Workday strategic sourcing: achieve better business outcomes
“The strategic and simple way to manage spend”
Workday - founded in 2005 - provides its customers with an array of cloud spend management solutions to streamline operations and control indirect spend.
Its complete set of cloud spend management solutions can be broken down into four core areas of spend management: strategic sourcing; procure to pay; inventory; and expenses.
With sourcing and procurement being vital to the operations of a modern enterprise - now more than ever - Workday strives to help its customers remove their reliance on manual processes and legacy systems.
“To compete in today’s world, sourcing professionals need a platform that streamlines supplier workflows, breaks down departmental silos, and makes it easy for business users to engage and align with sourcing across the enterprise,” comments Workday.
This is where the Scout RFP platform comes in.
Scout RFP is a Workday company. Its platform provides an intuitive strategic sourcing application for sourcing project intake; pipeline management; RFx and reverse auctions; contract repository; supplier onboarding and performance management; dynamic negotiations; and reporting and savings tracking.
With 97% of Scout RFP customers realising a 10x ROI within the first year of use, Workday outlines the key benefits of its Scout RFP platform:
- The ability to streamline the source-to-contract process
- Simplified sourcing requests across the enterprise
- The capability to maximise the impact of every supplier relationship
- Collaboration in real-time with stakeholders and suppliers
- Achieve better outcomes with actionable analysis
In addition to ROI, Workday reports that 90% of Scout RFP customers realise a positive cash impact, and 87% of Scout RFP customers launch their first event within a week of signing up.
“Not only is Scout intuitive enough for anyone at VMWare to accomplish things independently, its flexibility gives my team the power to drive real change,” commented Kellee Garcia, Center of Excellence Manager, Global Strategic Sourcing at VMWare.
For more information on procurement and spend management - please take a look at the latest edition of Procurement Magazine.
LogicSource: Elevating the Brand of Sourcing and Procurement
LogicSource, a purpose-built Procurement Services and Technology provider focused exclusively on indirect, or not-for-resale, expenditures has announced the launch of the LogicSource Procurement Council which aims to “elevate the brand of sourcing and procurement”.
LogicSource focuses on goods and services not-for-resale, which typically represent 20% of a company’s revenue and hold great opportunities for improved buying efficiencies.
The LogicSource Procurement Council is an invite-only “Community of Practice” (CoP) for like-minded sourcing and procurement practitioners and leaders looking to discuss industry trends, technologies and market intelligence.
The member-led council will cover topics such as supplier diversity & inclusion, forging relationships between CPOs and CFOs, and leveraging new and innovative Procurement technologies. Current members consist of industry veterans from leading brands such as IBM, Nordstrom, Target, and 21st Century Fox.
“The pace of change in the procurement industry is accelerating daily, and it’s becoming increasingly difficult for industry leaders to stay up to speed on the latest trends and technology,” said Sam Vail, managing partner of LogicSource’s OneMarket technology solution.
“The LogicSource Procurement Council is an opportunity to bring together like-minded professionals to address critical procurement challenges and discuss important strategies to overcome barriers and elevate procurement’s critical role in business operations. It’s our mission to provide our members with the market intelligence, best practices and technologies they need to reduce costs, empower their procurement teams, and demonstrate their value to stakeholders”.
Membership benefits include:
- leadership and networking events
- ad-hoc sessions with LogicSource experts
- a complimentary instance of LogicSource’s OneMarket Portfolio sourcing project management software
- opportunities for career development
Procurement professionals interested in joining the LogicSource Procurement Council can email John DeMattia ([email protected]) for more information.