Thinking it’s time you automate your sourcing processes, but not sure where to start?

You’ve come to the right spot.

Choosing between countless software solutions can be tricky, but don’t worry, we’ve got you covered.

In this article, we’ll be taking a look at the top 8 sourcing automation software that deliver key e-sourcing functionalities for maximum impact.

Keep on reading and make your automation decision with confidence!

Veridion

Veridion is our data service platform powered by AI that opens a new frontier to supplier sourcing.

What makes Veridion uniquely suited to automate procurement and fulfill your every sourcing need is its highly accurate, continually updated company data.

Source: Veridion

On top of relevance and accuracy, what sets Veridion apart is its access to a vast network of suppliers globally.  

Since our program scrapes the whole internet, we have data on more suppliers than other providers, and cover more data points for each supplier.

Our company profiles include everything from product data, sustainability and ESG factors, all the way to information on carbon footprint, or corrupt transactions.

That way, you get much more than a name, address, and revenue data. 

Machine learning makes a continuously improving algorithm bringing unmatched precision and accurate results in a matter of minutes.

Source: Veridion

This translates to valuable time and resource savings, increased efficiency, and enhanced decision-making.

But how do you get the data?

You use Veridion’s Complex Search API allowing you to find matches based on product-specific data, certifications, and diversification factors.

Source: Veridion

This powerful tool allows you to tap into a global network of suppliers and fish out your top matches using natural language and a single API key.

Veridion Key Features

Complex Search API	Use complex search criteria and set custom rules to narrow down your search effectively. Exclude categories of providers or add conditions, such as ESG criteria.
Match & Enrich API	Get a full data set of any company based on just 2 data points, giving you a comprehensive understanding of the global business landscape.
Granular Data Points	Find detailed product-level information to pinpoint suppliers and understand what they offer in full.
Real-time, weekly updates	Base your decisions on a steady stream of fresh, in-depth data.
Natural Language Search	Query data using everyday language, simplifying the search process.
Easy Workflow Integration	Start using the solution quickly and easily thanks to API’s intuitive design, while Veridion’s team of experts works with you to tailor the solution further.

Veridion combines accuracy and coverage with fast problem-solving, making it a go-to sourcing solution.

Pricing is tailored to each company’s unique needs, and flexible enough to encourage usage and experimentation. 

If you think the same, contact us directly and we’ll explore options together! Or download a data sample from our website. 

Esker

Sourcing management software Esker brings efficiency and cost-effectiveness to procurement teams by automating source-to-pay, but also order-to-cash processes.

The sourcing solution is part of a larger suite, and based on reviews from TrustRadius, those interested in order management capabilities may find it particularly interesting.

Esker’s automation brings efficiency to running tenders and on-demand auctions, helping you pinpoint the most suitable suppliers.

Source: Esker

Additionally, Esker’s sourcing software is designed with integration and usability in mind.

This focus on usability is supported by flexible architecture that allows you to add new categories as your needs expand. 

Esker Key Features

Advanced sourcing functionality	Use a single platform to perform all tender activities, running eAuctions, RFIs, RFPs, and RFQs with scoring, event weighting, and document uploads.
Centralized data	Access, audit, and export all supplier information and tender activities from within the solution.
Event cloning & templates	Save time and achieve consistency through an easy-to-use template system, allowing you to replicate previous events in part or in full.
Integrated questionnaires	Create and customize weighted supplier questionnaires. Automatic and manual scoring functions support formatting consistency and data centralization.
Multi-stage RFQs	Configure the bid deadline for each new round, adjust rankings, and select participants.
Multi Scoring	Enable complex weighted events with multi scoring, including RFx, RFIs, RFPs, and RFQs.

Given the different, interconnected modules that impact the solution’s pricing, you’ll need to contact Esker’s team directly for more information.

Keelvar

Autonomous and automatic sourcing software Keelvar offers complete visibility and automation for all spend.

By leveraging its Sourcing Optimisation platform, Keelvar automates several processes, introducing sourcing best practices across your entire business through easy-to-build workflows.

Source: Keelvar

Naturally, complex, large tenders benefit from sourcing optimization efforts, but for simpler, more routine tasks, there are better alternatives.

Keelvar takes automation a step further by incorporating machine learning and minimizing the need for human intervention.

Source: Keelvar

As the Keelvar team notes, the automation tool empowers all business users to source like experts, saving time and increasing cost savings.

Keelvar Key Features

Workflow Builder	Design workflows that are fully automated or require approval. Conditional steps can be added for specific criteria.
AI Event Creation	Have AI bots create the bid sheet and needed questions to launch sourcing events within minutes of receiving internal approval.
Automatic Supplier Selection	Leverage AI to automatically invite suppliers to participate in the previously created sourcing event.
Recommended Award	Conduct AI analysis of supplier bids and automatically recommend awards.
Sourcing Dashboard	Make use of rich reporting functionalities embedded in the dashboard and export data to your system of choice.

As the product’s price can vary greatly based on desired features, Keelvar doesn’t list pricing plans on its website. 

Send a pricing request and you’ll be one step closer to figuring out if this solution is the best fit for you.

Aerchain

Aerchain’s AI-Enabled Sourcing Platform offers next-gen efficiency and intelligent decision-making.

One way you can move past the clutter of requirements and daily operational tasks is to leverage Aerchain’s AI and get near-instant results.

Source: Aerchain

The software’s pivotal feature is the sourcing AI assistant Aera, signaling a new chapter in sourcing.

Want to upgrade your sourcing on all levels?

Aera takes care of the whole sourcing process from start to finish, from drafting SOWs, recommending suppliers, and sending out RFQs to handling negotiations.

Source: Aerchain on Youtube

With this AI helper, you can be sure the award will go to the ideal match.

Aerchain Key Features

Gen-AI Powered Automation	Leverage sourcing AI assistant for all major sourcing-related operations.
Vendor Discovery	Do intelligent vendor matching based on market data and past ratings.
Sourcing Automation	Create RFQs with one click based on existing data.
Auto Evaluation	Conduct in-depth vendor assessments, rooted in precision proposal analysis and qualitative insights.
Autonomous Negotiation	Use a negotiation algorithm, letting the AI do the talking for you, to secure the best deals.
Auto Awarding	Rely on dynamic award scenarios that align with your strategic goals to get maximum efficiency.

Same as with other sourcing solutions on this list, Aerchain’s pricing plans are quotation-based, and you will need to contact them to obtain current pricing. 

GEP SMART

GEP SMART is an AI-powered, unified source-to-pay (S2P) procurement software featuring a range of sourcing and other procurement features.

Source: GEP Software

As a standalone application, GEP SMART Sourcing equips enterprise procurement teams with all the sourcing tools they need, promoting collaborative sourcing and comprehensive RFx management.

Source: GEP Software

Artificial intelligence (AI) is your key ally when it comes to automating and streamlining processes.

It’s also the main driver behind improved competitive bidding and supplier engagement, so if these are your main objectives GEP SMART is sure to fulfill them.

GEP SMART Key Features

Real-Time Auctions & Express Bidding	Gain insight into the supplier environment, showing real-time changes to bids based on observed market conditions.
AI-Based Recommendation	Generate recommendations based on previous sourcing events, master data, and integrated systems.
What-If Analysis	Analyze sourcing scenarios and how they impact cost, quality, delivery time, and other key metrics, enabling bid scoring and comparison.
Should-Cost Modeling	Calculate the true cost of a product/service by analyzing the cost drivers of each component.
Powerful Category Capability with Deep Intelligence	Access deep category and commodity knowledge through advanced category spend analytics.
BOM Support & Item MDM	Use BOM data to optimize the sourcing process and find the right products/services through Item MDM.

The software’s pricing depends entirely on what you need: a stand-alone sourcing application or GEP’s unified, cloud-native procurement platform.

This flexibility means you’re going to have to reach out directly to GEP’s team.

Procol

Procol is an e-sourcing software that puts your category and industry’s unique needs first while helping you build processes that require minimal manual intervention.

If you’re looking to streamline and centralize all your sourcing activities, it might be a good solution for you.

Source: Procol

The solution provides customizable workflows and templates, allowing you to tailor your e-sourcing experience to your needs and processes.

Procol’s mobile-first approach promotes ease of use and flexibility in making data-driven sourcing decisions. 

Source: Procol

Advanced analytics and reporting features are enhanced further through the software’s AI capabilities to deliver highly accurate forecasts, resulting in major cost savings. 

Procol Key Features

Sourcing Project Management	Run multi-round and multi-stage sourcing projects efficiently.
Sourcing Analytics	Boost strategic decision-making through custom, self-serve analytics.
Commercial Bidding	Optimize your commercial bidding endeavors by leveraging AI capabilities and unique bidding algorithms.
In-depth Technical Comparison	Run a comprehensive and detailed technical comparison to enhance techno-commercial evaluation and QCBS.
Mobile Flexibility	Run core sourcing operations and collaborate seamlessly on a mobile-first platform.

If you want to learn more about Procol and which features and add-ons fall under which pricing options, contact Procol’s sales team for all the details.

Simfoni

Simfoni stands out for its comprehensive suite that combines spend analytics, sourcing, and contract management.

Automation functionalities give you insight into your spending trends, but the solution’s features carry other major benefits, from optimized sourcing processes to enhanced supplier relationships. 

Source: Simfoni

The software is also AI-powered, meaning that you can make faster and better decisions by visualizing specific sourcing events with limitless variables and calculations.

AI also helps you automate bidder scoring and feedback, pointing you in the right direction from the start and saving you time and resources. 

Simfoni Key Features

Opportunity Assessment	Identify and review savings opportunities, capturing estimated savings but also overall alignment with business targets.
Sourcing Pipeline	Track category-specific sourcing initiatives to establish whether you’re on track with planned targets.
eAuctions	Achieve better pricing and terms for goods and services, while driving competition among suppliers.
Decision Optimization	Use advanced algorithms and data analytics to make better procurement decisions on sourcing, supplier selection, inventory management, and cost optimization.
Savings Tracking	Track savings over time, identify trends and patterns and evaluate the general impact of procurement processes.
Contracts Repository	Digitize contract management processes to boost contract visibility and control, and reduce risks.

All in all, this is a powerful sourcing solution on its own, but if you want to make full use of key features, consider subscribing to the platform as a whole. 

If you want to get accurate info on current pricing and check how you can mix and match some features, you better get in touch with the Simfoni team.

SAP Ariba Sourcing

SAP Ariba offers a robust and scalable sourcing solution that brings together buyers and suppliers and streamlines the whole source-to-pay process.

Its automation functionalities appeal to businesses of different sizes, particularly enterprises that have to deal with more processes on a larger scale.

One of the pillars of its fast, simplified, and scalable guided sourcing is the software’s built-in SAP Business AI.

Source: SAP Ariba

AI drives and connects core operations from finance and supply chain to human resources.

For the sourcing context, SAP Ariba’s AI guidance enables you to create sourcing events and quickly match top suppliers to your unique needs.

SAP Ariba Key Features

Simplified Sourcing Activities	Enable intuitive creation of sourcing projects and events
Supplier Discovery & Onboarding	Standardize sourcing processes and workflows through AI and machine learning–based features
Intelligent Recommendations & Process Automation	Leverage AI-enriched guidance to automatically correct and map event data found in import files.
Single-Screen Event Creation & Management	Promote usability and reduce learning curves by managing key processes from one place.
360-Degree Supplier Insight & Event Monitoring	Use continuous, embedded event monitoring to get the right insights on qualifying suppliers, comparing bids, and realizing savings.

To learn more about the various pricing models, as well as the benefits of the additional solutions, head over to SAP Ariba’s website.

Conclusion

If you automate your sourcing activities, you can boost your efficiency and carve out more time for value-added tasks.

Finding the right sourcing automation software out of countless options feels daunting, but your choice boils down to one question.

Can this system and its features bring me closer to fulfilling my key business objectives?

One thing’s for sure: automation has already transformed the sourcing and procurement processes, and top industry players are reaping the benefits.

So if you’re not on board yet with automating your sourcing processes, consider this article a gentle, but firm nudge forward!