Reference: Strategic Sourcing Capabilities
You can view high-level feature descriptions for the capabilities in this product area.
Sourcing Contract Management
Provides the ability to create and manage sourcing contracts. The functionality supports the ability to:
- Create and version contracts.
- Visualize contract relationships through hierarchies.
- Route contracts through an approval workflow.
- Integrate with third-party electronic signature platforms.
- Integrate with Workday Procurement to sync supplier contract information.
Sourcing Projects
Supports the ability to manage sourcing projects. The functionality provides the ability to:
- Intake sourcing requests.
- Route project requests to sourcing managers.
- Customize project types with custom fields.
- Collaborate with stakeholders via team chat.
- Track cost savings and actual spend data.
- Link to related modules such as Supplier Forms, Reviews, Sourcing Events, Contracts.
- View upcoming work and plan projects based on assigned categories.
Sourcing Events
Supports the ability for sourcing managers to create and manage sourcing events and reverse auctions. The functionality provides the ability to:
- Collect sourcing information from supplier through the questionnaires, worksheets, and attachments in a RFx.
- Collaborate with stakeholders.
- Analyze bid scenarios for optimal supplier selection to award.
- Evaluate supplier responses.
- Integrate with Workday Procurement to sync sourcing event data.
- Reverse auctions.
- Create public facing events.
Sourcing Supplier Relationship Management
Provides the ability to manage the end-to-end supplier lifecycle from onboarding through performance assessment. The functionality provides the ability to:
- Manage supplier onboarding through customized assessments, diversity evaluations, integrated third-party screening, and synchronized onboarding data for procurement.
- Consolidate engagement metrics, interaction records, and third-party risk assessment data into a unified view.
- Send notifications for supplier information updates and required actions.
- Facilitate supplier participation in events, contract negotiations, performance reviews, and procurement transactions.