strategic sourcing software – Slingshot, 2017

Strategic sourcing is one of the many business tasks Slingshot can help you manage. This software uses familiar, web-based interfaces to provide enhanced business-process tools, including inventory management and supply-forecasting tools that allow you to predict future resource needs, as well as accounting tools that use supply-chain data to generate invoices and receipts.

Slingshot is an on-premise, strategic sourcing software program, meaning you must have the hardware required to run this product. It is a modular application, so you can pick and choose the components your business needs. With a focus on the day-to-day process of connecting purchase orders to suppliers, Slingshot ties contract management, request-for documentation and proposal preparation, and material acquisition directly to its purchase order management module. The software has vendor prequalification tools that let you filter vendors by their capabilities. It also supports collaborative purchase order fulfillment, including online auctions, via the internet. Slingshot can provide automated alerts when purchasing events occur or when vendor information is incomplete or out of date.

One feature with this strategic sourcing software is that it provides weekly or monthly supply forecasts based on one of the program’s six algorithms. Forecasts can be split out by key customers and can be customized to include extraordinary demand periods, or you can plug in a custom forecast model specific to your business’s particular sourcing needs. The forecasting tools produce detailed reports for individual product planning or graphical displays for less-detailed overviews.

This software also has warehouse and inventory-management components that let you track materials and products on hand and correlate them with your supply-chain management decisions. You can model both physical warehouse spaces and virtual warehouses that represent products held by supply-chain partners. The software supports multiple pick strategies, different stock rotation strategies and barcode tracking. It can also generate package manifests.

It also features strategic sourcing and supply management components that tie into its accounts payable and receivable systems. These allow you to create invoices and process payments as you would expect, but they also flag inconsistencies in days to pay versus due dates, thus alerting you to potential supplier problems. These systems can also produce required tax documents and cut checks or generate EFT requests. If your business has a retail aspect, this program also offers point-of-sale software that ties into its suite of products.

Slingshot is designed to handle the day-to-day strategic sourcing and supply chain needs of your business. It combines procurement features with accounting and inventory management functions to help keep your business well-supplied and running smoothly. Detailed reporting and forecasting options let you plan for the future and comfortable web-interfaces reduce training costs.