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SourceDay Delivers the Only Direct Spend Solution to Offer RFQ, PO, and Accounts Payable Collaboration [Press Release]

Continuing to Modernize How Companies Collaborate with Suppliers

AUSTIN, Texas— SourceDay, the direct spend industry’s leading supplier collaboration engine, today announced the release of SourceDay’s Request for Quote (RFQ) and Accounts Payable (AP) Collaboration products. The two additions to SourceDay’s cloud solution support SourceDay’s mission to prevent the reasons companies miss with their suppliers. SourceDay RFQ  streamlines how companies manage RFQs and select the best suppliers. The new AP product combines PO and AP collaboration to match PO, invoice, and receipt data. Once matched, SourceDay automatically vouchers invoices in the ERP, preventing supplier overpayments and time wasted chasing down invoice discrepancies.

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

With SourceDay RFQ, buyers can quickly and confidently select the most competitive suppliers in a way that feeds directly into their ERP system. SourceDay AP Collaboration allows up to 95% of invoices to be processed automatically, making it possible for customers to take advantage of early payment discounts. And both products eliminate costly ERP data errors that can lead to planning and production errors and ultimately erode trust throughout a company’s supply chain.

SourceDay RFQ Collaboration

SourceDay RFQ creates, delivers and streamlines collaboration of all RFQs in one place, providing a new product that rescues suppliers and buyers from mountains of emails and spreadsheets while also providing easier access, visibility and process compliance. The RFQ module allows buyers to easily create and issue RFQs to existing and new suppliers, facilitating two-way communication to receive, interact with, and compare quote submissions without ever leaving the SourceDay platform they’ve come to trust for all of their supplier collaboration needs. SourceDay customers can collect responses and historical data and then notify winning bidders for more informed purchasing decisions, all in one place.

“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,” said Josh Owings, ERP Applications Manager, JR Automation. “On top of delivering a fast ROI, SourceDay took most of the load on our implementation.” 

The consolidated features of SourceDay RFQ allow buyers to:

  • Automatically create and distribute RFQs for new materials and parts
  • Make more informed purchasing decisions with a streamlined and centralized RFQ process
  • Increase visibility to RFQ responses throughout the entire organization
  • Choose the best suppliers based on price, lead-time, quality, and performance
  • Ensure the company works with approved suppliers
  • Easily send notifications to multiple suppliers, throughout the lifecycle of an RFQ
  • Centralize communication and documentation like schematics, CAD drawings, and FAQs in one location
  • Capture historical RFQ data to support audit and compliance requirements
  • Create custom lists of groups of suppliers based on part category, commodity or geography for easy and consistent RFQ creation and distribution
  • Accelerate the bidding process
  • Receive more accurate and competitive quotes from suppliers
  • Easily compare and award winners through automated notification
  • Facilitate fast onboarding for both issuing companies and suppliers
  • Support both single-item and multi-item RFQs
  • Chat support to assist customers with onboarding and ongoing usage

Major benefits for suppliers include:

  • Never miss an RFQ or award
  • Visibility into the historical pricing for all locations of customer
  • One place to see frequently asked questions and RFQ documentation
  • Centralize all communication with a customer in one location

SourceDay Accounts Payable Collaboration

SourceDay AP Collaboration brings PO and AP collaboration into one single platform as well, reducing costly inefficiencies by automatically matching purchase order details, receipts, and invoices.

The 3-way matching process quickly identifies and helps resolve supplier invoice discrepancies, which can also be filtered by status and tracked throughout their entire lifecycle, all in a single dashboard. In the AP dashboard, buyers can arrange their view to see invoices by status (mismatched, matched, vouchered or pending), clearly identify exceptions, and quickly resolve any issues.

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 Manager with Napoleon

The key features of SourceDay AP Collaboration include:

Digital invoices

  • Buyers can upload suppliers’ invoices for fast and easy processing
  • Invoices can be emailed and read into SourceDay AP with automated email capture

Three-way match

  • SourceDay automatically compares invoices to final PO data and receipts with automated 3-way matching

Automatic vouchering

  • Matched invoices are instantly vouchered in the ERP, and suppliers are informed at each stage as manufacturers process their payment, enabling buyers to take advantage of early payment discounts. 

SourceDay RFQ and AP can be combined with SourceDay’s PO Collaboration, and Quality products for end-to-end direct spend procurement lifecycle management. All of these products are available immediately from SourceDay.  

About SourceDay

SourceDay is the collaboration engine that brings people, information, and processes together to modernize how companies manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use SourceDay to connect their teams and vendors/suppliers, centralize order data, and drive their businesses forward. Since 2013, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.

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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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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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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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SourceDay Cares: Brady’s Bridge 1st Annual Golf Tournament

SourceDay team at Brady's Bridge 1st Annual Golf Tournament SourceDay team at Brady's Bridge 1st Annual Golf Tournament

As part of our SourceDay Cares initiative, SourceDay is honored to have sponsored the 1st Annual Brady’s Bridge Golf Tournament. Brady’s Bridge is a non-profit that is creating after school programs for kids with special needs. 

When Brady entered Kindergarten, we found there were no programs or daycare facilities that would enroll him.We knew we had to do something, not just for us, but for other families facing the same challenges.

Tabitha Fry (Brady’s Mom/Brady’s Bridge Founder)

So many amazing people came together to support a great cause and we were thrilled to be a part of the event by sending a team of four to the course.

The SourceDay team’s performance on the course was nothing to write home about. Our team members finished with a final score of 6 under 66, right in the middle of the pack. Golf aside, the true meaning of the day was to bring together an incredible group of people in support of Brady and the millions of kids like him.

Learn more about Brady’s Bridge and its mission! #ChangeLives #SourceDayCares

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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.

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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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