In today’s ever-changing world of business, strategic sourcing and procurement have never been so important, and legacy tools with outdated, manual processes just aren’t cutting it anymore…

Enter Workday Strategic Sourcing!

Customers can use this strategic sourcing platform alongside other Workday applications to streamline their sourcing processes for better business outcomes in the future. 

Workday Strategic Sourcing aids in building beneficial relationships with both buyers and suppliers by focusing on their goals and ensuring that they align with business needs.

Read on to learn what Workday Strategic Sourcing has to offer, including the key capabilities and advantages of the solution to help your enterprise improve process efficiency and maximize your investments!

What is Workday Strategic Sourcing?

Workday Strategic Sourcing is a cloud-based financial and supplier management solution that helps companies optimize their strategic sourcing efforts.

With improved visibility for important company data and enhanced collaboration across teams and departments, strategic sourcing has never been so easy!

Overview of Workday Strategic Sourcing

Workday Strategic Sourcing is an excellent spend management solution equipped to provide companies in any industry with key advantages like:

Collaboration and Engagement

Workday Strategic Sourcing allows users to easily collaborate with each other by connecting businesses to sourcing organizations with project intake forms. These forms allow key stakeholders to track and present project requests, as well as automatically route information to the correct sourcing owner.

The earlier you gather and engage with sourcing requirements, the easier it becomes to reach success on a project. And, with Workday’s advanced strategic sourcing functionality, companies can kick-start engagement on any project.

Execution and Savings Tracking

Workday Strategic Sourcing emphasizes the need for visibility on spending and sourcing projects to meet goals and push transformation.

This tool gives users the ability to easily prioritize, track, and manage all sourcing projects in a single solution and track how business operations are affected by each sourcing activity.

Streamlined Sourcing With Unlimited Impacts

Manual processes, like spreadsheets and email chains, are no more with Workday. Workday’s strategic sourcing tool encourages collaborative sourcing and helps users build and execute sourcing events more effectively. By condensing your sourcing operations with Workday, you can increase your business impact and increase value across the board.

Modern Reverse Auctions

Conducting reverse auctions is a crucial process for sourcing teams. They streamline the supplier selection process and provide more transparency into the auction lifecycle.

Workday Strategic Sourcing lets users cultivate an easily visible and competitive environment that gives suppliers better insight into comparisons with bidders.

Price Optimization

Workday allows users to leverage factual information to make the most of their pricing conversations with suppliers. Users can analyze multiple determining factors to understand the impacts of pricing on savings targets and determine the right supplier for their needs

Manage Contract Obligations

It’s out with the contract chaos and in with productivity and efficiency. Workday Strategic Sourcing helps eliminate wasted time spent finding contracts, prevent contract delays, and maintain updates with stakeholders on approval statuses.

Integrate Applications

Unorganized sources of data can result in inconsistent data, low data quality, and operational challenges. But, Workday provides seamless and secure connections between applications, to ensure data integrity, secure authentication, and a smooth, user-friendly experience across the board.

Maximizing Supplier Impact

Workday provides automated workflows to simplify data gathering, review, and approval processes, while also maintaining and storing all necessary information.

It’s also capable of improving supplier relationships and supplier performance by providing a comprehensive view into the supply base and enabling users to track performance, create helpful reviews, and optimize innovations.

Key Capabilities of Workday Strategic Sourcing

  • Pipeline management to asses spending and cost savings
  • Reverse auction management to optimize cost savings
  • Intake of sourcing projects to save time and enforce compliance
  • Contract management to establish obligations
  • Master negotiation process
  • Quick supplier onboarding and performance management
  • Reporting and savings tracking

How We Can Help

Managing money and finances can be a daunting task for teams that lack the right resources for the job, but it doesn’t have to be that hard! 

Whether you want more efficient, modern software to manage sourcing, improve collaboration efforts, or analyze your organization’s performance, or you’re just looking for some additional support navigating a new Workday environment, our team at Surety Systems can help!

Our senior-level Workday consultants have the skills and experience needed to help you with any task you need and lead you to success, no matter the complexity of your organizational structure or the nature of your project needs.

Contact Us

Contact us today to learn more about Workday Strategic Sourcing and where our Workday team can come in to help!

Frequently Asked Questions

Can I get Workday Strategic Sourcing without purchasing other Workday products?

Yes! Feel free to use this as your only Workday solution. The software works with any ERP, P2P, or analytics application.

When did Workday acquire Scout RFP?

Workday acquired Scout RFP in December, 2019. And, doing so enabled Workday to transform procurement and deliver better business outcomes.

What size organization and industry are recommended for Workday Strategic Sourcing?

Workday Strategic Sourcing can support any size organization in any industry.

How long does it take for Workday Strategic Sourcing to be deployed?

Deployment rates are fast with rapid return on investment. Deployment time averages from three to four weeks.