Strategic Sourcing Software

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Procurement made easy with Prokuria. Cut your procurement costs without compromising on quality! With Prokuria's cloud-based platform, you can streamline your procurement, purchase, and sourcing process and save time and money wi...Read more about Prokuria

4.94 (17 reviews)

Kissflow Procurement Cloud

Kissflow Procurement Cloud is ideal for companies that are either transitioning from manual procurement management tools, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, businesse...Read more about Kissflow Procurement Cloud

4.33 (12 reviews)


Cloudscene is a global marketplace platform that connects businesses with the knowledge, vendors, and tools they need to buy network services. Buyers on Cloudscene can easily and quickly find their optimum service providers, comp...Read more about Cloudscene

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Promena e-Sourcing is a cloud-based auction management, sourcing and procurement platform. It supports strategic solutions, such as request for information (RFI), request for proposal (RFP), request for quotation (RFQ) and e-aucti...Read more about Promena

4.96 (23 reviews)


ProcureWare by eBid Systems is a cloud-based platform that provides a suite of tools to manage supplier relationships. The solution supports the creation of a supplier self-registration process that allows access to a searchable s...Read more about ProcureWare

4.82 (11 reviews)


Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team m...Read more about Tradogram

4.48 (58 reviews)

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Easy to use Purchase Approval System for Small Business CFOs. ProcurementExpress is simple to use cloud-based purchase order software. The expert customer success team will help you set up the app so your whole team can spend re...Read more about

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Workday Strategic Sourcing

Workday Strategic Sourcing makes strategic sourcing simpler, smarter, and more streamlined than ever before. Its intuitive, cloud-based platform – encompassing everything from project intake through sourcing pipeline to contract a...Read more about Workday Strategic Sourcing

4.75 (4 reviews)

Market Dojo

Market Dojo is a cloud-based strategic sourcing and supply chain management solution. Key features include event management and auction planning, user management, reporting and white labeling. RFX functionality helps users to run...Read more about Market Dojo

4.65 (84 reviews)

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QLM Sourcing

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 about QLM Sourcing

3.86 (14 reviews)

Oracle Fusion Cloud SCM

Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM

3.89 (9 reviews)

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SynerTrade Accelerate

Synertrade Accelerate is a cloud-based procurement solution with a focus on sourcing and procurement professionals for all industries. Key features include strategic sourcing, spend analytics, supplier management, procure-to-pay a...Read more about SynerTrade Accelerate

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Ivalua, ALL Spend, ALL Suppliers, NO Compromises. Recognized as a Leader by Gartner & Forrester, Ivalua’s Source-to-Pay suite is leveraged by over 300 leading companies across the globe to manage over $500 Billion in direct and in...Read more about Ivalua

3.83 (6 reviews)

Zycus Procure-to-Pay Solution

Zycus offers a cloud-based sourcing and procurement suite that caters to businesses across various industry verticals such as automobiles, electronics, energy and utilities, health care and pharmaceuticals, insurance, retail and m...Read more about Zycus Procure-to-Pay Solution

4.00 (3 reviews)


Bonfire is a cloud-based strategic sourcing solution. Bonfire is designed to tackle the end-to-end sourcing workflows for various industries including indirect sourcing for manufacturing, CPGs, Retail and Hospitality, non-profits,...Read more about Bonfire

4.33 (9 reviews)


Vendorful is a vendor lifecycle management solution that helps SMEs and Enterprises source, negotiate, contract, manage, and measure the performance of their vendors. It is available as SaaS in the public cloud and can also be dep...Read more about Vendorful

4.80 (5 reviews)

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Enterprise Resource Planning is a very effective tool to manage, control and optimize business processes. It helps in streamlining all the operations under one roof and helps in improving the overall productivity of the business. ...Read more about TYASuite

4.19 (43 reviews)

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It’s not easy to source the right product, technology or service — and choosing the wrong vendor or supplier is costly. Instead of making things easier, traditional RFPs and other types of RFx (RFI, RFQ and more) complicate the pr...Read more about RFP360

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Anvyl is a production management platform that allows companies to manage purchase orders, communicate with suppliers, and house historical supply chain data from procurement to delivery of inbound goods. The collaboration engine ...Read more about Anvyl

4.32 (22 reviews)

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VISCO was designed specifically for importers and distributors, with an emphasis on chemical, plastics, seafood and wine. It is an integrated system with warehouse management, inventory management and procurement features. By...Read more about VISCO

4.52 (32 reviews)

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Buyers Guide

Last Updated: November 23, 2022

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.