multiple purchases. It further focuses on the monetary aspect but is backed with data and selecting the best service provider out of the available options based on goods or services.
Common Features Of Strategic Sourcing Software
No single software can indeed match the procurement needs of different businesses; it is important to set a benchmark for features. Hence, some of the essential elements that must be a part of any strategic sourcing software are:
- Bids or quotes creation: Any strategic sourcing platform must create an RFQ quote inviting quotations from different vendors. This invitation for the bids allows the vendors to express their interest and costs corresponding to the required products or services.
- Contracts management: Any strategic sourcing software must offer dedicated contracts management to administer, create, and execute the contracts. It must make a reliable link between the vendors, partners, and customers.
- Spend analysis: It is essential to gather, group, identify, cleanse, and categorize the data spending. It aims to improve efficiency and decrease procurement costs with decisive decision-making.
- Supplier management: It evaluates if the suppliers are performing according to the organizational needs and identify the critical areas for improvement. Other supplier management parameters of the strategic sourcing process include vendor profits, customer satisfaction, account competitiveness, etc.
- Request for Proposal (RFP): A dedicated document invites proposals through a clear and transparent bidding process. The process of informing bids, funding announcement, and a detailed process that outlines contract terms, bidding process, etc.
Evaluating Strategic Sourcing Software
The different parameters under focus in the strategic sourcing software may create issues in product evaluation. Some key factors include spending analysis, request management, supply chain planning solutions, or other additional features. Hence, it is important to evaluate this technology based on specific use case needs.
All you need to do is look for the impactful answers to the following questions before deciding on the strategic sourcing services:
- How does the software update the supplier database, and how soon is it accomplished?
- What extent of supplier information is offered by the strategic sourcing software?
- Does the strategic sourcing software works independently or want the dedicated procurement software or detailed supply chain management system?
Does the strategic sourcing technology focus on a single area like contracts management, spend analysis, etc., or offers a comprehensive solution for overall technology needs?
Benefits Of Strategic Sourcing Software
The key benefits of having a strategic sourcing platform are:
- Finding the suitable suppliers for the right materials: The strategic sourcing solution helps companies find the ideal vendor based on the costs, product quality, delivery time, etc. The AI-based tools help companies find the right supplier according to the materials based on different decision factors. Hence, it improves supplier relationships and helps manage risks in the sourcing process.
- Cost savings tracking: The procurement cost savings are best managed as the strategic sourcing solutions focus on the total cost management, supply-based management, purchasing demand management, etc. Comprehensive cost management takes care of the total ownership costs through the inventory costs. The supply-based management helps businesses keep insights into suppliers by increasing the competition, restructuring the supply chain, and restructuring the vendor relationships. The purchasing demand management takes care of reducing finance consumption, improving the product specifications, and expenditure consolidation.
- Automating speed analysis and progress tracking: It is easy to record the gap between the savings claimed by the procurement team and the finance team. All the data thus created is converted into a savings pipeline, identified savings, etc. It is possible to track and share different ideas across the teams using the strategic sourcing software.
- Business intelligence and trend analysis: All the progress tracking and speed analysis are incomplete without the practical business intelligence tools offered by the strategic sourcing tools. The real-time dashboard updates help identify the high-performing goods and assist in procuring these goods effectively. Hence, it becomes easy for businesses to analyze the business environment and identify the market micro trends.
The 5 Best Strategic Sourcing Software
- SAP Ariba: It comes as a top strategic sourcing solution provider perfect for large and small businesses. It is ideal for key functions like sourcing, procurement, and payables. Some of the key features of SAP Ariba include improved agility, accelerated digitization, supply chain continuity, and cost reduction.
- Precoro: It is a top choice in the strategic sourcing services that reduce expenses, coordinate the purchasing process, and eliminate the error-prone manual work. The key features of Precoro include purchase requests, status indicators, limitless products catalog, mobile-ready approvals, approved policies, custom workflows, real-time data management, 120+ customization fields in reports, 20+ filters in reports, etc.
- RFP360: It is the popular strategic sourcing software that helps businesses centralize the RFx process, evaluate responses, and offer a single digital workplace. It supports quick project completion, simplifies collaboration communication, assists in informed decisions risk management, and drives vendor engagement.
- Workday: It is a preferred strategic sourcing technology that is used by leading MNCs globally for managing their sourcing processes. It offers a simple, intelligent, and streamlined sourcing workflow according to the business needs. Its key features include sourcing pipeline, contract management, supplier management, RFx, reverse auction tools, etc.
- Coupa: It is one of the widely used strategic sourcing software that allows businesses to get the best benefits of cloud technology. It is available in the web version and helps automate the manual processes while maintaining an electronic record.
Market Trends In Strategic Sourcing Software
Some of the top-grossing market trends in strategic planning software include:
- Mobile devices compatibility: Mobile access is one of the essential future needs of sourcing professionals. It not only adds flexibility to the sourcing process but accelerates the sourcing department's work. The mobile device compatibility of the strategic sourcing software allows any time, anywhere access to the sourcing details. The key stakeholders can stay updated about the recent developments in the process and reduce the pressure on infrastructure.
- Increasing participation of stakeholders: Gone were when businesses used to go with the technology that is rich in features. The time is to go for the defined objectives and goal achievement using different available sources. Not to miss is the active participation of the stakeholders that takes hold of the pre-built features that may not fit specific business needs.
- Cloud technology: The advanced cloud technology eliminates the dependency on the hardware and infrastructure that adds flexibility to the strategic sourcing process. It is easy to implement the cloud technology sourcing software available on a subscription basis and hence eliminates any strains on the company’s operational budgets.
FAQs of Strategic Sourcing Software
The strategic sourcing software helps deploy best practices in the sourcing department by enabling automation and solving sourcing challenges. It improves supply risk management and ensures enhanced collaboration with internal stakeholders, suppliers, high levels of compliance, etc.
The strategic sourcing solution focuses total cost of ownership and the best possible values while optimizing the mutually beneficial partnerships with suppliers and supply processes by developing long-term partnerships. The e-procurement software, on the other hand, only automates the procurement processes.
Strategic sourcing is essential for any business aiming at competitiveness and cost structure. It not only increases the value-to-price ratio by increases the service quality also.
RFP or Request For Proposal stands for the request made to supplier’s companies for their background detailed description of requested services or products. It provides a crystal-clear view of the offerings and capabilities of the vendor as it comes with a detailed questionnaire.
RFQ or Request For Quotation stands for a detailed document that demands a specific supplier’s pricing on requested services or products and gave details of the company’s requirements. It is issued when the companies are clear about their requirements and look for costs to meet these demands.
RFI or Request for Information stands for an essential document used by companies with no specific sector clients. It is a fact-finding document and offers open-ended questions from both sides. It is about the business needs and possible solutions provided by different vendors.