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.
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SourceDay RFQ Collaboration (Graphic: Business Wire)
“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.”
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 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 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,” 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:
- Buyers can upload suppliers’ invoices for fast and easy processing
- Invoices can be emailed and read into SourceDay AP with automated email capture
- SourceDay automatically compares invoices to final PO data and receipts with automated 3-way matching
- 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.
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.