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Below is our recent interview with Tom Kieley, CEO and Co-Founder of SourceDay:
Q: Could you provide our readers with a brief introduction to SourceDay?
A: SourceDay provides a SaaS platform that automates direct procurement. The SourceDay software simplifies complex buying processes by driving more streamlined collaboration between buyers and suppliers to improve supplier performance and reduce procurement costs.
Q: Why SourceDay? What are the benefits for buyers/suppliers?
A: Other companies in our space were born from and focus on indirect spend, which has different business pain points and solves for different problems than those created by the direct spend process. SourceDay solves for the inefficiencies, challenges and errors that come with manual, direct spend procurement processes by introducing digitization and automation to procurement, purchase order management and supplier collaboration. We do this all with seamless ERP system integration, something we do better than anyone else and with more ERP systems than anyone else.
Q: What’s your secret? How do you transform the supply chain and manage direct spend?
A: We saw and developed a solution for a problem that no one else was solving for. Time and time again, SourceDay has proven to save companies significant amounts of time, money and frustration. SourceDay’s ability to digitize and modernize a notoriously and often painfully manual process has major implications for the future of the supply chain. When one piece of the supply chain, such as procurement, runs more efficiently, this trickles down to the rest of the supply chain ultimately creating additional opportunities for cost and time savings – and satisfied customers!
Q: What’s the best thing about your product that people might not know about?
A: SourceDay is designed to benefit both the buyer AND the supplier. When buyers use SourceDay their suppliers are invited to collaborate with them via the SourceDay platform, and in the end, the supplier also benefits from the increased automation. The supplier sees so much benefit, in fact, that we’ve been able to bring on a number of new customers from suppliers recommending SourceDay to their buyers.
Q: What are your plans for the coming months?
A: In December we announced our Series A round of funding where we raised $6.5 million. We look forward to leveraging these funds to expand our sales, marketing and channel efforts and to continue to innovate in a way that’s focused on delivering value to the buyer/supplier relationship. This will include nearly doubling our employee count, hiring several key executives, developing strategic new partnerships and exploring new, data-focused features.