Sourcing software

Updated: July 31, 2023

Sourcing software, also known as procurement software or sourcing management software, is a specialized tool used by businesses to streamline and optimize their procurement processes. It enables organizations to efficiently manage supplier relationships, source products and services, and negotiate contracts. Sourcing software typically includes features such as supplier databases, request for proposal (RFP) management, e-auctions, contract management, and spend analysis. By centralizing and automating procurement activities, sourcing software helps businesses improve transparency, reduce manual errors, and achieve cost savings. It also facilitates data-driven decision-making by providing real-time insights into procurement performance and supplier performance. Sourcing software is essential for modern businesses looking to enhance their procurement capabilities and achieve greater efficiency and effectiveness in sourcing goods and services. Sourcing software is a type of Procurement software that focuses on the identification and selection of suppliers. It achieves this by making collaboration easier, managing documents such as RFPs and providing a platform for making easy comparisons.

See also: Top 10 Online ERP software

2020. Sourcing software provider Keelvar raises $18M



The strategic sourcing software company Keelvar, headquartered in Ireland, has successfully raised $18 million in a Series A funding round. Keelvar specializes in providing large enterprises with "Advanced Sourcing Optimization" software and "Intelligent Sourcing Automation" solutions, leveraging AI to fully automate tactical buying processes. In the realm of sophisticated e-sourcing software, Keelvar competes with industry leaders such as Coupa and Jaggaer. The company's distinct competitive advantage lies in its provision of intelligent bots that autonomously manage sourcing projects, streamlining the entire process and offering enhanced efficiency, speed, and cost-effectiveness.


2019. Workday to acquire online procurement platform Scout RFP for $540M



Workday has recently finalized an agreement to acquire Scout RFP, an esteemed online procurement platform, for a significant sum of $540 million. This strategic acquisition serves as a valuable expansion to Workday's existing procurement solutions, namely Workday Procurement and Workday Inventory. Workday is dedicated to becoming a comprehensive, all-encompassing player in the cloud back-office arena, and addressing the gap in procurement has been one of their major priorities. As part of their broader vision for the future of Cloud ERP, Workday strategically invests in portfolio companies that complement their core offerings. In today's definition of ERP, various essential components such as finance, HCM (human capital management), projects, procurement, supply chain, and asset management are included, and Workday is committed to delivering a holistic solution covering these key areas.