2019 was an incredible year at SourceDay. In fact, it’s been the biggest year in our company’s history, with every part of our business seeing record growth. As we start the new year, I want to share some of our biggest accomplishments of 2019 and give you a glimpse at the road ahead.
People & Product
In 2019, we doubled the size of our team and brought thousands of companies onto our platform, which drove explosive growth in the transactions we processed. To date, SourceDay has processed over $65 billion in total spend, which is 1,300% more than we processed last year.
We also assembled a group of extremely talented executives to lead our company through our next stage of growth. Our new leaders include Jim Hilbert as Chief Customer Officer (CCO), Sarah Moore as CMO, and Emeka Obianwu as Senior Vice President of Alliances & Channel, Peter Feldman as Chief Technology Officer (CTO), and Josh Tong as Vice President of Product. Combined, they bring more than 100 years of leadership experience from dozens of enterprise software companies. I couldn’t be more excited to watch how their expertise will help us continue to innovate and grow the business.
I’m really proud of how our solutions evolved this year. We added new capabilities to our PO collaboration platform, including our most popular enhancements like our Built For Netsuite certification, split PO lines, and one-click PO print. We also introduced two major products: RFQ and AP collaboration. These new products extend our customers’ ability to collaborate with thousands of suppliers worldwide–from quoting to purchase order to auto-vouchering invoices for payment. All of this innovation makes SourceDay the only solution that can truly modernize how companies manage direct spend. This saves our customers significant money and changes the lives of their employees who no longer have to spend their days chasing emails and updating spreadsheets.
Delivering on Our Mission
The only thing that makes me prouder than our rockstar team and innovative products is the real, measurable value we deliver to our customers. My co-founder Clint McRee and I started this company to prevent the problems we both experienced at manufacturing companies earlier in our careers. We lived through the stress, fire drills, and expenses caused by poor collaboration with suppliers, like late deliveries, missed production schedules, and inaccurate invoices.
In 2019, we continued to prove that SourceDay solves these problems and delivers real value to our customers as a result. We worked with customers like Dell, Napoleon, UEC, and Rocore to measure the impact our products have had on their businesses. Here are some of the more strategic ways that SourceDay saves our customers money:
- 35% increase in on-time delivery
- 30% reduction in safety stock
- 95% of invoices processed automatically, reducing supplier overpayments
Simply put, we’ve got a big year ahead.
We expect our team will double in size again. We’ll also double our customer base. We’ll continue to focus on building a world-class customer experience for both buyers and suppliers. And we’ll continue to invest in product innovation in exciting areas like vendor managed inventory (VMI), extending our analytics solutions, and expanding our ecosystem of integrations with supplier ERPs and logistics solutions.
Be on the lookout for more SourceDay news in 2020. And if you’re interested in joining our expanding team, explore our open career opportunities.