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Workday Strategic Sourcing (formerly Scout RFP): Vendor Analysis, Part 2 — Deep Dive on 7 Modules, SWOT, Competitors in E-Sourcing, Commentary

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Scout RFP entered an already crowded e-sourcing market back in 2013 with a singular focus on ease-of-use, not unlike that of Coupa in the P2P space some years earlier. This focus, combined with rapid development of additional features and adjacent capabilities in project management, supplier management and contract management led to Scout RFP being acquired by Workday in 2019. Since the acquisition, it has been renamed Workday Strategic Sourcing and development has continued.

In the first part of this updated Spend Matters PRO Vendor Analysis, we looked at the company background and solution overview, solution strengths and weaknesses as well as a simple tech selection guide.

In this second part, we will do a more detailed solution overview, offer a SWOT analysis and take a look at Workday Strategic Sourcing's competitors in the e-sourcing market.

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

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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.