Sourcing Software Definition

Sourcing software is a tool used by organizations to manage the process of sourcing and procurement. It is designed to streamline the sourcing process, from requisition to purchase order, and make it more efficient and effective.

Sourcing software typically includes a supplier management module, which allows organizations to track and manage supplier information. It also includes a sourcing event module, which enables organizations to create and manage RFQs, RFPs, and auctions. And finally, it includes a contract management module, which helps organizations to create, manage, and store contracts.

Sourcing software can help organizations save time and money by automating the sourcing process. It can also help improve communication between buyers and suppliers, and increase visibility into the sourcing process.