Workday Strategic Sourcing - 2024 Pricing, Features, Reviews, & Alternatives

Workday Strategic Sourcing is a cloud-based solution that helps procurement and sourcing professionals to launch and manage sourcing events across organizations of all sizes. This platform serves both buyers and suppliers from a wide range of markets, including retail, restaurants, technology, manufacturing, universities, hospitals, and more.

Workday Strategic Sourcing provides users with strategic sourcing and RFx tools for building RFPs, RFQs, and RFIs with pricing sheets and questionnaires. Automated messaging features such as event updates and deadline reminders help users engage with suppliers, and subject-matter experts can field stakeholder questions in real time. Internal stakeholders can be looped in for supplier evaluations, and users can automatically chart scores with weighted question values.

Workday Strategic Sourcing provides users with a click-to-launch platform for running auctions and converting RFPs to auctions with a single click. Auctions can also be run as stand-alones from a list of suppliers. Multi-round negotiations can be condensed to single auction, and users can watch real-time price drops to drill down to the best market rates in decreased time. Competitive bidding features enable participants to monitor whether they are in the lead, and allow them to adjust bids accordingly.

Savings tracking features bring better visibility on savings, and allow users to hold buyers accountable for goals. Multi-round negotiation enables users to track supplier proposals and fully leverage strategic advantages. The savings dashboard segments track records by buyer, department, or event, and users can run analytics for detailed reports and summaries to share with internal stakeholders. Additional features include supplier management with tagging and dynamic search, bulk import, and activity tracking for tracking progress on active bids.