SourceDay,
which claims to be the most robust, ERP-agnostic direct spend solution on the
market, today announced two new products,
SourceDay
Request for Quote (RFQ) Collaboration and
SourceDay
Accounts Payable (AP) Collaboration. The company says that these new
additions to the SaaS solution support its mission to prevent the reasons
manufactures and distributors miss with their suppliers. SourceDay RFQ
Collaboration 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," said Tom Kieley, SourceDay
CEO. "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."
The RFQ product allows buyers to, according to the company,
"quickly and confidently" select the most competitive suppliers in a way that
feeds directly into their ERP system, while the AP products allows up to 95% of
invoices to be processed automatically, saving customer money by making it
possible to take advantage of early payment discounts. Both products aim to
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'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
The 3-way matching process
involved in the AP tool aims to quickly identify and 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," said Louise Mayer, ERP Implementation Manager with Napoleon. "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."
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.