The strategic sourcing application is used for obtaining systematic and fact-based approach in optimizing the supply base of organizations and also to deliver the overall value proposition. Strategic sourcing is a very time consuming and complicated process. The rise in the requirements for getting the best product in the industry at best value has led to the increase in deployment of the strategic sourcing applications in industry. Strategic sourcing application enables experts from multiple organizations to negotiate online, collaborate, define requirements, and create new contracts between the enterprise operations with the suppliers, distributors.

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Companies are preferring strategic sourcing applications for managing their manufacturing, distribution, supply chain, fleet, and inventory management. Using strategic sourcing application enterprises can collect information before the actual purchase decision is made which also helps the organizations to make smart and informed purchase decisions. Strategic sourcing application also provides access for buyers into a system of supplier databases, which enables them to prescreen and analyze supplier’s data and also past successes and failures. Organizations are using strategic sourcing application to make intelligent decisions along with the demand planning and procurement solutions. 

Global Strategic Sourcing Application Market: Drivers and Restraints

The factors such as complexities in the management of supply chain and distribution channel of the enterprises are expected to drive the global market for strategic sourcing applications in the forecast period.  In addition to this, the capability of strategic sourcing applications to provide process optimization, efficient sourcing, and business intelligence & trend analysis to organizations are expected to contribute the significant share in driving the demand for strategic sourcing applications. The increase in demand for the cost cutting and profit maximization solutions is predicted to be the major factor to push the demand for security sourcing application in the forecast period.

The global strategic sourcing application market is divided into seven regions as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. Among these regions, North America region is expected to dominate the global market for strategic sourcing application due to the higher adoption rate for new technologies and presence of strategic sourcing application providers in this region followed by Eastern Europe. The developing regions such as APEJ and Japan are predicted to grow with the highest CAGR owing to the rapid industrialization  going on in the countries such as India and China followed by MEA region.

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Global Strategic Sourcing Application Market: Industry Key Players

The major vendors in the strategic sourcing application market solutions providers include Oracle Corporation, IBM (International Business Machines Corporation), Determine, Inc.POOL4TOOL, SAP SE, Zycus Inc.