Strategic Sourcing Software

Get the best strategic sourcing software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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JAGGAER ONE Screenshot
JAGGAER ONE is a spend management system that helps you source your entire procurement process. The software easily integrates with your existing ERP systems and accounting software to help you quickly understand your spend. This will lead to better…
Price Range
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Starting Price
$45,000/year
Client OS
Web
Deployment
Cloud Hosted
ProcurePort Screenshot
ProcurePort
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ProcurePort automates the Procurement Process. Automating Requisitions, RFP, RFQ (quote request), E-auctions, Contract Management, Supplier Management, Award P.O and Invoice Management and Spend Analysis. The solution can be implemented to automate the…
Price Range
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Starting Price
$250/month/user
Client OS
Web
Deployment
Cloud Hosted
Coupa Procurement Screenshot
Coupa eProcurement is a world-class purchasing system that is simple to use and affordable to buy. It allows organizations to automate manual procedures as well as maintain an electronic record of all purchases. The Coupa eProcurement product line has two…
Client OS
Web
Deployment
Cloud Hosted
SMART by GEP Screenshot
SMART by GEP
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SMART by GEP is the complete procurement solution with: Full spend analysis and opportunity assessments; Planning and project management; Auctions and sourcing; Contracts and lifecycle management; Supplier management; Purchasing; Invoice handling; and…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
WorkPlace Requisition and Procurement Screenshot
WorkPlace Requisition and Procurement is an on-line purchase requisition solution that directly integrates into your ERP’s Purchase Order module. It can also be expanded to be a complete procurement solution in a single web portal. A Robust Requisition…
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Client OS
Web, iOS, Android
Deployment
Cloud or On-Premises
Procurify Screenshot
Procurify
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Procurify is the go-to spend management solution for mid-sized companies. Across the world, hundreds of companies use Procurify to track, control and analyze their spending. With its comprehensive workflow and user-friendly interface, Purchasing…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
Proactis Screenshot
Proactis
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Business Spend Management software by Proactis helps companies obtain better insight and control of your spending habits. These tools help you see the bottom line while taking in the big picture. From sourcing projects, contract management and procurement…
Client OS
Web, Windows, iOS, Android
Deployment
Cloud or On-Premises
SAP Ariba Buying and Invoicing Screenshot
SAP Ariba Buying and Invoicing is a procure-to-pay software that provides ease-of-use when it comes to your procurement process. The software aims to streamline catalog maintenance, simplify commerce, and help manage each phase of your procure-to-pay…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
Zycus Procure-to-Pay Suite Screenshot
The Zycus Procure-to-Pay Suite guides procurement in your business to help you make the best buying decisions. Zycus Procure-to-Pay links in with your entire supplier network, such as inventory management, eProcurement, dynamic discounting, and…
Client OS
Web
Deployment
Cloud Hosted
Scout RFP Screenshot
Scout RFP is a strategic sourcing software for your procurement process. The platform helps your enterprise build RFPs, RFQs, and RFIs. On top of managing your strategic sourcing, the solution provides visibility into your sourcing pipeline, manages…
Client OS
Web
Deployment
Cloud Hosted
Epiq Sourcing Screenshot
Epiq Sourcing is an online collaboration and negotiation e-sourcing software that helps your business save on costs and get value out of your strategic sourcing processes. The end-to-end software assists with strategy development, supplier identification…
Client OS
Web
Deployment
Cloud Hosted
Ivalua Screenshot
Ivalua
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Ivalua is a complete procurement platform that provides a unified source-to-pay suite of solutions and functionalities to digitize all processes, manage all spend categories, and improve transparency and data quality. There are a number of solutions…
Client OS
Mac, Windows
Deployment
Cloud or On-Premises
SourceSuite Screenshot
SourceSuite is an e-sourcing software allowing for e-procurement features that can meet your purchasing needs. E-sourcing with SourceSuite is a confiurable process that lets purchase manages design their own workflows, design custmo dashboards, and set up…
Client OS
Web
Deployment
Cloud Hosted
Bonfire Screenshot
Bonfire Strategic Sourcing helps your public sector agency improve their bid and RFP decisions by: Working with stakeholders on their procurement requests; Create bids, invite vendors, and get results; Engage internal collaborators to score RFx projects…
Client OS
Web
Deployment
Cloud Hosted
QLM Sourcing Screenshot
QLM Sourcing is a sourcing and supplier management software that helps manage sourcing projects and supplier contracts in one central location. The solution will amplify your spending power and lower your costs all while making the process of working with…
Client OS
Web
Deployment
Cloud Hosted
SourceDay Screenshot
The SourceDay Platform automates all supplier collaboration from RFQ to PO collaboration to invoices and vouchering-all in one unified interface, creating mutual visibility and accountability between buyers and suppliers. For buyers, SourceDay automates…
Client OS
Web
Deployment
Cloud Hosted
Keelvar Screenshot
Keelvar is an advanced sourcing optimization software that provides intelligent sourcing automation with AI-powered strategic sourcing power. The Sourcing Optimizer will let you handle large and small sourcing events across different categories. Your…
Client OS
Web
Deployment
Cloud Hosted
ProcureWare Screenshot
ProcureWare
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ProcureWare is an integrated procurement system that provides supplier management, sourcing, contract management. The software gives increased visibility and collaboaration for supplier management and online bidding. ProjectWise ProcureWare can be used by…
Price Range
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Starting Price
$12,500/year
Client OS
Web
Deployment
Cloud Hosted
web3 Screenshot
web3
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web3 is a cloud-based spend management solution that provides eProcurement features. These features can be implemented case by case (standalone modules) or as an integrated payment management suite. Web3 spend management provides strategic sourcing…
Client OS
Web
Deployment
Cloud Hosted
Anaplan Screenshot
Anaplan Connected Planning platform helps businesses turn response time to real time. The leading platform provider helps connect data, people, and plans across your business. Large and fast-growing organizations use Anaplan’s planning platform in every…
Client OS
Web
Deployment
Cloud Hosted

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Strategic Sourcing Software Buyer’s Guide

What Is Strategic Sourcing Software?

Strategic sourcing software, also known as sourcing software or e-sourcing software, automates the sourcing process of gathering information needed to complete the purchase process. This software is primarily used in purchasing departments and can be known as a unique type of e-procurement software.

Sourcing software will streamline sourcing decisions in real-time so you know when and where to get your needed goods and services from. This aids in the efficiency of your overall supply chain. While a part of the e-procurement process, strategic sourcing solutions differ from procurement systems by focusing more on the data gathering necessary to make purchases. This differs from something such as a purchase order software that only focuses on the monetary aspect of purchasing goods or service rather than on the spending lifecycle.

The best e-sourcing software will obtain bids and quotes from a variety of suppliers within a unified portal, compile the data in a single repository to compare figures side by side, and ideally let your decision-makers generate costs savings and increase supplier competition.

Scout RFP Pipeline Strategic Sourcing Software
Look at projects and requests in your pipeline with Scout RFP.

Features of Strategic Sourcing Software

  • Spend Analysis: Helps identify, gather, cleanse, group, and categorize your spending data. Helps aid in decision making with regards to decreasing procurement costs and improving efficiency.
  • Bid/Quote Creation: Create a request for quote (RFQ) that solicits quotes from potential suppliers. Lets vendors submit bids for how much they will charge for a product or service. Also called an invitation to bid.
  • Request for Proposal (RFP): A document that solicits a proposal through a bidding process. Involves a funding announcement that outlines the bidding process, contract terms, and how bids should be formatted.
  • Contract Management: Handles the administration, creation, execution, and analysis of contracts between customers, vendors, partners, and more.
  • Supplier Management: A workflow that evaluates your vendors–taking into account competitiveness, customer satisfaction, profits, and more. Evaluates if suppliers are performing per your organizational requirements and identify areas of improvement.
QLM Sourcing RFP Lines e-sourcing software
View lines in your RFP in QStrat QLM Sourcing.

Benefits of Strategic Sourcing Software

The goal of using any strategic sourcing software is to keep procurement costs at a minimum, without interruption to your supply chain or manufacturing processes. Many procurement teams and procurement professionals look to sourcing software as a way to reduce spending and maximize the profit potential of your business. Some of the top benefits include:

Automate Your Spend Analysis and Tracking Process

Many businesses may find a disconnect between savings claimed by the procurement department and savings recognized by your finance team. This creates a division of identified savings, approved savings, and realized savings. Having any sort of gap or misalignment can create distrust between the different departments involved in your organization.

The right sourcing software will turn your spend data into tangible opportunities, monitor savings pipeline using analytic tools, and bridge the gap between procurement and finance. Most may offer an accelerated savings ideas tool, which can lead to more opportunities being available for your procurement organization. Any ideas thought of by your staff can be shared across your organization, leading to more eyes seeing them and less being left unnoticed. Tracking ideas all the way to approval makes your savings pipeline much more transparent.

JAGGAER ONE Strategic Sourcing Software
View procurement events in JAGGAER ONE.

Select The Right Suppliers For The Materials You Need

In selecting the appropriate supplier to go through, your business will usually make a decision based on a number of factors–such as delivery time, product quality, and cost. Without the assistance of strategic sourcing software, a business may find it difficult to sort through all of that information about potential suppliers. Most e-sourcing software will let you organize potential suppliers side by side and compare the data–letting you see which supplier you want to work with moving forward.

AI-based tools can also assist in the supplier selection process. Many of the leading strategic sourcing systems will take a look at your inputted data and determine the best combination of traits, depending on the weight you assign them. This is a way that your organization can better manage risk while also finding the best value all while improving supplier relationships.

ProcurePort Sourcing Software
Track auctions in ProcurePort.

Track Your Cost Savings Initiatives

One core goal of any supply chain management operation is to grow your profits. One way of doing so is through cost savings that your organization may not be aware of. Procurement cost savings can be realized by focusing on 3 core areas:

  • Purchasing demand management
  • Supply based management
  • Total cost management

Purchasing demand management looks into reducing consumption, spend consolidation, and improving product specifications. Reducing consumption will ask the question of “Does our business really need that?” Spend consolidation tools will look into grouping related-items into larger bulk orders and take advantage of volume discounts. Improving product specifications will fine-tune exactly what your company is purchasing as to avoid any added costs for things you don’t need or won’t be taking advantage of, such as needless warranties.

Supply based management takes a deeper look at your supplier’s by attempting to increase your competition, restructure your relationships with the vendors, and overall restructure your supply chain. This can be as simple as finding additional suppliers and comparing their rates. If that option isn’t available for you, simply reaching out and working with your vendors on reducing costs is always a viable option. Above all, you may consider switching from a direct purchase with the manufacturer to a distributor model (or vice-versa).

Total cost management will look at your total cost of ownership through inventory costs. Adjusting your inventory stocking methods (such as FIFO, LIFO, or JIT) can lead to significantly reduced inventory costs. Alternatively, your business can consider going away with tracking/stocking inventory in-house and find a third party logistic company (3PL) to handle your vendor managed inventory needs.

Coupa Procurement Software eSourcing Software
The sourcing manager in Coupa Procurement.
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