Categories   >   Strategic Sourcing Software
Last Reviewed: November 18th, 2024

Best Strategic Sourcing Software Of 2024

What is Strategic Sourcing Software?

Strategic Sourcing Software (SSS) spearheads effective sourcing by transforming methodology into a strategic business process. By centralizing procurement data and streamlining sourcing events, it solves issues like maverick spend and supplier risk. The technology ensures smart spending decisions and strengthens supplier relationships thereby deriving maximum value from each procurement. Core features include supplier management, RFP process automation, and contract management. Expect AI-enabled predictive analytics, blockchain for traceability, and advanced data integration in emerging developments. Users across various industries like manufacturing, retail, healthcare, or any business with a sizeable procurement function stand to gain. However, the software's success hinges on consistent data entries and user engagement, which could be potential deterrents. Despite this, the SSS strong-arm is undeniable—it optimizes procurement, fosters supplier relationships, and drives cost savings—making it a cornerstone of any modern, strategic procurement strategy.

What Are The Key Benefits of Strategic Sourcing Software?

  • Optimizes procurement process
  • Strengthens supplier relationships
  • Reduces sourcing costs
  • Manages supplier risk
  • Streamlines sourcing events
  • Automates RFP processes
  • Centralizes procurement data
  • Enhances contract management
  • Improves decision-making
  • Drives organizational savings
Read more

Overall

Based on the latest available data collected by SelectHub for 80 solutions, we determined the following solutions are the best Strategic Sourcing Software overall:

Ariba
Ariba
Start Price
$50
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Ariba

SAP Ariba is a comprehensive tool designed to help organizations with procurement, sourcing and supply chain management. User reviews suggest that data emailing and a steep learning curve are a couple major drawbacks of the product. The customer support is slow for light account users as well. Another con is that lags occur during basic navigation tasks. However, consistent product updates help solve such hindrances and consistently add new capabilities. It’s easy to use and can be easily synced with an ERP solution, which many users cite as a great advantage. All in all, it provides strong benefits but has some drawbacks that may make other solutions a better choice.

Pros & Cons

  • Regular Feature Updates: New features are regularly introduced in the software, which is an advantage according to all reviews on this aspect.
  • Easy to Use: More than 90% of reviews on this feature suggest that the software has an intuitive user interface and all features are easy to navigate.
  • ERP Synchronization: It’s easy to integrate with an ERP system, a chief benefit as all reviews on the topic indicate.
  • Data Emailing: According to 80% of reviews on email capabilities, sending generated data via emails is slow and cumbersome.
  • Learning Curve: It has a learning curve for new users, as all reviews on this aspect state.
  • Lags Sometimes: According to all reviews on speed, the website lags occasionally while opening windows or clicking on drop down menus.
  • Customer Support: User support is quite slow especially for light account users, according to all reviews on customer support.

Key Features

  • Buying and Invoicing: A configurable interface with built-in approvals keeps up-to-date with compliance and cataloging. Removes the difficulty in the procure-to-pay process by simplifying the management of each step and supports businesses agility and scalability through global spend and visibility tools. 
  • Financial Supply Chain Management: Streamline operations by eliminating manual entry and applying automation to complex processes. Link purchase orders to invoices, improve metric capture, comply with tax regulations, capture payment discounts and more. 
  • Strategic Sourcing: Integrates into procurement execution processes for increased visibility, more savings opportunities and spend segmentation. Enables teams to organize and standardize their source-to-contract tasks, as it aggregates purchase orders with proper classification. 
  • Direct Spending: Integrates with all processes from product design to manufacturing and delivery, which helps: 
    •  Speeds up the time to market and provides a head start on the competition. 
    •  Boosts supplier collaboration by identifying product shortages before they become costly problems. 
    •  Increases supply chain visibility to increase fill rates and reduce overall inventory levels. 
  • E-Procurement: Helps reduce bottom-line costs by delivering optimal negotiated savings rates. Decreases buying cycles by up to 50%, lowers supply costs by 10% and reduces processing costs by up to 60%. 
  • Intelligent Spend: Users can simultaneously handle spend by category as well as coordinate spend policies for supply chain operations with a fully unified view of all spend processes. Supports all critical spend categories, including direct and indirect materials, external labor, travel and other expenses. 
  • Buyer Services: Robust deployment services, solution consultations and adoption support enables a quick deployment and ensures that requirements are met right out of the gate. 
SAP SRM
SAP SRM
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked SAP SRM

SAP SRM has garnered mostly positive reviews from users over the past year, praising its robust features and integration capabilities with other SAP modules, which many find helpful for streamlining their procurement processes and enhancing supplier collaboration. Users particularly appreciate the software's ability to improve compliance and spend visibility, leading to more significant cost savings and better control over procurement operations. However, some users find the user interface outdated and less intuitive compared to modern procurement solutions. The steep learning curve and high implementation costs are also common criticisms, making it less appealing to smaller organizations. For example, one user noted that "setting up a new profile takes time," highlighting the software's complexity. Overall, SAP SRM emerges as a comprehensive solution best suited for large enterprises with complex procurement needs due to its extensive features and integration capabilities, despite its drawbacks.

Pros & Cons

  • Robust Integration: Seamlessly integrates with other SAP modules, like ECC and HCM, streamlining operations and data flow for procurement activities.
  • Comprehensive Functionality: Offers strong contract lifecycle management, supplier evaluation, and procurement analytics in one platform.
  • Real-Time Collaboration: Enables real-time collaboration with suppliers, facilitating communication and feedback loops.
  • Improved Spend Analysis: Provides tools for spend analysis and web-based reporting via NetWeaver BI, leading to better cost control and insights.
  • Steep Learning Curve: Users find it difficult to learn how to use due to its complexity.
  • High Implementation Costs: Implementing the software can be expensive, especially for large enterprises.
  • Performance Issues: Users report occasional performance issues, such as slow loading times or system unresponsiveness, hindering productivity.

Key Features

  • Catalog Management: Create customizable internal catalogs and access supplier-provided external ones. Manage and integrate product information data with accounting and finance operations. 
  • Procure-to-Pay: Enable a seamless process from purchase requisitions to supplier payment. Access streamlined inventory management and improve supplier relationships to help deliver efficiency and accuracy. 
  • Contract Management: Generate operational contracts and use them as a source of supply while tracking contract usage and performance and enabling compliance.  
  • Self-service Procurement: Access any product information using the multi-product catalog and enable purchase as per the procurement policy. 
  • Reporting & Analytics: Generate, manage and access reports as the operational and strategic purchaser role. Analyze data from these reports to handle costs and help conduct business effectively. 
Tradeshift
Tradeshift
Start Price
$3,600
Annually, Freemium
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Tradeshift

Tradeshift is a cloud-based platform that helps businesses manage their spending and supplier relationships. Users appreciate its user-friendly interface and comprehensive features, which include supplier management, order management, invoice management, and payment management. The platform's ability to automate tasks and streamline processes saves businesses time and money, while its real-time data and analytics provide valuable insights into spending patterns and supplier performance. However, some users have noted that Tradeshift can be pricey, especially for smaller businesses, and that it may not integrate seamlessly with all existing systems.

What sets Tradeshift apart is its focus on collaboration and supplier engagement. The platform makes it easy for businesses to connect and communicate with their suppliers, which can lead to stronger relationships and improved supply chain efficiency. Additionally, Tradeshift offers a range of financial solutions, such as dynamic discounting and supply chain financing, which can help businesses optimize their working capital. Overall, Tradeshift is a good fit for businesses of all sizes that are looking to improve their procurement processes and build stronger relationships with their suppliers. Its ease of use, comprehensive features, and focus on collaboration make it a valuable tool for any organization looking to take its procurement to the next level. Keep in mind that the software landscape is constantly evolving, so it's always a good idea to check for the latest information and updates before making any decisions.

Pros & Cons

  • Easy to Use: Tradeshift receives consistent praise for its user-friendly interface and intuitive design, making it easy for both buyers and suppliers to navigate and utilize its features effectively.
  • Automation Capabilities: The platform's automation features, such as automated invoice processing and purchase order creation, streamline procurement processes, saving time and reducing manual effort for users.
  • Collaboration Tools: Tradeshift facilitates seamless collaboration between buyers and suppliers through features like shared workspaces, document sharing, and real-time communication, fostering stronger relationships and improving efficiency.
  • Global Reach: With its extensive network and support for multiple languages and currencies, Tradeshift enables businesses to connect and transact with suppliers and buyers worldwide, expanding their procurement opportunities.
  • Scalability: Tradeshift's cloud-based platform offers scalability to accommodate the evolving needs of businesses as they grow, ensuring that the solution can adapt to changing requirements and transaction volumes.
  • Limited Functionality for Procurement Teams: Tradeshift primarily focuses on accounts payable automation and e-invoicing, which may not fully address the broader needs of procurement departments, such as spend analytics, contract management, and supplier relationship management.
  • User Interface Complexity: Some users find the platform's interface to be complex and challenging to navigate, particularly for those new to e-procurement systems. The learning curve can be steep, requiring additional training and support.
  • Integration Challenges: Integrating Tradeshift with existing ERP or procurement systems can be a complex process, potentially requiring significant IT resources and customization. This can lead to implementation delays and additional costs.

Key Features

  • Supplier Onboarding: Tradeshift provides strong onboarding to a digital environment that they guarantee with a Service Level Agreement. Easy and intuitive invoicing interfaces along with a powerful seller experience makes onboarding easy. A dedicated team of onboarding experts can help get things running for a quick ROI. 
  • Financial Management: Control financial tasks with dynamic discounting, flexible financing and virtual credit cards. Users can switch between bank and user-funded solutions, leverage early payment programs with supplier segmentation, and connect multiple bank accounts to a single system for easy access. 
  • No Integration Needed: Adopt a modern and manageable buying experience into your e-procurement tools. There is no lengthy delay required to get up and running with this software. 
  • Marketplace Manager: Create a marketplace that lets employees shop while also accessing all supplier content and punchouts. It also allows for the creation of a public spot market to better collaborate while discovering new suppliers. 
  • Mobile Apps: Stay on the move with access to integrations and important documentation through internet-enabled devices. Don’t stay chained to a desk with Tradeshift Buy and Pay. 
  • AP Automation: Complete 100% of your invoice volume through digital transactions instead of relying on old analog scanning methods. Free up valuable employee time by cutting out tedious data entry tasks. 
  • Procurement: Tradeshift focuses on connecting suppliers with clients while providing searchable catalogs for use within supply chains. 
Zycus
Zycus
Start Price
$50,000
Quote-based, Annual
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Zycus

Zycus Source-to-Pay evokes mixed emotions among users. Some praise its comprehensive functionality, calling it a "one-stop shop" for procurement needs. They highlight its strengths like user-friendly catalog management, streamlined contract management, and end-to-end visibility, leading to smoother procure-to-pay processes. "It's like having a highly efficient assistant managing all our sourcing and spending," one user gushes. However, others find the platform's complexity daunting. The abundance of features can feel overwhelming, leading to slow adoption and low utilization. "It's powerful, but the learning curve is steep," admits another user. Customization options are also a double-edged sword. While Zycus offers flexibility, some find the configuration rigid, limiting tailoring to specific workflows. "I wish it could bend a little more to fit our unique needs," laments a user. Integration also presents challenges. Difficulty syncing Zycus with existing systems can create data silos and disrupt processes. One user complains, "It's like information gets stuck in traffic jams between Zycus and our ERP." Reporting and analytics capabilities also receive criticism. Limited pre-built reports and lack of customization options leave some users feeling blindsided by data. "I need better insights to make informed decisions, but the reporting tools are just clunky," one user sighs. Cost is another major concern. Zycus' hefty initial investment and ongoing maintenance fees raise questions about ROI. "It's a big financial commitment, and I'm not sure we're seeing the cost savings we were promised," admits a user. Despite these drawbacks, Zycus' strengths remain undeniable. Its comprehensive suite, user-friendly interface, and strong vendor management capabilities set it apart from competitors. But for Zycus to truly win over users, it needs to address complexity, improve integration, and offer more flexible and insightful reporting tools. Only then can it live up to its potential as a truly transformative procurement platform.

Pros & Cons

  • Streamlined Workflow: Zycus automates manual tasks, reducing cycle times and errors, freeing up procurement teams for strategic initiatives.
  • Deeper Supplier Insights: Gain 360° visibility into supplier performance, enabling better collaboration and risk management.
  • Cost Savings Opportunities: Identify and capture hidden savings through e-sourcing, spend analytics, and contract optimization.
  • Enhanced Compliance: Ensure adherence to regulations with automated controls, mitigating risks and penalties.
  • Scalable and Adaptable: Zycus's modular platform grows with your business, adapting to changing needs and procurement complexities.
  • Complexity and Learning Curve: Extensive features and modules can overwhelm users, leading to slow adoption and low utilization.
  • Customization Challenges: Rigid configuration options limit tailoring the platform to specific workflows and needs.
  • Integration Issues: Difficulty integrating Zycus with existing ERP and financial systems, causing data silos and process disruptions.
  • Reporting and Analytics: Limited pre-built reports and lack of customization options hinder data-driven decision-making.
  • High Cost and ROI Concerns: Hefty initial investment and ongoing maintenance fees raise questions about long-term return on investment.

Key Features

  • Streamlined Procurement Processes: Automate and simplify requisitioning, sourcing, contracting, and invoice management, reducing cycle times and costs.
  • Spend Visibility and Control: Gain real-time insights into spending patterns across categories, suppliers, and locations to identify opportunities for cost savings and contract optimization.
  • Supplier Collaboration: Enhance supplier relationships through self-service portals, e-sourcing tools, and collaborative contract management functionalities.
  • Risk Management: Mitigate procurement risks through supplier prequalification, spend analytics, and compliance tools.
  • Supplier Onboarding and Lifecycle Management: Streamline supplier onboarding, qualification, and performance management with automated workflows and centralized data management.
  • Supplier Collaboration and Communication: Foster stronger supplier relationships through secure self-service portals, real-time communication channels, and collaborative tools.
  • Supplier Performance Management: Track and evaluate supplier performance based on key metrics, identify improvement areas, and drive continuous improvement.
  • Risk Mitigation: Proactively identify and address supplier risks through prequalification assessments, compliance monitoring, and risk scoring tools.
  • Automated Sourcing: Reduce sourcing cycle times and effort through automated e-sourcing tools for RFQs, RFPs, and auctions.
  • Reverse Auctions: Drive competitive pricing and cost savings through dynamic reverse auctions that leverage supplier competition.
  • Sourcing Optimization Tools: Utilize advanced analytics and data-driven insights to optimize sourcing strategies, identify best-value suppliers, and negotiate better contracts.
  • Supplier Relationship Management: Foster stronger supplier relationships through collaborative sourcing processes, supplier feedback mechanisms, and post-award communication tools.
  • Centralized Contract Repository: Store and manage all contracts in a single, secure repository for easy access, version control, and auditability.
  • Automated Contract Management: Automate contract approvals, renewals, and compliance checks to improve efficiency and reduce risks.
  • e-Signature and Approval Workflows: Streamline contract execution and approval processes with electronic signatures and automated workflows.
  • Contract Analytics and Reporting: Gain valuable insights into contract performance, identify areas for improvement, and optimize contract terms.
  • Real-time Spend Analytics: Gain real-time visibility into spending patterns across categories, suppliers, and locations to make data-driven procurement decisions.
  • Advanced Reporting and Dashboards: Generate customizable reports and dashboards to track key performance indicators, identify trends, and measure the effectiveness of procurement initiatives.
  • Predictive Procurement: Leverage AI and machine learning to predict future spending patterns, identify potential risks, and optimize procurement strategies.
  • Benchmarking and Best Practices: Compare your performance against industry benchmarks and best practices to identify areas for improvement and drive continuous improvement.
Jaggaer
Jaggaer
Start Price
$45,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Jaggaer

Jaggaer helps manage the contract lifecycle end-to-end. It has an easy-to-navigate user interface, which is a noteworthy benefit of the tool. A comprehensive set of solutions and great support quality are some other pros most reviews mention. Users also like how the frequent software updates add more capabilities.
However, questionable data security is a concern to weigh. Users also say the reporting tools need improvement and that the system has cumbersome item search options. Apart from potential security issues, it's a good option for those looking for a comprehensive contract management product.

Pros & Cons

  • All-in-One Solution: It’s a one-stop solution covering all analytics and spend management requirements, according to all reviews on capabilities.
  • Support Quality: More than 95% of reviews on this topic state that the company offers highly responsive and effective support to users.
  • Software Updates: The system rolls out consistent and helpful updates based on user feedback, which is a plus according to all reviews about updates.
  • User Interface: It has a UI that’s easy to use and navigate, according to 100% of reviews on the topic.
  • Data Security: It stores user data on a third-party public cloud, which all reviews on the topic cite as worrisome for the potential of a breach of data security and compliance issues.
  • Reporting Capabilities: Approximately 65% of reviews suggest that reporting features such as document exchange, exception handling and spend history need better communication among suppliers and their customers.
  • Item Search: More than 80% of reviews referencing this feature indicate that it’s slow and cumbersome to perform item searches.

Key Features

  • Analytics: Includes an embedded AI software that provides complete visibility of outcomes, operational supply chain and spend activities. 
  • Contract Management:  
    • Spend Analytics: Provides access to view actionable insights anytime and anywhere for all spending. Helps identify saving opportunities and increase revenue via analytics. 
    • Supplier Management: Ensures optimal spend analytics by offering complete visibility of each supplier’s performance. 
    • Sourcing: Compare multiple scenarios and sourcing options, manage sourcing pipelines, and engage more with suppliers and evaluators, all of which help lower costs and build better relationships. 
    • Contracts: Digitize and streamline contracts, gain visibility across the lifecycle and create contracts with a single click. 
    • Category Management: Helps build, track and iterate for strategies handling digital procurement categories. Analytics helps drive all recommendations for future strategies and plans. 
  • Procure-to-Pay Management:  
    • E-Procurement: Simplifies the shopping experience for buyers with features such as smart buying suggestions, automated reordering on contract, proactive tracking, automated approval workflows and more. 
    • Invoicing: Create, approve and manage all invoices through configurable automation capabilities. Digitize invoices, whether manual or electronic, to execute touchless conversion invoicing processes. 
    • Inventory Management: Drive savings and improve shopping experiences with connected internal stockrooms and procurement. Facilitate stock tracking and management and purchasing compliance. 
  • Supply Chain Management: Automates supply chain management for purchasing direct materials. Includes: 
    • Supply Chain Collaboration: Enables electronic collaboration with suppliers and management of direct material purchasing operations. 
    • Quality Management: Collaborate with multiple suppliers and automate all quality management processes. 
Basware
Basware
Start Price
$15,000
Per Invoice Transaction, Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Basware

Basware is a solution for companies looking for source-to-pay tools, e-invoicing, analytics and value-added services. It is easy to learn, which is a prominent advantage of the suite. Reviews suggest that it is easy and affordable to install as well. However, the program lags sometimes when transfering a lot of invoices at the same time. Support resolution is also slow according to user reviews. Altogether, it’s a fine choice for B2B companies looking for a purchase-to-pay and e-invoicing solution with a user-friendly interface and affordable price.

Pros & Cons

  • Implementation: All reviews on the topic suggest that it’s extremely simple and affordable to implement.
  • User Interface: The software has a clean, interactive and user-friendly interface, according to 100% of reviews on this aspect.
  • Easy to Learn: Every reviewer mentioning this aspect agrees that it’s quite easy to learn and adapt to, without any technical training.
  • Program Lags: The software may lag or freeze sometimes while transferring multiple invoices at once, according to all reviews on this aspect.
  • Support Ticket: Ticket and issue management is slow sometimes, as all reviews on the quality of support suggest.

Key Features

  • Procure-to-Pay: Offers automation for several features including point of order, purchasing, receiving and payments, accounting and more. 
    • Analytics: Provides access to spend and helps identify opportunities, optimize cash flow and make strategic, data-driven decisions. 
    • AI and Machine Learning: Replaces manual tasks, captures invoices, performs data extractions, saves time and reduces the probability of errors. 
    • Support Services: A customer care team of dedicated support specialists assists with identifying and resolving issues, as well as modifying business processes. Other features include customer service management that enables continuous improvements in organizational processes and offers several supplier enablement tools. 
    • Source-to-Pay: Supports strategic contract lifecycle management and sourcing to strengthen vendor relationships along with negotiation stages. Also offers electronic purchase requisition procurements, validation of invoice receipts and discount management on early payment. 
  • AP Automation:  
    • Discount Management: Several tools support supplier activation, automation, analytics and dynamic discounting to carry out discount management with ease. 
  • Network:  
    • E-Invoicing for Buyers: Connects users with suppliers to let them share invoices electronically. Receive invoices in any format such as XML, EDI, PDF or paper, which the solution converts to deliver as an electronic invoice. 
    • E-Invoicing for Suppliers: Receive POs and share invoices with buyers electronically. Ensures compliance and global operations. Improves transaction status visibility and timely payment performance. 
    • Network Interoperability: Provides open network interoperability with 220+ e-invoicing network partners globally. Includes country-specific networks as well. 
  • E-Procurement:  
    • Marketplace: Connect with suppliers through punchouts and catalogs to facilitate guided purchasing, e-procurement, price negotiations, supplier collaborations and more. 
    • Strategic Sourcing: Helps conduct and manage electronic auctions, collect, store and evaluate supplier information, manage projects and contracts, and onboard suppliers easily and quickly. 
  • Supplier Management: Enables centralized visibility over supplier information, with automated updating in real time. Includes end-to-end visibility for each supplier’s performance and facilitates timely receipt of payments. 
  • Working Capital: Leverage automated and integrated visibility into spending, a variety of discount programs for receipt of early payments, dynamic discounting and more. 
  • Travel and Expense Management: Submit travel plans for approval before reservations and capture, claim and take actions on submitted expenses and reports at any time via the mobile app. 
Quartzy
Quartzy
Start Price
$159
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Quartzy

Is Quartzy the answer to your lab's inventory woes? Users rave about its ease of use, especially when compared to the clunky, time-consuming process of managing inventory with spreadsheets. Quartzy's intuitive interface allows teams to transition from Excel sheets to a streamlined system within a single day. The platform's ability to track orders, shipments, and inventory levels in one central location eliminates the need to sift through confusing spreadsheets, saving valuable time and reducing the risk of errors.

Users highlight Quartzy's seamless integration with leading brands like MilliporeSigma, New England BioLabs, and Qiagen, making it a breeze to add products to their inventory. The platform's mobile accessibility allows users to track inventory levels, create barcode labels, and scan barcodes from their mobile devices, further streamlining the process. However, some users have expressed disappointment with the lack of rush shipping options for all items, which can be a drawback for urgent orders.

Quartzy is a perfect fit for research and development businesses, particularly those with small to large teams who are looking to simplify their lab management processes. The platform's user-friendly interface, comprehensive features, and integration with leading brands make it an ideal solution for labs seeking to improve efficiency, reduce errors, and gain valuable insights into their inventory and purchasing patterns.

Pros & Cons

  • Easy to Use: Users find Quartzy intuitive and easy to navigate, even for those new to lab inventory management software. They appreciate the straightforward interface and clear instructions.
  • Streamlined Ordering: Quartzy simplifies the ordering process by allowing users to create requisitions, track orders, and manage inventory levels all in one place. This eliminates the need for multiple spreadsheets and manual tracking.
  • Improved Communication: Quartzy facilitates communication between lab members, vendors, and administrators. Users can easily send requests, track approvals, and receive notifications about order status.
  • Enhanced Efficiency: By automating tasks like ordering and inventory tracking, Quartzy frees up researchers' time to focus on their experiments. Users report significant time savings and increased productivity.
  • Cost Savings: Quartzy helps labs manage their budgets by providing insights into spending patterns and identifying opportunities for cost optimization. Users have reported reducing waste and unnecessary purchases.
  • Limited Customization: Some users have found that Quartzy's customization options are limited, making it difficult to tailor the platform to their specific needs. For example, they may not be able to create custom fields or reports that are relevant to their inventory management processes.
  • Steep Learning Curve: The platform's interface can be complex and challenging to navigate, especially for new users. This can lead to frustration and a longer time to become proficient with the system.
  • Integration Challenges: Users have reported difficulties integrating Quartzy with other systems they use, such as their laboratory information management system (LIMS) or their accounting software. This can create inefficiencies and require manual data entry, which can be time-consuming and error-prone.
  • Lack of Mobile App: The absence of a dedicated mobile app can make it difficult for users to manage their inventory on the go. This can be a significant drawback for researchers or lab personnel who need to access inventory information from their mobile devices.

Key Features

  • Inventory: Customize an inventory manager to track and submit order requests for lab supplies. Manage item quantities, location, expiration and other details related to products. 
  • Search & Filter: Seamlessly search, add and filter using an item name or catalog number for an efficient workflow. 
  • Quartzy Shop: Access a categorized list of over 10 million lab supplies from trusted vendors directly from one’s fingertips. 
  • Tracking: Customize and track product data as per their relevance to particular fields and labs using an interactive, virtual interface. 
  • Dashboard: Simplify navigation to view and process product information using a streamlined dashboard. 
  • Reports: Create and streamline back-ups of order histories. Generate custom reports to analyze and organize medical budgets and product information. 
Procurify
Procurify
Start Price
$1,000
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Procurify

Procurify is an easy-to-use system that improves budget management, provides useful templates for orders and simplifies item purchasing. It also offers user-friendly navigation, autofill features and more. However, reviews cite a slow system, difficulty in integration and the lack of inventory management as some drawbacks. It also loses newly received items due to list refreshes. Overall, it’s a good fit for companies that require frequent purchasing and expense management.

Pros & Cons

  • Ease of Use: According to all users mentioning this aspect, the system is very easy to use and has a low learning curve.
  • Purchasing: It’s easy and quick to order supplies, making the purchasing process smooth in the experience of all the reviewers referring to this feature.
  • Ordering: This feature helps keep things in order and provides ready-made templates to order multiple items, according to all reviews referring to it.
  • Autofill: All users mentioning this aspect say the system helps auto-fill fields and recurring orders.
  • Budget Management: It's easier and quicker to analyze and approve budgets, according to 60% reviews mentioning this feature.
  • Navigation: Navigation between systems and features is seamless, according to all reviews referencing this aspect.
  • Interface: More than 70% of users mentioning the interface report that the system has bugs and is slow.
  • Integration: More solutions need to be added as integration options, as more than 65% reviews that mention this feature note.
  • Receiving Items: All the reviewers mentioning this aspect observe that every time a new item is received, the main list refreshes and the item is lost.
  • Inventory Management: Every user mentioning this aspect say this feature would be better if it helped track inventory.

Key Features

  • Approval Process: Customize and decide approval flows, control who gives approvals, and set approvals based on location, departments, users and dollar thresholds. Get notified and check real-time impact of budgets before approval. 
  • Purchasing Workflows: Streamline item purchase, approval, receiving and requests and match invoices to POs for payment. Pay with 3-way matching, generate POs and search for records. 
  • Budget Tracking: Track budgets in real time, keep a check on expenses and set up budget by projects, departments and more. Check the impact of new items on the budget before purchase and access graphs on actual and committed spending. 
  • Expense Management: Monitor personal spending or spending on credit cards, loop paper receipts and upload statements on the mobile app. 
  • Vendor Management: Manage vendors and track their performance against set parameters, create purchase orders, check for received items before making payments and create catalogs to order items from the right place. 
  • Spend Analysis and Reporting: Log spending and purchases, leveraging reporting graphics to get insights on trends. Access spend analysis divided into set categories like departments, users and more. 
  • Audit Logs: Capture, record and manage the history of all purchasing documents, including what edits were made and who made the request, approved purchase and received the items. 
  • User Permission: Set and customize job roles based on requirements and at a glance view permissions that are enabled for specific job roles. Limit access to administrative pages to specific job roles. 
Ivalua
Ivalua
Start Price
$150,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Ivalua

Ivalua receives praise for its robust functionality and adaptability to complex procurement processes. Users appreciate its ability to handle intricate sourcing events, contract management, and supplier collaboration. Its strength lies in providing a comprehensive suite of tools that streamline procurement operations, from requisition to payment. However, some users note that Ivalua's extensive features can lead to a steeper learning curve, requiring dedicated training and support. Compared to competitors like Coupa and Jaggaer, Ivalua stands out with its focus on configurability and scalability, making it suitable for large enterprises with diverse procurement needs. This adaptability is crucial for organizations with global operations or intricate supply chains. Users highlight Ivalua's ability to integrate with existing ERP systems and its user-friendly interface as key differentiators. While the initial setup may require effort, the long-term benefits of a tailored procurement solution make Ivalua a worthwhile investment for organizations seeking to optimize their procurement processes and achieve cost savings.

Pros & Cons

  • Source-to-Pay Digitization: Streamlines the entire procurement process, from sourcing and supplier management to contract management and invoicing, into a single digital platform.
  • Spend Visibility: Provides comprehensive insights into spending patterns, allowing for better cost control and identification of saving opportunities.
  • Supplier Management: Offers robust tools for onboarding, evaluating, and collaborating with suppliers, fostering stronger relationships and improved performance.
  • Contract Management: Simplifies contract creation, negotiation, and execution, ensuring compliance and mitigating risks.
  • Customization: Adapts to specific business needs and workflows, providing a tailored procurement solution.
  • Complex User Interface: The platform's interface can be overwhelming for new users due to its extensive features and functionalities. This complexity can lead to a steep learning curve and require significant training investment for effective adoption.
  • Customization Challenges: While Ivalua offers a high degree of customization, implementing and managing these customizations can be technically demanding. Organizations may require specialized IT expertise or external consultants to tailor the platform to their specific needs, potentially increasing implementation costs and timelines.
  • Reporting Limitations: Generating reports and extracting insights from data within Ivalua can be cumbersome. Users often find the reporting tools to be less intuitive and flexible compared to dedicated business intelligence platforms, making it challenging to gain comprehensive visibility into procurement performance.

Key Features

  • Source to Pay: Generate, observe and estimate value by internally connecting the S2P process for the complete operation. Cover all bases, from gaining maximum visibility to generating value, improving performance and developing a secure supplier base. 
    • Supplier Risk & Performance Management: Discover, onboard, manage and collaborate with suppliers to assign contracts while assessing risk data within a centralized, digitized space. Automate processes for real-time tracking to gain insights on categorized suppliers as per their risk types and resolve issues while following a streamlined workflow. 
    • Sourcing: Discover, track and source key suppliers and ensure contract compliance by accessing detailed insights using market research and contractual negotiations. 
    • Contract Management: Create, manage and negotiate contracts while collaborating across all facets and gaining maximum visibility. Access guided contract requests and automate processes by updating the contract repository. 
    • eProcurement: Digitize and optimize workflows, ensuring compliance while managing spend categories. Streamline purchase orders and update product catalogs while collaborating with suppliers. Control, manage and track budgets while analyzing real-time spend trends and data analytics. 
    • Invoicing: With features like one-click approvals, smart four-way matching and invoice automation, help create a streamlined invoicing process. Access eArchives for a lifetime reserve of invoices while seamlessly integrating into financial applications. 
    • Payments: Access real-time payment updates, transaction tracking and maximum visibility by enabling operational transparency in the supplier payment process. Minimize errors and frauds and grant B2B payments among cross-borders and domestic suppliers with full reconciliation. 
    • Spend Analysis: Generate personalized report analyses and ad-hoc and targeted KPIs to foster actionable insights. Access comprehensive reports and analytics based on sourcing, spend analysis, productivity, invoicing and accounts payable. 
  • Procure to Pay: Eliminate inconsistent data, maximize visibility and reduce unusual spending by digitizing the P2P process. Experience touchless, four-way smart matching along with invoice automation. 
  • Inventory Collaboration: Optimize and replenish stocks based on preset limits. Collaborate with suppliers and gain complete visibility across all inventory levels, from stock distribution to their locations. 
Proactis
Proactis
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Why We Picked Proactis

Proactis is a cloud-based solution for B2B organizations that require help with process automation and spend management. User reviews suggest that their customer support is slow to respond. Implementation can also be tricky based on how effectively the user can communicate their requirements. Great customization is a major advantage of the tool. A user-friendly interface and comprehensive set of features are some other pros that make it a holistic solution for those looking for a business spend management suite.

Pros & Cons

  • User-Friendly: More than 80% of reviews on this aspect indicate that the software has a simple and intuitive interface.
  • All-in-One Product: The software provides process automation and spend management solutions, including easy integration with all types of procurement and ERP systems, according to 100% of reviews.
  • Customization: Its features such as forms, user’s landing pages and vendor catalogs are extremely customizable, according to all reviews on this topic.
  • Customer Support: All reviews on this aspect suggest that their support team is slow to respond and time-consuming sometimes.
  • Tricky Implementation: According to 100% of reviews on this feature, implementation of the software can be tricky depending on how it's discussed with the vendor’s team at the testing stage.

Key Features

  • Procurement Control: Tools for purchasing professionals support the overall purchase process. Includes contract and supplier management, sourcing as well as marketplace solutions to help streamline procurement processes. 
  • Source-to-Contract: Record and store contracts, obtain real-time data insights about the firm’s financial liabilities and keep a well-maintained contract portfolio. 
    • Sourcing: Supports strategic sourcing processes with tools to enhance, optimize and streamline contract sourcing. 
    • Project Management: Optimizes procurement projects from planning to implementation and delivery. Standard practice templates reduce manual work and offer a complete overview of projects to all team members. 
    • Vendor Management: Provides complete control over the vendor lifecycle, including vendor information, a vendor directory and web-based tools for vendor appraisals. Helps measure performance and finalize the best performing vendors consistently. 
    • Contract Management: Drive optimized value for supplier contracts, ensure end-to-end contract compliance, and record all contracts for complete visibility and informed contract management. 
    • Catalog Management: Onboard new suppliers easily through effective and efficient features that include automated contract management, self-service catalog maintenance and streamlined collaboration with all suppliers. 
    • ERP Integration: Offers seamless integration with single or multiple ERP apps. Integrates with Microsoft Dynamics, Exact, Unit4, SAP, Coda, Oracle and others. 
    • Source-to-Contract Spend Intelligence: Provides a comprehensive view of business spendings in real time. Facilitates management of operational as well as financial performance. 
    • Source-to-Contract Reporting: Facilitates better buying decisions through contract reporting that shows all insights within the client’s performance. 
  • Purchase-to-Pay: Increased compliance with authorized procedures, invoice process automation and more improves visibility and control of business spending. 
    • Procurement: Provides complete control over item procurement and ensures smart and efficient allocation as well as usage of budgets. Intelligent search tools help navigate and find products easily, with guided buying and order compliance. 
    • Workforce Hiring: Streamlines hiring processes, granting the ability to define agreements, draft hiring contracts and facilitate candidate selection, job profile listing, time keeping and more. Automation in these steps and administration saves time. 
    • Budget Management: Real-time insights with reporting and streamlined dashboards enable controlled spendings and improve decision making. 
    • Expense Management: Supports digital claims and expense filing. Employees can view incurred expenses that comply with taxation regulations and policies. 
    • Account Payable Automation: Includes fully managed invoices and allows converting PDFs and hard copies into electronic invoices that are accessible anytime and anywhere. 
    • Invoicing: Offers invoice capture and management, an e-invoicing portal and accelerated payment capabilities. These streamline the invoicing process from receipt to payment, optimize cash flows, improve overall productivity and minimize risks. 
    • Accelerated Payment: Helps suppliers receive early payments in return of small discounts to buyers. Improves supplier data and CSR. 
    • Purchase-to-Pay Mobile Application: Several apps let employees approve requisition purchase orders, view and take actions on invoices, and much more, from an Android or iOS mobile device. 
  • Sourcing Software: Includes several collaborative, flexible and reliable features that support effective sourcing procedures. Helps create structured, visible and easy-to-track processes. 
  • The Business Network: Enables simple, faster and cost-effective buyer-supplier relationships. Suppliers can connect with thousands of enterprises through one secure network. Buyers can connect with verified suppliers, collaborate and close the best deals. 

COMPARE THE BEST Strategic Sourcing Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Strategic Sourcing Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Ariba
$50
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Ariba
SAP SRM
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SAP SRM
Tradeshift
$3,600
Annually, Freemium
No
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Mac Windows Linux Chromebook Android
Tradeshift
Zycus
$50,000
Quote-based, Annual
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Zycus
Jaggaer
$45,000
Annually
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
Jaggaer
Basware
$15,000
Per Invoice Transaction, Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Basware
Quartzy
$159
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Quartzy
Procurify
$1,000
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Procurify
Ivalua
$150,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Ivalua
Proactis
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Proactis

All Strategic Sourcing Software (80 found)

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ESM Solutions

by ESM Solutions
ESM Solutions
ESM Solutions offers cloud-based procurement management software designed to streamline purchasing processes for various organizations, including educational institutions, government bodies, and mid-sized businesses. The software is particularly beneficial for organizations dealing with a high volume of orders or complex procurement procedures. By automating tasks and providing greater visibility into spending, ESM Solutions helps organizations increase efficiency, reduce costs, and improve overall procurement management. Key features include a user-friendly interface, customizable bid and RFP templates, vendor management tools, and integration with other business systems. Users appreciate the software's ease of use and comprehensive reporting capabilities. ESM Solutions is competitively priced within the mid-range of procurement software options, with pricing based on the number of users and selected features.
Cost Breakdown
$500 - $1,000
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Precoro

by Precoro
Precoro
Precoro is a comprehensive software solution designed to streamline procurement processes for businesses. It is particularly well-suited for small to medium-sized enterprises looking to automate their purchasing, expense management, and supply chain operations. One of the key benefits of using Precoro is its ability to reduce manual work and errors, thereby saving time and improving efficiency. The software is popular for features such as automated purchase orders, real-time budget tracking, and customizable approval workflows, which collectively enhance the procurement process. When compared to similar products in the market, users often highlight Precoro's user-friendly interface and responsive customer support as distinguishing factors. Pricing for Precoro typically follows a subscription model, with costs varying based on the number of users and the specific features required by the business. This flexible pricing structure allows companies to scale the software according to their needs and budget.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
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Varis

by Varis
Varis
Varis is a popular software application that ranks 24 among all Procurement Software according to our research analysts and 1 crowd-sourced review from 1 source. Starting from $400000, Varis is priced within reason. Varis can be deployed online. Similar alternatives to Varis include Oracle Services Procurement, ITscope and Vendx.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Taulia

by Taulia
Taulia
Taulia is a popular software solution that ranks 25 among all Procurement Software according to our research analysts. Taulia is most applicable for businesses large and small. Taulia can be deployed online and is accessible from a fewer number of platforms including Windows devices. Similar alternatives to Taulia include Oracle Services Procurement, EstimateOne and Tradogram.
Cost Breakdown
$100 - $500
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eBuy

by eBuy
eBuy
EBuy is a well-known software tool that ranks 26 among all Procurement Software according to our research analysts. EBuy is most advisable for any company. EBuy can be deployed online and is accessible from a limited set of platforms including Windows devices. Similar alternatives to eBuy include Oracle Services Procurement, EstimateOne and Tradogram.
Cost Breakdown
$100 - $500
Company Size
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Fairmarkit

by Fairmarkit
Fairmarkit
Fairmarkit is a cutting-edge software designed to streamline procurement processes for businesses of all sizes. It's particularly well-suited for organizations looking to automate and optimize their purchasing tasks, thanks to its ability to manage vendors, generate insights, and ensure compliance efficiently. One of the key benefits of using Fairmarkit is its ability to save time and reduce costs by automating routine procurement tasks, allowing teams to focus on strategic decision-making. Popular features include vendor management, spend analytics, and automated bidding, which collectively enhance the procurement process. When compared to similar products, users often highlight Fairmarkit's user-friendly interface and the robustness of its analytics as standout attributes. Pricing considerations for Fairmarkit typically involve a range based on the scale of the procurement operations and the specific needs of the business, with payment options that can vary from monthly to annual subscriptions, making it a flexible solution for businesses aiming to improve their procurement strategies.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
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Transcepta

by Transcepta
Transcepta
Transcepta is a cutting-edge software solution designed to streamline and automate accounts payable (AP) processes. It is particularly well-suited for medium to large-sized businesses seeking to enhance their financial operations through automation. This platform stands out for its ability to reduce manual data entry, speed up invoice processing times, and improve overall accuracy in financial transactions. Among its most celebrated features are electronic invoicing, real-time spend visibility, and seamless integration with existing ERP systems. Users often highlight the significant cost savings and efficiency gains as key benefits, alongside the software's ability to strengthen supplier relationships through more timely and accurate payments. When compared to similar products in the AP Automation space, Transcepta is frequently praised for its user-friendly interface and robust customer support. Pricing considerations vary based on the scale of deployment and specific business needs, typically involving a subscription model that may be billed monthly or annually, ensuring flexibility for businesses of different sizes and budgets.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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BlueCart

by BlueCart
BlueCart
BlueCart is an e-commerce order management software designed to streamline the order fulfillment process for online businesses. It is best suited for small to medium-sized businesses that need a comprehensive solution to manage their orders, inventory, and shipping. Key benefits include real-time order tracking, automated inventory management, and customizable shipping options. Popular features include multi-channel order management, centralized inventory management, advanced shipping rules, and reporting and analytics. BlueCart offers a range of pricing plans based on the number of orders processed per month, making it a scalable solution for businesses of all sizes. Compared to similar products, BlueCart is praised for its user-friendly interface, robust feature set, and excellent customer support. It is a reliable and affordable option for businesses looking to improve their order fulfillment efficiency and provide a seamless customer experience.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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Hybrent

by Hybrent
Hybrent
Hybrent is a popular solution that ranks 73 among all Inventory Management Software according to our research analysts and 131 crowd-sourced reviews from 2 sources. Starting from $475, Hybrent is priced moderately and is most fitting for any sized business. Hybrent can be deployed in the cloud. Similar alternatives to Hybrent include Extensiv Warehouse Management, Omnna and Pulse Commerce.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
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What's The Price

by Buynamics
What
What's The Price is a well-known software solution that ranks 32 among all Procurement Software according to our research analysts and 6 crowd-sourced reviews from 1 source. Starting from $20000, What's The Price is priced reasonably, offers a free trial on occasion and is most suitable for small-to-mid-sized businesses with less than 1000 employees. What's The Price can be deployed online. Similar alternatives to What's The Price include Vendx, EstimateOne and Tradogram.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
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Order.co

by Order.co
Order.co
Order, formerly known as Negotiatus, is a cloud-based, guided B2B marketplace. It helps simplify operations by controlling spend management, granting line-level spend data visibility and payments in one consolidated bill. Some of its other features include integrated payments and AP automation.
Cost Breakdown
$100 - $500
Company Size
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Deployment
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RFP360

by RFP365
RFP360
RFP360 is a well-known software solution that ranks 35 among all Procurement Software according to our research analysts and 254 crowd-sourced reviews from 1 source. RFP360 is most suitable for all business sizes. RFP360 can be deployed in the cloud and on-premise and is accessible from a limited set of platforms including Windows devices. Similar alternatives to RFP360 include Oracle Services Procurement, EstimateOne and Tradogram.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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BirchStreet

by BirchStreet Systems
BirchStreet
BirchStreet is a cloud-based P2P platform that uses diverse tools to improve and streamline business operations. It helps transform, optimize and digitize the shipping scene by granting maximum visibility and compiling customizable reports to streamline workflows. It is also a one-stop solution to order, track, manage and receive items while obtaining real-time alerts.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Deployment
Cloud On-Premise
Platform
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Emburse Certify

by Emburse
Emburse Certify
Emburse Certify is a sophisticated software solution designed to streamline expense and spend management processes. It is particularly well-suited for businesses across various industries, including finance, healthcare, and technology, where managing expenses efficiently is crucial. The platform offers unique benefits such as automated expense reporting, real-time spend tracking, and seamless integration with accounting systems, enhancing operational efficiency. Users appreciate its intuitive interface and robust features like receipt capture, policy enforcement, and analytics, which provide valuable insights into spending patterns. Compared to similar products, Emburse Certify is praised for its user-friendly design and comprehensive functionality, making it a preferred choice for organizations seeking to optimize their financial workflows. Pricing details are not readily available, so it is recommended to contact SelectHub for a tailored quote based on specific business needs. Overall, Emburse Certify stands out for its ability to simplify complex expense management tasks effectively.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
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Deployment
Cloud On-Premise
Platform
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SourceDay

by SourceDay
SourceDay
SourceDay is a cloud-based, SaaS solution that transforms business processes and helps streamline supplier collaboration. It integrates with ERP capabilities and helps manage direct spend by accessing real-time, accurate supplier information based on lead times, pricing and delivery dates. Some of its other features include purchase order management, AP automation and RFQ collaboration.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
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Deployment
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Tridge

by Tridge
Tridge
Tridge is a one-stop shop that helps businesses connect buyers and suppliers worldwide to easily find and source food products. It aims to bridge the information gap in the agri-food supply chain, fostering a more efficient and equitable trading environment.The data and analytics hub provides insights into global production, trade flows and pricing trends. It helps gather and analyze information from various sources, including official customs databases and the Food and Agriculture Organization (FAO). Businesses can use these insights to identify new suppliers and customers, understand market fluctuations, and make informed sourcing decisions.It offers supplier verification, logistics support and market reports to ensure an efficient sourcing experience. Small and medium enterprises can find information about import regulations, connect with logistics providers and initiate transactions directly through the platform. The pricing starts at $59 monthly for trade solutions, with custom pricing available for the data intelligence platform.
Cost Breakdown
$1,000 or more
Company Size
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Procol

by Procol
Procol
Procol is a sophisticated software solution designed to streamline procurement processes, making it ideal for businesses seeking efficiency in managing their supply chain. It offers a comprehensive suite of tools that facilitate tasks such as vendor management, purchase order creation, and contract management. Procol is particularly well-suited for mid to large-sized enterprises that require robust procurement capabilities to handle complex purchasing needs. The software's key benefits include enhanced transparency, cost savings through better supplier negotiations, and improved compliance with procurement policies. Popular features encompass real-time analytics, automated workflows, and seamless integration with existing ERP systems. Users appreciate Procol for its intuitive interface and the significant reduction in manual tasks, which leads to increased productivity. Compared to similar products, Procol stands out for its user-friendly design and comprehensive feature set. Pricing details are typically customized based on the specific requirements of the business, so it is recommended to contact SelectHub for a tailored quote.
Cost Breakdown
$10 - $100
Company Size
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Deployment
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Platform
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Keelvar

by Keelvar
Keelvar
Keelvar is a well-known software solution that ranks 39 among all Procurement Software according to our research analysts. Starting from $25000, Keelvar is priced within reason and is most advisable for any business. Keelvar can be deployed online. Similar alternatives to Keelvar include Oracle Services Procurement, Vendx and EstimateOne.
Cost Breakdown
$1,000 or more
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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SpendHQ

by SpendHQ
SpendHQ
SpendHQ is a unique software platform that ranks 42 among all Procurement Software according to our research analysts and 10 crowd-sourced reviews from 1 source. Starting from $40000, SpendHQ is priced moderately and is most fitting for any company. SpendHQ can be deployed online. Similar alternatives to SpendHQ include Oracle Services Procurement, Vendx and EstimateOne.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Elcom

by Elcom Systems
Elcom
Elcom is a cloud-based, P2P, spend management solution that helps manage inventory while optimizing and digitizing the entire supply chain process. It helps provide spend visibility and control finances efficiently. It also helps in collaboration within organizations while reducing complexity and system fragmentation.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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Buyer's Guide

Strategic Sourcing Software Is All About Streamlining Sourcing Processes and Increasing Efficiency

By Amrita Chakraborty, Technical Content Writer at SelectHub

Strategic Sourcing Software BG Intro

Struggling to navigate the complexities of procurement and sourcing in today's business landscape? Look no further than strategic sourcing software. It’s designed to simplify every aspect of the sourcing life cycle, from identifying potential suppliers to managing contracts and analyzing data.

In this buyer's guide, we’ll help you navigate the selection process by asking the right questions and highlight the key features and benefits to look for in a strategic sourcing solution.

Executive Summary

  • Strategic sourcing software automates many procurement tasks, such as sourcing, bidding and contracting, to improve efficiency, reduce costs and increase productivity.
  • Some of its key features include spend analysis, contract management, sourcing events and auction initiation.
  • Establish your set of requirements and ask potential vendors any questions you may have before making a final decision.
What This Guide Covers:

What Is Strategic Sourcing Software?

Strategic sourcing software is a technology solution that automates and streamlines many of the procurement processes involved in strategic sourcing.

While strategic sourcing is a broader procurement strategy encompassing the entire procurement process, strategic sourcing software is a tool that supports and enables the implementation of the strategy.

The software can help organizations achieve greater efficiency, productivity and cost-effectiveness in their procurement operations while also improving supplier management and compliance.

Primary Benefits

There are significant benefits to implementing a strategic sourcing system. Let’s take a look at some:

Strategic Sourcing Software Benefits

Improve Supplier Options

Strategic sourcing software is a valuable tool for optimizing procurement processes and supplier management. One critical aspect of supplier management is finding the best bid-to-quality ratio. How's it achieved? Through a user-friendly bidding tool!

Suppliers can submit their most favorable proposals, resulting in better pricing and terms for your organization. Additionally, these tools can increase scalability, allowing more eligible suppliers to participate, leading to a more competitive bidding process.

Organizations can improve procurement outcomes using strategic sourcing software by prioritizing reputable suppliers with reasonable bids.

Reduce Risk

Strategic sourcing software reduces risk by allowing stakeholders and sourcing teams to evaluate awarding scenarios with risk factors such as supplier reliability and certifications.

This helps you make informed decisions and minimize the risk of supply chain disruptions, protecting your reputation and ensuring the continuity of operations.

Save Time & Money

Save time and money by automating complex processes, which would otherwise require significant manual effort and resources, resulting in faster, more efficient procurement and supply chain operations.

Related Categories

Streamline Processes

Strategic sourcing software can help streamline and optimize procurement processes. It helps enable effective supplier management and evaluation and facilitates communication and collaboration through centralized data, automated workflows, and real-time information and insights.

Key Features & Functionality

Strategic sourcing software provides a range of features to help organizations manage their sourcing processes more efficiently:

Spend Analysis

Spend analysis helps organizations gain visibility into their spend patterns, identify areas for cost savings and make informed data-driven decisions to reduce costs and improve sourcing performance.

It collects and consolidates data from various sources, categorizes spend into different categories, and provides visualization tools for identifying trends over time.

It also allows organizations to benchmark their spend patterns against industry benchmarks and best practices.
Sourcing Events

From creating procurement RFPs and RFQs to managing bids, automating workflows and facilitating collaboration, sourcing events help organizations streamline the event creation process and reduce errors.
Contract Management

Contract management functionality provides tools for creating, negotiating, executing and renewing contracts, as well as tracking compliance with contractual obligations.

It helps organizations identify cost-saving opportunities while reducing the risk of non-compliance and associated penalties.
Supply Base Management

Supply base management helps you build more resilient and efficient supply chains. It provides tools for supplier performance management, risk management, information management, collaboration and supplier diversity.

These capabilities can help you improve supplier performance, reduce risk, enhance collaboration and diversify your suppliers.
Auction Initiation

Auction initiation enables you to enter your shortlisted suppliers into a reverse auction where they bid their lowest offers, helping you secure the best price.

It helps organizations achieve cost savings and increase competition, transparency and efficiency. The software provides tools for auction setup, real-time bidding, monitoring and reporting.

Software Comparison Strategy

When choosing strategic sourcing software, comparing and evaluating various options is essential to ensure that you find the best fit for your organization's needs. Here’s a software comparison strategy that can help you make an informed decision.

The first step is to clearly define your requirements. Create a list of the key features and functionality that you need, as well as any customization or integration requirements.

Once you've made your list, you can research and identify a list of software options that meet your requirements. This can include software vendors, online directories and industry publications.

Evaluate services offered by each software vendor. Look for vendors that offer reliable and responsive customer support, as well as implementation and training services.

Finally, consider the pricing options and test the software by requesting free demos and trials before investing in it.

To get a deeper understanding of how to approach software selection, you can reference our Lean Selection methodology.

Cost & Pricing Considerations

Investing in strategic sourcing software requires careful consideration of pricing options. This can vary depending on two major factors:

Deployment Options

On-premise and cloud-based are the two deployment options. Cloud-based solutions are usually offered on a subscription basis, with fees based on the number of users, data storage and other usage factors.

On-premise solutions, on the other hand, require an upfront payment for licensing and implementation, with ongoing maintenance costs.

Vendor Services

Strategic sourcing software vendors may offer a range of services, including implementation, data migration, training and ongoing support.

These services can add to the total cost of the software, but they may also be necessary to ensure a successful implementation and maximize the benefits of the software.

The Most Popular Strategic Sourcing Software

How do you choose the best solution for your business? We have you covered! Below is a list of some of the most popular strategic sourcing software solutions on the market. Let’s take a look.

Note: The below-mentioned products are our picks for procurement solutions with the best strategic sourcing capabilities.

Oracle Services Procurement

Oracle Services Procurement is a cloud-based solution that uses automation to seamlessly discover and collaborate with suppliers, simplifying the procurement process and reducing manual workloads.

It automates the entire procure-to-pay cycle with its advanced capabilities, streamlining workflows and enhancing overall efficiency. Whether you're a small startup or a large enterprise, this powerful tool can help take your procurement processes to the next level.

Oracle Services Procurement

Create and access sales orders, purchase orders and order history under one centralized database using Oracle Services Procurement. Source

Workday Spend Management

With its intuitive interface and automated system, Workday Spend Management helps you streamline the supplier selection and onboarding process and optimize internal supply chain management for greater efficiency.

It's a cloud-based platform that helps you collaborate with suppliers and stakeholders on contracts, tracks real-time data for reporting, and monitors supplier performance for a seamless workflow.

Workday Spend Management

Analyze performance and spend and manage contracts within one platform using Workday Spend Management. Source

GEP SMART

GEP SMART strategic sourcing software supports purchase order generation with or without requisitions. It also enables multi-way invoice matching, provides intuitive catalogs with comprehensive search capabilities, and assists with sourcing, contract and supplier performance management.

GEP SMART

GEP SMART’s customizable spend dashboard with detailed supplier analysis, spend volume and categories. Source

 

 

Questions To Ask

It’s essential to start internal dialogs to choose the best strategic sourcing software. Consult with your key stakeholders.

Here are some questions you can start with internally:

  • What sourcing challenges are we currently facing?
  • What’re our top priorities for strategic sourcing software?
  • What’s our budget for a software solution?
  • Which features are a must-haves for our organization?
  • Will the software integrate with our current systems?

Strategic Sourcing Software Key Questions

Once you’ve assessed the challenges your company faces and determined the need to invest in a strategic sourcing solution, it’s time to make a list of questions for prospective vendors. Here are some examples:

  • Does the software provide data analytics and reporting capabilities?
  • Is the software scalable for our growing business needs?
  • What kind of customer support and training do you offer?
  • What pricing structures do you offer?
  • How does the software support supplier selection and evaluation?

Next Steps

When it comes to sourcing, businesses need to be strategic to stay ahead of the game. That's why strategic sourcing software has become a go-to solution for procurement professionals looking to optimize their supply chain and increase efficiency.

With the right software, businesses can streamline their sourcing process, reduce costs and, ultimately, gain a competitive edge.

Ready to start comparing strategic sourcing software? Check out our comparison report to gain insight into the top vendors in the industry. Good luck with your search!

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About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Amrita
By Amrita Chakraborty
Technical Content Writer
Amrita is a Technical Content Writer and Market Analyst at SelectHub. She writes content for categories such as inventory management and procurement. When she is not working, Amrita spends her day bingeing shows, napping, writing about mental health, and petting cats.
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Vidhi
Technical Research By Vidhi Kanodia
Senior Analyst
Vidhi Kanodia joined SelectHub after graduating from Osmania University in Hyderabad. Building on the hands-on experience she gained there, she expertly reviews peer research work in categories like procurement, PLM, eCommerce, insurance, hotel management, risk management and legal software.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Ryan
Edited By Ryan McElroy
Content Editor
Ryan McElroy is a Content Editor and Senior Market Analyst at SelectHub who writes and edits content on various software types, along with their broader concepts and the industries they serve, including medical, construction, CMMS, supply chain management and legal. He studied at the University of Missouri (Mizzou) and earned his BA in Journalism in 2016. During his free time, you’ll find Ryan playing video/card/board games, sipping coffee and reading speculative fiction, or listening to music his loved ones often describe as “headache-inducing.”
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