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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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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.