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A Look Back at VISUAL Focus 2019 [Photo Gallery]

Behind the Scenes VISUAL Focus 2019 interview with SourceDay COO Clint McRee Behind the Scenes VISUAL Focus 2019 interview with SourceDay COO Clint McRee

VISUAL Focus 2019 was incredible! With the SourceDay team back home in Austin, we are still reflecting on everything we learned and accomplished during our time in Orlando.

We absolutely loved meeting so many amazing procurement leaders. After speaking with hundreds of attendees about the challenges their businesses face on a daily basis, we left the conference feeling both inspired and proud of the platform we’ve created and its ability to truly change lives.

From the networking events to the stellar sessions, take a look back at some of the good times we had at VISUAL Focus 2019!

#ChangeLives

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How UEC Modernized Their Procurement Processes with SourceDay

Universal Electric Corporation Production Floor Universal Electric Corporation Production Floor

“You shut down your customer if you don’t get a part.” Brian Maden, a global supply manager at Universal Electric Corporation (UEC), knows the effects of delayed deliveries first-hand.

For over 95 years, Universal Electric Corporation used manual processes to collaborate with suppliers on orders. UEC’s buyers spent a significant amount of time adjusting production timelines based on delays. These outdated processes led to lost orders, missed acknowledgments and delayed order receipts.

We have a steady flow of 1,400 to 1,500 purchase order lines and a missed acknowledgment can throw everything out of sync.

-Maden

Changing lives

After searching for a solution, Maden discovered SourceDay. He was impressed that SourceDay combined all of UEC’s PO data from every key vendor for every buyer in a single dashboard. Universal Electric Corporation’s ERP system, CloudSuite Industrial (Syteline), and SourceDay share data automatically. No more scrolling through lines of spreadsheets and manually copying the data into Syteline. This integration makes it simple to anticipate, plan for, adjust, and minimize any disruption. In addition, acknowledgments, email notifications, and promise dates are automated through SourceDay, meaning Maden never misses a change.

Implementing a cloud-based SaaS solution, like SourceDay, allows UEC to simplify its supplier communication. As a result, Maden saw a decrease in the number of disruptions to production plans due to delays. With fewer late deliveries, UEC was able to actually increase production.

Learn more about SourceDay and how we help manufacturers and distributors, like UEC, improve their supply chains and grow their businesses.

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Drawing the Line Between Direct and Indirect Spend

Why is it important to know the difference between direct spend and indirect spend?

Managing both requires different skillsets and tools. We often tell our customers that direct spend, or direct materials procurement, is about supplier management and performance. But, indirect spend is about managing buyer’s spending behavior.

Direct Spend refers to the money that goes into raw materials and goods, or COGS (Cost of Goods Sold) to create the product.

Indirect Spend is the ‘back office’ purchases for the operations of the business. For example, chairs or whiteboard markers for the office.  

To put it simply, direct spend impacts your customer.

A lack of parts or supplies can shut down your business. Issues in your direct spend procurement can cause stock outages, drive up labor costs, hinder business goals, and impact customers. Real-world examples of this include the recent global descaling of Ford plants or KFC ‘s chicken shortage in the UK last year.

Problems with indirect spend play out differently though. Production is rarely stopped due to incomplete or unreceived purchases. The fact is, you can’t afford to have issues in your direct spend procurement because it impacts your customers and your ability to stay in business.

There are unique problems inherent to direct spend procurement that don’t appear in indirect spend. Understanding the difference between the two types of procurement can help you prioritize the items that should be top of mind in running your business.

Direct Spend vs. Indirect Spend

Direct Spend


  1. Refers to the purchase of any good & services used to create the product

  2. Issues directly impact production and customers

  3. Focuses on changing supplier behavior to meet more commitments

  4. Accustomed to managing changes to POs

Indirect Spend


  1. Impacts day-to-day needs for operating the business

  2. Issues only impact the business internally

  3. Focuses on changing buyer’s spending behavior within an organization

  4. Not accustomed to large volumes of changes to POs

Unlike indirect spend, direct spend systems are designed for managing changes to POs. Because even the smallest unacknowledged change can prevent the customer from receiving their order. Cloud-based, direct spend solutions like SourceDay are built to manage change. Our platform is designed to help buyers and suppliers work collaboratively using real-time information to grow their businesses.

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SourceDay’s New Approach to AP Automation [Video]

Have you ever found yourself trying to understand why the price and quantity on an invoice don’t match the purchase order? Mismatched supplier invoices are one of the biggest drains on an organization’s supply chain.

Figuring out why invoices don’t match POs or receipts is extremely time-consuming and frequently requires help from multiple teams to get to the source of the error. Invoice exceptions are so common that they often create a giant backlog for your accounting team to chase down; wasting time and delaying supplier payment.

To get to the bottom of your AP issues, you have to look for errors in the ‘first mile’ of your supply chain. After POs are created, they are submitted to vendors via email. From this point on, communication between the buyer and the vendor is manually recorded or not tracked at all. When changes occur on a PO, those updates are communicated through a combination of emails, phone calls and faxes. Details can easily get lost!

Nearly 88% of manual AP documents have erroneous data-entry occurrences.

The source of discrepancies runs the gamut from incorrect pricing and quantities to PO updates that were never recorded in the ERP system. If your ERP is not updated with correct data, your AP department will, in turn, receive an incorrect invoice.

SourceDay Solution

AP is not the cause of mismatched invoices. It’s just where the problem is discovered. To truly solve the issue, you have to reconsider your manual PO and AP processes and focus on supplier collaboration.

With SourceDay’s SaaS platform, you can digitize every invoice and verify that every order is complete with automatic matching. SourceDay’s AP solution enables automatic vouchering, meaning suppliers know when they’re getting paid and you can take advantage of early payment discounts. The status of every invoice is shown through in a single dashboard so you have complete visibility from when the PO arrives at the loading dock, to when the invoice is matched and completed.

Learn more about how SourceDay dramatically increases order accuracy and the number of matching POs and invoices by getting in touch with us!

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SourceDay Joins Global P21 Members at Connect 2019

Connect 2019 Event Logo Connect 2019 Event Logo

We can’t compete with New Orleans nightlife, but as far as procurement goes, consider us Louis Armstrong! From September 8-10, SourceDay will join Prophet 21 World Wide User Group Members in New Orleans for Connect 2019. If you’re planning to attend, don’t miss our breakout session “How Data Handicaps your ERP,” our exhibitor booth, and our Amazon Echo Show Giveaway.

Over the course of three days, we’ll hear from supply chain thought leaders from around the world, connect with WWUG members, and experience the city of New Orleans.

The event will be a whirlwind, but we hope you’ll make time to come and see us at booth #400. Learn about SourceDay and how our Saas solution can create transparency in your supply chain. We’ll also be hosting an Amazon Echo Show Giveaway. Stop by our booth and meet some of the SourceDay team to be entered for a chance to win!

On Tuesday, September 10, at 1:45 pm, hear from SourceDay experts in the session “How Data Handicaps your ERP.” Discover the importance of ERP data integrity and the impact that inaccurate supplier data has on scheduling, inventory, revenue, costs, and risks. Supplier Collaboration represents one of the largest external forces on your supply chain. Tighter communication on incoming materials significantly reduces risk. Learn the importance of focusing on PO acknowledgments, supplier collaboration, and managing change with suppliers.

Be sure to attend our session to be entered for another chance to win an Amazon Echo Show!

We hope to see you during the event! But if you can’t make it to Connect 2019, you can still get in touch with us by emailing contact@sourceday.com

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SourceDay Announces ‘Built for NetSuite’ Status

SourceDay Logo Featured Image SourceDay Logo Featured Image

We’re thrilled to announce that SourceDay’s supplier collaboration portal SuiteApp has achieved ‘Built for NetSuite‘ status. The new SuiteApp, built using the Oracle NetSuite SuiteCloud Computing Platform, offers a cloud-based supplier collaboration solution that meets Netsuite’s level of standards for security, data privacy and overall quality.

As businesses embrace cloud ERP, thousands of companies are using NetSuite across a multitude of industries to lay the groundwork for their companies, run them, and scale. Retailers, manufacturers, and wholesale distributors have achieved significant operational efficiencies using Netsuite to gain access to real-time business data and accounting automation. SourceDay’s partnership with Netsuite means that businesses are now able to grow their operations using accurate Supplier data and actually solve the issues that appear in the ‘first mile’ of the supply chain through SourceDay’s Supplier Collaboration Platform.

With the launch of its SuiteApp, SourceDay is driving efficiencies between manufacturers, distributors and their suppliers by providing accurate, transparent and real-time data to break down procurement communication barriers.” – Guido Haarmans, VP, SuiteCloud Developer Network and Partner Programs, Oracle NetSuite.

SourceDay’s Built for Netsuite (BFN) status means our platform’s lightweight integration is continuously validated by NetSuite and SourceDay. So your planning, scheduling, production, and customer service teams can operate on accurate supplier data in real-time. The results speak for themselves. A typical SourceDay customer experiences the following benefits:

  • 90% supplier enablement
  • 35% improvement in on-time deliveries
  • Reduces mismatched invoices by 33%
  • 25% improvement in buyer productivity

To master the procurement process, more companies need to pay attention to the ‘first-mile’ of their supply chain operations. For too long, manual processes for data entry and PO management have stifled communication between suppliers and buyers and led to costly errors. “Organizations need an efficient and responsive supply chain to stay ahead of constantly changing expectations and that requires open lines of communication across the entire value chain,” said Haarmans. SourceDay’s solution automates communication and drives actionable two-way collaboration between the buyer and supplier to help reduce waste, errors, and inefficiencies.

Procurement is often a huge pain point in the supply chain as miscommunication and incorrect data can lead to unnecessary costs and wasted productivity. Our SuiteApp enhances automation to help make it easy for companies to master the procurement process and increase efficiencies across the supply chain.” – Clint McRee, COO, SourceDay.

Learn how SourceDay can help your company achieve these results!

Continue reading about our partnership with NetSuite:

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Top 3 Reasons Supplier Portals Fail

Reasons supplier portals fail chaos Reasons supplier portals fail chaos

According to Spend Matters, a recent survey found that 60% of supplier respondents had to log on to 10 or more supplier portals every month; 10% log on to more than 50. And, 40% said that portals had increased (rather than reduced) their department’s workload.

The supplier portal landscape is crowded. There are so many portals available that suppliers are suffering from supplier portal fatigue! Companies are desperate to find a software solution that creates transparency between buyers and suppliers in every stage of an order’s lifecycle. But, with the plethora of portals available, why are suppliers and buyers still struggling to manage orders?

We’ve uncovered the top 3 reasons supplier portals fail.

1. Supplier Drop-Off

When customers adopt a new supplier portal, suppliers have to learn how to use the new system. On paper, this sounds great. The portal syncs with your ERP, there’s increased data transparency and its free for the supplier!

In reality, some suppliers and buyers spend a significant amount of time learning new portals only to see minimal changes in their daily workload. Because most supplier portals are complicated to use, users often resort back to their old manual processes for their work. Even after adopting a portal, tasks such as invoice matching and invoice processing are still completed manually through email and paper checks.

Learning a new portal is a big change and its not always worthwhile for suppliers! Suppliers are asked to work with so many ERP specific portals that it’s difficult to keep track of logins and passwords. Learning an entirely new system for one customer, who may order once or twice a year, is not a worthy investment.

2. Supplier Onboarding & Maintenance

The design, logic, and upkeep of a supplier portal is ultimately tasked to the buyer’s IT department. Without customer service teams available, IT departments become the primary source of training and help for suppliers using a new portal. It’s not uncommon for buyers to work with thousands of suppliers. With supplier turnover, IT departments don’t have the time to work year-round onboarding new users and answering a never-ending stream of support questions. Needless to say, adding a new supplier portal is an IT nightmare.

3. Management Fatigue

Integrating a supplier portal can take months. The portal needs to sync with the ERP, staff needs to be trained, and both the buyer and supplier need to be on the same page. Without the right technology partner, this involved process can mean a slow time to value. Some portals require significant training because they’re hard to use. If staff is unable to easily use the portal and get their workflow running smoothly, there’s no value in spending the money. So management is often skeptical about supplier portal projects unless there is a clear and defensible ROI.

SourceDay Solution

Unlike legacy supplier portals, SourceDay is ERP agnostic. Our software can connect with any ERP system through one unified platform. In other words, you can throw out your sticky note full of supplier portal passwords. With SourceDay, you can manage all of your suppliers or buyers in one platform with real-time, easy to read data and PO status updates in the form of push notifications.

SourceDay automates routine tasks such as invoice matching or PO collaboration and frees users to focus on bigger issues and higher-level strategy. With access to support staff and an easy cloud-integration process, SourceDay provides a clear ROI quickly. Our training and support services make SourceDay adoption a simple process for all users; suppliers have a resource to go to for all questions and buyer-side IT departments are free to focus on their own internal needs. We recently spoke with an Account Representative from Global Manufacturer SMC to hear about his experience adopting SourceDay and learning the platform in only an hour.

Trying to dig deeper? The SourceDay sales team joined the conversation and weighed in on what causes supplier portals to fail. Learn more on the topic in the full webinar.

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Learn How Global Supplier SMC Saved 5 Hours a Week

As an account representative for a major global supplier, at any given moment you’re juggling dozens of open purchase orders that require updates to prices, quantities, lead times, delivery dates, and more. Your ability to keep track of these changes impacts your company’s bottom line and determines if your customers receive what they ordered on time.

Have you ever considered another way to keep track of all of these open orders outside of spreadsheets, sticky notes, and emails? How many hours could you save not digging through messages to find a specific request or change on a single purchase order?

Meet Kenny

As an Account Representative for the global supplier, SMC Corporation of AmericaKenny Zielinski knows this struggle all too well. In an effort to track order changes, Zielinski spent hours each week sifting through emails. On average, his largest account would send 8 purchase orders per day, each with multiple line items, precise specifications, varying due dates, and multiple changes–all piling up in his seemingly never-ending inbox. But, after abandoning his manual process, Zielinski estimates that he saves an hour per day.

When his largest account automated their system and adopted SourceDay, they asked him to reconsider his own PO management process and join them on the SourceDay platform for free.

We sat down with Zielinski to learn more about how he started using SourceDay and how it has helped him.

“Like many suppliers, I was using four separate systems to keep track of all of the orders, acknowledgments and communications with my customers – spreadsheets, email, phone and texts…While the combination of systems worked, I was limited with what I could do to manage open orders and communicate with my customers.”

Changing lives

The idea of automating these manual tasks with a software solution certainly struck a chord with Zielinski. He had been eager to find a less manual process for quite some time. Because his largest account had already purchased SourceDay, as their supplier SMC Corporation, was able to use the interface for free!

Zielinski learned the SourceDay interface after only an hour. He began receiving alerts regarding late orders, urgent requests, and updates on PO acknowledgments. With real-time data coming through, Zielinski could shift his attention from constantly cross-checking systems for updates, and spend more time focusing on relationships with his customers.

Everything is in one place, visible to me and my customer so there is never a risk for miscommunication or a missed item. I cannot think of a single thing I was doing before that hasn’t been improved with SourceDay.

Kenny Zielinski, SMC Corporation of America

Since adopting Sourceday, Zielinski has more time to interact with, build, and maintain relationships with his customers. Get to know his story better and read the full case study.

Learn more about SourceDay’s SaaS solution and how we help manufacturers and distributors, like SMC Corporation, improve their supply chains and grow their businesses.

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SourceDay Secures $6.5 Million Series A Financing from Leading Venture Firms

Direct spend management automation company to aggressively accelerate sales, marketing and execution of product roadmap

AUSTIN, Texas— SourceDay, the pioneer in automating direct spend procurement, purchase order management and supplier collaboration, today announced it has completed a $6.5 million Series A round of financing from three venture capital firms, Silverton Partners, Draper Associates and ATX Seed Ventures. These investors focus on startups that excel in their business sectors. The investment brings SourceDay’s total funding to $10.8 million since launching its revolutionary platform, and will allow the company to aggressively expand its sales and marketing efforts as well as broaden and accelerate innovative product development.

Austin-based SourceDay announces it has completed a $6.5 million Series A round of financing.

SourceDay’s software is well-timed with the rapidly increasing demand for solutions that digitize the supply chain,” said Morgan Flager, General Partner with Silverton Partners. “We see direct spend purchasing and procurement as areas ready for improvement. Also, we are seeing expanding interest in SourceDay as awareness of this ideal automation solution expands across the industry.

According to Gartner’s May 2018 report, Magic Quadrant for Procure-to-Pay Suites, “the procure-to-pay market is growing rapidly as organizations seek automation and innovation to control spend and improve supplier collaboration…By 2025, over 50% of the global midmarket and large enterprise will have deployed procure-to-pay suits via a cloud delivery model.”

“SourceDay delivers a powerful solution and we are excited to collaborate with and support them as they work to build a great company in an exciting category,” said Tim Draper, Founder/Managing Partner with Draper Associates. “We believe manufacturers will rapidly expand spending into this niche when they see the opportunities to maximize direct spend management provided by the application.”

In 2015, SourceDay launched the manufacturing and distribution industries’ first procurement management software as a service (SaaS) for direct spend. SourceDay standardizes the entire procurement lifecycle and automates managing POs, from purchase order acknowledgment to supplier collaboration and supplier invoice, for both buyers and suppliers, in one easy-to-use, centralized, cloud-based application. The SourceDay solution transforms procurement from a time-consuming, error-prone manual operation to a fully-automated process that significantly reduces cost, accelerates operational performance and diminishes risk to the supply chain.

“SourceDay is just scratching the surface when it comes to the potential in powerful direct spend procurement automation combined with supplier collaboration,” said Tom Kieley, CEO of SourceDay. “By replacing outdated manual processes with automated efficiency, manufacturers, distributors and their suppliers are bridging the gaps in productivity, resource management, collaboration and margins. Our customers are not only experiencing 35 percent savings, on average, in on-time material deliveries, but with SourceDay, their supply chains avoid the multiple risks for disruption created by outdated manual processes.”

“Having the financial support and confidence of Silverton Partners, Draper Associates and ATX Seed Ventures will help us execute our vision even more rapidly and broadly,” added Kieley. “We will focus on growing our team, continuing to innovate our product and maintain our established category leadership position in direct spend management.”

About SourceDay

SourceDay is a Software as a Service (SaaS) solution that automates procurement and purchase order management and supplier collaboration by seamlessly integrating with Enterprise Resource Planning (ERP) systems. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.

About Silverton Partners

From idea to exit, the Silverton team works with exceptional entrepreneurs who are committed to attacking growth markets and building lasting companies. In partnering with Silverton, companies benefit from our deep network and lessons learned over many decades of operating and investing experience. Founded in 2006, Silverton Partners is based in Austin and has been the initial investor behind Convio, WP Engine, SpareFoot, SailPoint, Silicon Labs, TurnKey, The Zebra, AlertMedia, SpyCloud, Convey, Aceable, Big Squid, and Billie among many others. CB Insights has recognized Silverton as the most active venture capital firm in Texas. For more information, visit www.silvertonpartners.com.

About Draper Associates

Draper Associates, founded in 1985 and based in California, is a seed-stage venture capital firm that encourages entrepreneurs to drive their business to greatness, transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth.

About ATX Seed Ventures

ATX Seed Ventures is an early-stage venture capital firm specializing in Texas. The company’s investments focus on software, IoT, e-commerce and mobile applications. ATX Seed Ventures was created by expert entrepreneurs to serve emerging entrepreneurs.

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