SourceDay
SourceDay is the leading DPRM platform for manufacturers and distributors, reducing cost and revenue risks in parts delivery, labor, inventory, and supplier reliability. Through advanced technology and services, it drives measurable ROI and optimization.
Company Info
Address
Phone
Website
50 to Know / 50 to Watch / Future 5 / Hall of Fame
In Their Own Words: SourceDay
SourceDay is a Direct Procurement Risk Management (DPRM) platform for manufacturers and distributors, focused on reducing the cost and revenue risks tied to parts and materials delivery, labor, inventory management, and supplier reliability. By combining advanced technology and services, SourceDay delivers measurable improvements in supply chain performance and optimization, ensuring companies benefit from a streamlined and efficient supply chain.
We specialize in direct procurement risk management for mid-sized manufacturing and distribution companies, serving organizations with 200 or more employees and annual revenue above $150M. Our vision is to create fully synchronized supply chains by eliminating risks tied to on-time delivery, inventory management, and labor efficiency.
To fulfill this vision, we address risk in four key areas:
1. Data Accuracy and Currency
SourceDay eliminates manual, error-prone processes. By capturing all communications and data exchanges during the PO lifecycle, our platform provides full transparency and visibility at every stage. Seamless integration with ERP systems and data movement practices ensures 100% PO data accuracy, allowing users to trust their procurement data and make better decisions while reducing the risk of costly errors.
2. Supplier Reliability
SourceDay recognizes the importance of supplier performance and strong relationships in driving supply chain success. Our platform fosters an intuitive, bi-directional approach, promoting collaboration between buyers and suppliers. Powered by proprietary workflow technology, performance scorecards, and success programs, SourceDay helps increase on-time delivery (OTD) rates. With SourceDay, you can trust your suppliers to meet performance expectations and maintain the health of your supply chain.
3. Cost Containment
Traditional procurement solutions often fail to address the downstream costs tied to procurement risks, such as manual processes, inaccurate data, and late or missing parts. SourceDay eliminates unnecessary labor and inventory expenses through AI- and ML-driven automation, reducing procurement time by up to 80%. Our platform also focuses on ensuring on-time PO delivery dates and quantities, which allows companies to reduce safety stock levels without sacrificing labor efficiency or production schedules, leading to significantly lower costs.
4. Addressing Blind Spots
SourceDay’s patent-pending AI and machine learning platform, SourceDay Intelligence, provides proactive, actionable notifications of procurement risks before they escalate. Using over a decade of PO lifecycle data, we detect risks such as late deliveries or unreliable suppliers in advance, offering resolution paths to prevent disruptions. With SourceDay, customers gain unmatched foresight into potential issues, enabling faster, more informed decision-making.
Realizing Our Vision
SourceDay is uniquely positioned to help manufacturers and distributors overcome direct procurement challenges through data accuracy, supplier reliability, cost containment, and risk detection. By automating manual processes, leveraging AI-driven insights, and enhancing supplier collaboration, we help our customers improve operational efficiency, reduce costs, and optimize their supply chain performance. SourceDay enables mid-sized manufacturing and distribution companies to synchronize every aspect of their procurement process, delivering measurable value and mitigating risks across the board.
SolutionMap Rankings for SourceDay
Insider members can get detailed information about market fit, capabilities on SourceDay.
Featured Content
The SourceDay solution creates real-time visibility and accountability between you and your suppliers. Plus, it integrates with your ERP system ensuring that pricing, quantity, lead times, and delivery dates are accurate. With automated workflows and accurate information, you can cut your risk.
Supplier relationships should be partnerships. But all too often, miscommunications about PO changes lead to finger pointing. With SourceDay, supplier scorecards are available to both parties and are updated 24/7. Better yet, you can easily review the performance of your entire supplier base at a glance. Set custom grading rules to reflect what performance means to your business.
SourceDay’s built-in, ISO-certified, Supplier Scorecard helps you manage performance and keep your suppliers accountable by measuring metrics like price variance, on-time delivery, quality, and responsiveness.
SourceDay’s Executive Dashboards give executives the ability to visualize supply chain data that would otherwise be hidden and difficult to obtain. These dashboards provide real-time metrics that businesses can immediately take action on to prevent risk and protect revenue.
Enable digital collaboration with your suppliers using SourceDay. From requesting quotes to matching invoices and managing all the changes that happen in between, SourceDay allows you to see all direct spend, down to the line item—and pay special attention to the exceptions that can impact your revenue and create risk.