Workday Strategic Sourcing (formerly Scout RFP): Vendor Analysis, Part 1 — Background, Solution Overview, Strengths/Weaknesses, Tech Selection Tips

About this time last year, Scout RFP made headlines by being acquired by Workday, a provider of finance and HR solutions. The acquisition itself might not have been a huge surprise, given that Workday was an investor in the company already, but the valuation of Scout RFP raised an eyebrow or two (see here for more info).

At first it operated as “Scout RFP (a Workday company).” But recently, the name was officially changed to Workday Strategic Sourcing. This is a natural evolution as the acquisition becomes a more integrated part of the larger Workday organization. That said, there are no plans to replatform. Workday Strategic Sourcing will remain a separate solution, although more extensively integrated to the rest of the Workday offering.

Since our last analysis, Workday has added contract management and some interesting bid analytics and negotiation support capabilities.

In this two-part Spend Matters PRO about Workday Strategic Sourcing, we will take a closer look at the company and its solution — and then offer details on seven solution modules, do a SWOT analysis and discuss Workday’s competitors in the e-sourcing market.