Best Strategic Sourcing Software for 2023

Best strategic sourcing software are Prokuria, Workday, SAP Ariba, Basware, and Procurify. 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

Showing 1 - 20 of 32 products
#1

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: Starting Price: $1990 Per Month

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Category Champions | 2023

#2

Easy to customize, fast to start, and intuitive to work with, Prokuria is a cloud-based platform for automating sourcing, purchasing and supplier management delivering cost and time saving procurement solutions. Read Prokuria Reviews

Starting Price: Starting Price: $20 User/Month

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Recent Review

"User-friendly interface" - Barbulescu Ana-Gabriela

Most Reviewed
#3

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: Starting Price: $17.36 Per Month

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Recent Review

"excellence experience of managing " - Sethu

Category Champions | 2023

#4

workday Professional Service Automation System is a cloud-based software that gives resource management, portfolio manage and project leader, and secure data & financial data. It is to manage fully workforce automation lifecycle in a system and an easy links unstaffed job opening requisitions for external fulfillment in the software. Read Workday Reviews

Starting Price: Available on Request

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Recent Review

"Best of for small business and departments" - Abu Zar

Category Champions | 2023

#5

SAP Ariba is the latest contract management software for store information, strengthen compliance and run the lifecycle. Complete packaging with attributes i.e control on the process, immediate access, visibility and save e signature. Read SAP Ariba Reviews

Starting Price: Available on Request

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Recent Review

"Easy to finalise the vendore" - Abhishek Kumar

Emergents | 2023

#6

The Zycus eProcurement solution, comprising of features like Catalog Management, Requisitions & Approvals, Purchase Orders and Supplier Portal helps you avoid such outcomes. Further, the user experience is driven to much higher levels of end-user adoption and compliance with our e-Procurement innovation - Guided Buying. Read Zycus e-Procurement Reviews

Starting Price: Available on Request

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Recent Review

"Friendly guided procurement" - Elroy Silveira

Emergents | 2023

#7

SYSPRO ERP is sold in modules, you are able to select only the modules that you require upfront and add modules to your system as your company grows and requirements change. The modules cover every aspect of Finance, Manufacturing and Distribution, as well as advanced reporting capabilities, planning and automated workflows. Therefore, your system can be as basic or advanced as your needs demand. Read SYSPRO ERP Reviews

Starting Price: Available on Request

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Recent Review

"It is easy to use and flexible solutions" - Tapan Padaliya

#8

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

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Recent Review

"The best social networking app in the world" - ashraf balaawey

Contenders | 2023

#9

Procurify is a cloud e-procurement software as a service solution. It strives to make purchasing extremely easy and compatible with all operating systems. It is trying to modernize the way procurement is done within organizations.  Read Procurify Reviews

Starting Price: Available on Request

Recent Review

"Best in the business " - Rajesh Ravichandran

Contenders | 2023

#10

Basware global leader in providing purchase to pay and e-invoicing solution of eProcurement for any size of the company, with significant cost saving, more flexible payment terms, greater efficiency. Nicely manage finance and business network. Read Basware Reviews

Starting Price: Available on Request

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Recent Review

"Essential P2P tool that I'm always delighted to use" - Marta Gorska

Contenders | 2023

#11

SMART by GEP is a complete, unified sourcing and procurement platform native to cloud, touch and mobile technologies – from one of world’s leading global providers of procurement solutions, GEP. Learn more about GEP Smart

Starting Price: Available on Request

High Performer | 2023

#12

ProcurePort is a fully featured eProcurement Software designed to serve Agencies, Enterprises. ProcurePort provides end-to-end solutions designed for Web App. This online eProcurement system offers Supplier Risk Management, Receiving, Template Management, Purchase Order Management, Supplier Management at one place. Learn more about ProcurePort

Starting Price: Available on Request

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Contenders | 2023

#13

Coupa's expense management software simplifies entry, streamlines review, eliminates paper pushing, and reduces administrative effort across the organization. Easy-to-use for all users, Coupa Expenses automates all tasks from creating and submitting to approving, while helping companies optimize their expenses spend. Learn more about Coupa

Starting Price: Available on Request

Mobile App

Emergents | 2023

#14

Web3 Wax is a fully featured eProcurement Software designed to serve Enterprises, Startups. Web3 Wax provides end-to-end solutions designed for Windows. This online eProcurement system offers Receiving, Catalog Management, Sourcing Management, Contract Management, Invoice Processing at one place. Learn more about Web3 Wax

Starting Price: Available on Request

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High Performer | 2023

#15

Jaggaer is one of the eProcurement software solutions that provides a configurable, guided buying solution so that your procurement can be flow towards strategically contracted supplier. Also can track the contract compliance, manage catalogs and improve spend management. Learn more about JAGGAER

Starting Price: Available on Request

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Emergents | 2023

#16

Proactis is a fully featured eProcurement Software designed to serve Agencies, SMEs. Proactis provides end-to-end solutions designed for Windows. This online eProcurement system offers Spend Management, Supplier Management, Requisitions & Approvals, Catalog Management, Inventory Management at one place. Learn more about Proactis

Starting Price: Available on Request

Mobile App
API

Emergents | 2023

#17

Scanmarket is a fully featured eProcurement Software designed to serve Enterprises, Agencies. Scanmarket provides end-to-end solutions designed for Web App. This online eProcurement system offers Auction Management, Contract Management, Sourcing Management, Spend Management, Supplier Management at one place. Learn more about Scanmarket

Starting Price: Available on Request

Mobile App
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Emergents | 2023

#18

GoBonfire is a fully featured eProcurement Software designed to serve SMEs, Agencies. GoBonfire provides end-to-end solutions designed for Windows. This online eProcurement system offers Bid Management, Auction Management, Supplier Management, Spend Management, Collaboration at one place. Learn more about GoBonfire

Starting Price: Available on Request

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High Performer | 2023

#19

CBX Cloud is a fully featured Sourcing Software designed to serve Enterprises, Agencies. CBX Cloud provides end-to-end solutions designed for Web App. This online Sourcing system offers Supplier Web Portal, Supplier Risk Management, Rfx Management, Collaboration, Global Sourcing Management at one place. Learn more about CBX Cloud

Starting Price: Available on Request

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Contenders | 2023

#20

Anaplan is a fully featured Accounting Software designed to serve Enterprises, Agencies. Anaplan provides end-to-end solutions designed for Windows. This online Accounting system offers Key Performance Indicators, Incentive Programs, Dashboard, Territory Management, Idea Management at one place. Learn more about Anaplan

Starting Price: Available on Request

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Until 31st Mar 2023

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Strategic Sourcing Software Guide

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 softwarekey 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

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

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 toolsThe 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 For 2022

5 Best strategic sourcing software

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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

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 processIt 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

Strategic sourcing software gathers information from sales channel and further helps businesses design appropriate sourcing strategies.

The strategic sourcing software helps in the deployment of 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.

Last Updated: February 27, 2023