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2019 Set New Records at SourceDay

SourceDay Growth in Total Spend Processed in 2019 SourceDay Growth in Total Spend Processed in 2019

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  

What’s Next?

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.

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Federal Manufacturing Finds its Flow

Federal Manufacturing and SourceDay Case Study Federal Manufacturing and SourceDay Case Study

Since 1946, Federal Manufacturing has been a leader in liquid filling and capping systems. Now, using SourceDay’s supplier collaboration engine, their business is running like never before.

Using SourceDay’s PO Collaboration product, Federal buyers have been able to increase on-time delivery, improve their relationships with suppliers, and save 10 hours per week.

When I saw SourceDay in action, I realized it could solve a lot of problems for both Federal and our suppliers.

Mary Buhr
Buyer at Federal

Before using SourceDay, Federal buyers would receive incorrect PO data from suppliers that would lead to incorrect invoices, and ultimately missed delivery deadlines. Federal knew that the solution was to modernize their processes and move away from managing their suppliers and POs manually through emails, spreadsheets, and sticky notes.

Visibility Inspires Change

For the first time, Federal’s suppliers are using vendor scorecards. They have constant access to their performance grading and can self-assess, so they can be more proactive in meeting Federal’s needs and meeting their commitments.

I like that the vendors can see what we think about their on-time delivery and other factors. When you’re being graded, you try harder to get that grade up.”

Mary Buhr, Buyer at Federal

With improved vendor performance, Federal is seeing less late acknowledgments. So, their procurement team has been able to meet more commitments to customers and trust that their vendors will be able to deliver.

Read the full case study to learn how Federal is using SourceDay as a PO and supplier management solution.

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Introducing SourceDay’s Newest Products – AP & RFQ

SourceDay AP and RFQ Products SourceDay AP and RFQ Products

We’re thrilled to announce the release of our Request for Quote (RFQ) and Accounts Payable (AP) Collaboration products. Now, our RFQ and AP products can be combined with our PO and Quality products for the industry’s only end-to-end, direct spend supplier collaboration solution.

The addition of these new products will let our customers collaborate with suppliers from sourcing parts to paying for them.  SourceDay RFQ streamlines how companies manage RFQs and select the best suppliers. Our AP product automatically matches final purchase order, invoice, and receipt data. Once matched, SourceDay automatically vouchers matched invoices in the ERP, earning early payment discounts and preventing supplier overpayments.

SourceDay’s mission is to prevent the reasons companies miss with suppliers before those misses create problems throughout the business. Our new RFQ and AP products improve our ability to deliver on this promise. Market uncertainty, tariff wars, and labor shortages make it more important than ever for companies to improve visibility and trust in the first mile of their supply chain.”

Tom Kieley, SourceDay CEO

Request for Quote Collaboration

SourceDay’s new RFQ product helps us choose the most competitive suppliers that can meet our product requirements and lead-times, at the most competitive price. On top of delivering a fast ROI, SourceDay took most of the load on our implementation.” 

Josh Owings, ERP Applications Mgr, JR Automation

Now, buyers and suppliers can easily create, deliver, and streamline collaboration of all RFQs in one place. Create and issue RFQs to new and existing suppliers, receive, interact with, and compare quote submissions without ever leaving the SourceDay platform. SourceDay customers can make quicker, more informed purchasing decisions and even notify winning bidders directly in the platform.

Accounts Payable Collaboration

Accounts Payable Product Screenshot

Like many manufacturers, reconciling mismatched invoices has always been a challenge for us. SourceDay’s new AP Collaboration product has saved us money and made our lives easier. We process 95% of our invoices automatically now, which ensures we earn early payment discounts on most of our spend. It’s a smart choice for any organization looking to make a short-term investment that pays you back in just a few short months.”

Louise Mayer, ERP Implementation Mgr, Napoleon

Our AP solution offers a 3-way matching process that quickly identifies and helps resolve supplier invoice discrepancies. You can filter by status and track the entire lifecycle, all in a single dashboard. Buyers can arrange their dashboard to view invoices at any stage of the process (mismatched, matched, vouchered or pending), clearly identify exceptions, and quickly resolve any issues.

Key Benefits of AP & RFQ

There are plenty of benefits for both buyers and suppliers using SourceDay’s AP and RFQ products. Here are just a few of the big takeaways.

  • Faster, clearer communication with suppliers and internal stakeholders
  • Less time wasted on manual tasks that can also lead to mistakes
  • Faster, more accurate processing of RFQs and Invoices to ensure companies always choose the best suppliers and never overpay.

SourceDay’s new AP and RFQ solutions can help reduce costly inefficiencies and streamline supplier collaboration.

See these new products in action and learn how you can start using them today.

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3 Ways to Improve Your Supplier Relationship

The buyer-supplier relationship can feel strained at times because so much depends on performance and orders moving smoothly. As a buyer, the development of your product and its assembly are completely dependent on your suppliers. The stronger your communication is with your suppliers, the stronger your relationship will be.

One of the biggest challenges to the buyer-supplier relationship is communication. 

If you’re like most buyers, your procurement team probably uses multiple platforms to communicate with suppliers. These platforms can include email, phone calls, texts, and fax. While your business can function with this system, the margin of error in your purchase order operations is high. Errors can include anything from missed PO acknowledgments to operating with inaccurate PO details. Every hiccup in your PO, AP, or RFQ process puts the buyer-supplier relationship at risk and can lead to late deliveries.

With this in mind, we’ve created a list of 3 ways to improve your supplier relationship and your ability to communicate with them.

1. Invest in a Supplier Collaboration Software

Building a relationship with your supplier may not involve face time, but it should always involve collaboration. Managing purchase orders, accounts payable, and RFQs across multiple platforms makes your supply chain vulnerable. Missing details on POs can have a severe impact on your ability to get deliveries to your customers on time. Collaboration solutions, like SourceDay, seamlessly connect buyers and suppliers in a single platform where all interactions are archived in real-time and available for both parties to see.

Through our solution, both buyers and suppliers can track every part of the PO process and communicate in a single dashboard. Alerts, notifications and even color-coded flags ensure nothing gets missed. Using SourceDay, buyers have experienced a 35% increase in on-time deliveries.

2. Make Your Software Accessible to Suppliers

For effective collaboration between buyers and suppliers, your suppliers have to adopt the same software that you are using. With SourceDay, buyers pay for the license, and their suppliers access the software for free. Suppliers are then able to streamline labor-intensive tasks, quickly acknowledge POs, and ultimately, get paid faster.

Plus, SourceDay provides all the necessary training for buyers and their vendors, making the transition simple.

3. Give Your Suppliers Feedback

Suppliers care about their service and want to know how they’re doing. Effective service leads to loyalty. SourceDay’s Supplier Scorecard solution streamlines grading vendors so you can quickly relay the good and the bad as far as their performance.

With SourceDay’s quality control dashboard, you can easily track the incoming inspection of supplier materials to determine if specifications are met. If the materials fail inspection, suppliers are quickly notified through the platform and the failing materials are then dispositioned. After the issue is resolved, buyers can score the interaction, giving suppliers an incentive to take care of any problems quickly.

Improving your supplier relationship starts with using the right tools. Updating your purchase order process by using software like SourceDay allows you to improve your communication with suppliers and meet more commitments. Learn more about SourceDay’s solution and chat with a member of our team!

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Can Your Company Survive Without Communication?

Communication in the Workplace Blog Image Communication in the Workplace Blog Image

The Economist Intelligence Unit conducted a survey in 2018 to try and estimate the negative effects of poor communication in the workplace. Of the respondents, 52% said that poor communication added significant stress to their workday and 44% percent said that a lack of clear communication led to delays or failure to complete projects. Even worse, 18% responded that they lost sales due to ineffective communication.

Even though our communication tools are more advanced than ever, effective internal and external communication is still challenging for many companies. What are the effects of poor communication between your manufacturing organization and your suppliers? And most importantly, how can you overcome them?

Avoid the Pitfalls

Missed Purchase Orders
In the short-term, missed orders mean you may have to pay for expedited shipping or an expedited rush fee to your supplier. After paying for last-minute transportation costs, you’re left with thinner profit margins and stuck spending cash that your business can’t afford to throw away. In the long-term, missed purchase orders can risk damaging your reputation with your customer.

Changes To Purchase Orders
POs are always in flux. Vendors are constantly changing details like quantity, price and due date on purchase orders. Is your ERP data accurate so your company can make adjustments to production schedules? How quickly are you able to capture these changes with your suppliers and update your ERP?

Quality Issues
Real-time communication over quality issues with your suppliers is critical to keeping rejected materials out of your inventory. Supplier quality issues can hurt your organization if customers’ orders are impacted. Knowing a supplier’s quality ratings, timeliness, responsiveness, and price are key data points that can help you when comparing RFQs and choosing a supplier to work with.

Employee Frustration
Frustration has been dubbed the silent killer of productivity. Employees need the proper tools to be productive. When orders are missed, production schedules are thrown off. As a result, management often needs to adjust work schedules and account for periods of decreased productivity while waiting for a missing part. In the long term, these changes can impact your bottom line and lead to an increased turn over rate for your employees.

SourceDay Can Help
Companies have many tools at their disposal to improve communications such as email, fax, text, chat, and internal networks. However, with so many sources of information, details are often overlooked or ignored. The solution is a single unified platform that enables buyer and supplier collaboration through access to real-time data. With SourceDay, you can manage all of your suppliers or buyers with streamlined communication, easy to read data and PO status updates in the form of push notifications. SourceDay provides real-time information critical to a manufacturing company’s survival, including:

  • PO status updates including vendor acknowledgment
  • Past due tracking
  • Alerts for “at-risk” items
  • Shipped item tracking & historical data
  • Supplier scorecard data including reliability, quality rating, price variance & responsiveness

Contact us to learn more about how SourceDay can streamline communication for your business and create collaboration between your buyers and suppliers!

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Things Between Napoleon and SourceDay Are Heating Up

SourceDay Customer - Napoleon Grill SourceDay Customer - Napoleon Grill

We recently sat down with Jean Louis Marin, VP of IT & Louise Mayer, ERP Improvement Manager at Napoleon to learn how launching a cloud supplier collaboration platform impacted their business. We were excited to learn that after adopting SourceDay, Napoleon increased their on-time delivery by 35%, decreased invoice errors by 90%, and saved their buyers 1-2 hours a day.

For more than 40 years, Napoleon Products managed supplier pricing, quantity, and lead-time data through email, spreadsheets, and phone calls. However, as the company started to grow, their team struggled to maintain customer satisfaction and avoid product margin erosion. With SourceDay’s PO and AP solution, Napoleon gained the visibility necessary to cost-effectively deliver against the growing demand for Napoleon products.

At the root of Napoleon’s challenges, they needed to transform their purchasing process and automate manual procedures and make their supply chain more reliable. With SourceDay, Napoleon simplified their supplier communication and reduced mismatched AP invoices without having to maintain a supplier portal, go through complicated training, or support revisions.

SourceDay provides us a platform where communication is all orchestrated in one place… It facilitates a lot of the notification and communication processes by letting the users know when they have to take action on things. We see the ability for both users on the procurement side as well as the vendor side to get access to information very easily.”

Jean Louis Marin, VP of IT at Napoleon

Speedy Results

Napoleon went live with SourceDay in April 2018 and soon after noticed an improvement in buyer productivity, increased on-time deliveries, and stopped overpaying suppliers. Production plans became more accurate thanks to SourceDay’s software and Napoleon discovered a drastic increase in their ability to deliver to customers on time.

SourceDay paid for itself in less than 3 months.

Jean Louis Marin, VP of IT at Napoleon

Learn more about Napoleon Products and how adopting SourceDay changed their business.

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Rocore Moves Away from “Business as Usual”

Rocore Production Floor Rocore Production Floor

Founded in 1984, Rocore began as a supplier of fabricated sub-assemblies used in heavy-duty industrial radiators. Now, they supply a wide variety of heat exchange products and services. Although the company’s products changed over time, their procurement processes stayed the same.

Before adopting SourceDay, Rocore experienced many of the same problems that thousands of other manufactures experience on a daily basis; late or incorrect purchase orders, missed acknowledgments, and inaccurate pricing. Rocore’s procurement team struggled to chase down PO data from vendors, manually update changes to POs in Syteline/CloudSuite Industrial ERP, and meet delivery dates on-time.

We were operating like a lot of manufacturers, making do with the tools and manual processes that have always been used.

Tina Grow, IT Director at Rocore

After a few months using SourceDay, we sat down with Rocore’s IT Director, Tina Grow to learn how their business had changed.

Grow was impressed with the consistency and accuracy that SourceDay brought to Rocore’s entire PO process for both buyers and suppliers. Since SourceDay seamlessly integrates with Syteline/CloudSuite Industrial ERP, purchase orders flow directly to suppliers and every PO modification is automatically updated. In addition to saving Grow countless employee hours, SourceDay’s unified dashboard completely eliminated the frustration of tracking down POs across multiple systems.

Uniting Buyers and Suppliers

Since Rocore pays for the license, its suppliers access SourceDay for free. With SourceDay, Rocore’s suppliers are able to streamline labor-intensive tasks, quickly acknowledge POs, and ultimately, get paid faster. SourceDay provides all the necessary training for Rocore buyers and their vendors, making the transition simple.

I don’t have to train our users, I don’t have to train vendors. It’s a very small footprint on our server…[SourceDay] handles everything.

Grow

Improved Communication with Suppliers

Using SourceDay’s collaboration engine, Rocore’s procurement team has been able to improve communication with its suppliers. Through a single dashboard, buyers and suppliers can hold each other accountable in acknowledging, tracking, and updating purchase orders. With improved communication, Rocore is able to run a leaner and more efficient team with fewer mistakes and late deliveries.

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Spooky Supplier Portals, SpiceWorks & More [Video Chat]

Why Bad ERP Supplier Portals are a Nightmare for IT Video Chat: SpiceWorks Moderator Justin Ong (left), Dell Senior Manager of Global Programs Elie Sayegh (top right), SourceDay CEO Tom Kieley (bottom right) Why Bad ERP Supplier Portals are a Nightmare for IT Video Chat: SpiceWorks Moderator Justin Ong (left), Dell Senior Manager of Global Programs Elie Sayegh (top right), SourceDay CEO Tom Kieley (bottom right)

SourceDay and SpiceWorks joined forces on Halloween for a video chat discussing the top reasons users and suppliers get spooked by a bad portal experience, and how to find a better way.

Watch as Dell’s Senior Manager of Global Programs Elie Sayegh, and SourceDay’s CEO Tom Kieley, sit down for a virtual, IT-focused conversation moderated by SpiceWorks‘ Justin Ong

Supplier portals can be a nightmare for IT professionals, but they don’t have to be. In the full video chat, Why Bad ERP Supplier Portals are a Nightmare for IT, Kieley and Sayegh deep dive into several topics including:

  • Top reasons supplier portals fail
  • How to drive supplier adoption 
  • Ways to improve supplier ERP data quality
  • Modern methods to streamline supplier collaboration 

Supplier adoption can be a constant worry and time suck for IT pros when dealing with supplier portals. In the full video, Sayegh discusses why this doesn’t have to be the case and how a cloud-based partner like SourceDay can be the key to success with suppliers. 

Honestly, adoption with SourceDay has been a non-issue across the board. 99.9% of our vendors have adopted it and love it.

Elie Sayegh, Senior Manager of Global Programs at Dell
SourceDay CEO Tom Kieley (left), SpiceWorks Moderator Justin Ong (top right) & Dell Senior Manager of Global Programs Elie Sayegh (bottom right)

In recent years, Dell has been focused on modernizing its supplier collaboration process. Sayegh and SourceDay have been a massive part of that transformation. With Sayegh at the helm of implementation, and SourceDay’s cloud platform working as the engine of their supplier portal, Dell has been able to globally scale their new approach.

Check out a few spicy moments from the Q&A portion of our SpiceWorks video chat.

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Automated 3-Way Matching for VISUAL and SyteLine [Webinar]

SourceDay Webinar Automated 3 Way Match for Infor Visual and Syteline SourceDay Webinar Automated 3 Way Match for Infor Visual and Syteline

Do you know how much invoice processing costs your company? This manually intensive, error-prone, and costly task directly impacts your company’s bottom line. In our recent webinar, SourceDay Director of Alliances Colby Young, and SourceDay Solutions Engineer Phillip Pavelka discuss the benefits of investing in a purpose-built AP solution for your procurement process.

The first challenge accounts payable teams face is the manual task of monitoring whether a supplier invoice has an associated receipt within VISUAL/SyteLine. This receipt signals the beginning of the vouchering process. Costs increase exponentially when the receipt and PO in your ERP do not match. But what if there was a solution for your ERP environment that offers automation across this lifecycle including: 

  • Notification of a new receipt within VISUAL and SyteLine
  • Matching against an up-to-date PO and invoice
  • Automatic vouchering within your ERP once there’s a match

SourceDay provides a collaborative platform for your AP, your buyers, and your suppliers. With transparency, you can easily fix mistakes and make sure you have a match inside of your ERP. Learn more in our full webinar about how your business can benefit from using one solution for the entire procure to pay process.

See how automated 3-way matching for VISUAL and SyteLine can help change your accounts payable process, reduce costs, and increase the velocity of your business.

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Enhancing Your EDI Experience with SourceDay

At SourceDay, we are constantly working to enhance the experience of PO management. Because of this, we often get asked how SourceDay, a supplier portal 4.0, and EDI solutions compare. It’s a worthwhile question. Especially since many companies use Electronic Data Interchange to transfer electronic data files between systems without human involvement. 

SourceDay VS. EDI

In terms of supply chain management, EDI is expensive and difficult for suppliers to adopt. EDI requires a significant amount of IT resources to set-up, manage, and support. Additionally, changes to data types, fields, or formats can easily create an error and break EDI transmissions. Because of this, EDI usually gets implemented with top tier or top spend suppliers.

SourceDay, on the other hand, is completely free for suppliers to adopt. Our platform allows for transparent collaboration between buyers and suppliers on PO quantity, price, and delivery dates without any transaction fees. It’s simple to implement, learn, and use. As SourceDay is a cloud-based system, IT resources aren’t necessary. And, if support needs occur we have a dedicated team to walk you through any issues.

How Do SourceDay and EDI Work Together?

SourceDay and EDI work in tangent together. If used alone, EDI is a delivery system for confirmation of purchase orders and invoices. Purchase orders sent via EDI are difficult to expedite, pushout, update, or cancel. Therefore, procurement teams often find themselves reverting back to emails and spreadsheet reports to manage EDI orders. This creates more work. However, when SourceDay and EDI work together, all of these issues can be fixed.

A collaborative experience isn’t available through EDI. However, SourceDay facilitates collaboration between suppliers concerning EDI. Through SourceDay’s platform, users are able to communicate with the supplier on one or multiple EDI orders. Their communication is then captured in an audit log. The audit log allows anyone needing updates or access to pending orders to have full visibility.

SourceDay, EDI, and Procurement Teams

Pairing SourceDay with EDI allows procurement teams to eliminate the need for countless emails and confusing spreadsheets. Additionally, using SourceDay combined with EDI allows procurement teams to score all of their suppliers’ performance. Your suppliers can see their scorecards in SourceDay, regardless if they’re transacting business via EDI formats or in SourceDay itself.  Additionally, SourceDay allows for customers to bring all their suppliers into a single platform, EDI or not.

In short, using the combination of EDI and SourceDay can provide the convenience of transmitting orders and invoices electronically between systems. It also provides a method to easily, manage, track, and collaborate with your supply chain on all purchase orders, making your EDI experience that much more simple.

SourceDay as an EDI Solution

While EDI is a valuable resource, it can leave you with a huge amount of data and no easy way to manage it. With SourceDay, all the EDI data is available on our platform. Buyers and suppliers can communicate through a single dashboard rather than disparate spreadsheets and emails. Plus, procurement teams can score their suppliers’ performance. Above all, SourceDay brings organization and transparency to EDI data.

SourceDay is committed to making your data more accessible and saving you time.

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