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sourceday.com

Founded Year

2013

Stage

Series C | Alive

Total Raised

$54.75M

Last Raised

$31.5M | 3 mos ago

Mosaic Score

+40 points in the past 30 days

What is a Mosaic Score?
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About SourceDay

SourceDay is a Software as a Service (SaaS) solution that automates purchase order management processes by integrating with Enterprise Resource Planning (ERP) systems. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.

SourceDay Headquarter Location

9737 Great Hills Trail Suite 100

Austin, Texas, 78759,

United States

+1 512 361 7029

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Expert Collections containing SourceDay

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

SourceDay is included in 3 Expert Collections, including Supply Chain & Logistics Tech.

S

Supply Chain & Logistics Tech

3,164 items

Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).

P

Payments

1,949 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.

F

Fintech

7,344 items

US-based companies

Latest SourceDay News

SourceDay’s Supply Chain Secret: Focus on the First Mile

May 6, 2022

Three leaders describe how fresh funding will allow the company to increase its headcount, improve its technology and expand its operational reach. The team behind collaboration engine SourceDay knows that timing is everything. Since 2013, the company has sought to strengthen the relationship between organizations and their suppliers, offering products designed to drive teamwork and automation across time-sensitive supply chain processes. With a fresh Series C funding round under its belt , SourceDay is ready to refine its technology with support from an existing NetSuite partnership and increased headcount. According to Senior Product Marketing and Enablement Manager Kelli Stanley, improving the company’s SourceDay Insights platform, which consolidates customers’ data in a central location, will unlock greater access to crucial information. “We’re enhancing this product to enable leaders to see the most important areas of their business and make impactful purchasing decisions,” she said. “That’s something that hasn’t been done before in the industry.”  CEO and Co-Founder Tom Kieley can speak to SourceDay’s first-of-its-kind nature, having worked in the software space for twenty years. He said he had never seen technology impact users so profoundly prior to establishing the company. “Customers have told us that we’ve changed their lives, and I’ve never heard that at any other point in my career,” Kieley said. “Most people consider software a necessary evil, so we try to make it as user-friendly and value-driven as possible. We’re delivering on that promise, but we’re just getting started.”   FOCUSED ON THE FIRST MILE There’s recently been a lot of focus on solving logistics issues that occur in the so-called “last mile,” but according to Kieley, there’s also a very good reason to examine the procurement process that occurs before products get placed on freights or carriers. “We see this area as a space for growth and disruption,” he said. Considering it’s essential to product delivery and assembly line production, there’s a lot that can be done to avoid issues before they happen down the line. “We’re excited to drive first-mile visibility and collaboration so that our customers can have a successful last mile,” Kieley said. As the company ramps up its technological efforts, the team is taking a different approach that aligns with the organization’s commitment to improving the initial leg of the supply chain. Colby Young, who serves as vice president of the NetSuite business unit, sees a shift taking place in how customers manage global e-commerce growth, and is excited about the role SourceDay can play in this transformation. “The first-mile problem that we’re tackling is going to continue, and we’re in the perfect place to pursue it given our recent funding and current position in the market,” Young said. As someone with a creative background, Stanley said the company has given her the chance to spark change in relatively new territory. She added that this opportunistic moment offers job seekers from all backgrounds the chance to drive progress. “People from other industries can come in and offer a different perspective on the supply chain as a whole,” Stanley said. “Anyone who is looking for a role with autonomy and creativity should apply.”  Below, Stanley, Young and Kieley discuss how the company is improving its technology, supporting the evolution of its employees and pursuing new opportunities. How will the enhancements to SourceDay Insights impact clients? Stanley: We’re in the process of gathering customers’ information from enterprise resource planning tools and our purchase order collaboration tool, and we’ll filter that into SourceDay Insights so that users can access it in a digestible, centralized way. This gives them the ability to measure their suppliers, on-time and full deliveries, cash flow, and everything else in one place. Young: We have access to an amazing amount of data related to first-month spend. Once we developed SourceDay Insights, we were able to approach this more intelligently. We had a simple scorecard that people and organizations loved, but now we’re getting much deeper into data analytics. We have a critical mass of suppliers, and we can really make better sense of the data now. Kieley: We have a significant opportunity to provide actionable data through the millions of transactions that happen daily between buyers and their trading partners across the globe. We give our customers and their suppliers real-time, actionable visibility and insights to create more intelligent procurement processes and supply chains, while ultimately enabling them to offer more on-time customer delivery and fulfillment. In short, actionable insights overpower having data for its own sake. What new product features are in the works, and what will these enhancements enable the company to accomplish? Kieley: In the near future, we’ll be able to make introductions using our network of data, narrowing it down to a specific commodity or part number to drive introductions for customers who are not able to get the exact time, lead time or price point that they’re looking for. Our platform enables this type of connection down to geographical location, quality, pricing, lead time, supplier scoring and historical performance. One of the most exciting things we’re going to do over the next six months is offer predictable insights and analytics. We have a significant amount of historical trending data and actionable transaction data in beta that will help our customers drive more intelligent buying behaviors, making their enterprise resource planning more intelligent and just-in-time manufacturing processes more capable. We’re going to roll out a first-of-its kind product later this year, which will be capable of predicting data points with 90 percent accuracy. This data will be critical to manufacturers, retailers and consumer product groups. SEEKING DISRUPTORS SourceDay may have recently quadrupled the size of its data team, but the company has no plans to slow down its hiring efforts. Kieley said the organization aims to expand its product management team and hire a chief product officer as well as full-stack engineers, QA automation engineers and DevOps professionals. In his mind, this growth is made possible by both the company’s latest funding round and its longstanding dedication to clients. “We have the opportunity to keep growing in order to deepen the value we offer customers and revolutionize disruption in the supply chain industry,” Kieley said. What is the importance of the company’s NetSuite partnership? Young: Over the last few years of extreme supply chain disruption, we’ve been focusing on filling a critical first-mile supplier collaboration gap for Netsuite. We are helping NetSuite clients better manage the purchase order lifecycle from when the PO is created in NetSuite until the goods are received. This is a win for NetSuite to be able to now offer their customers this solution, a win for NetSuite customers to be able to solve a massive pain point to continue to scale without procurement or the supplier network being a bottleneck, and a win for us to get exposure to NetSuite product companies in need of our product for continued success. One of the main reasons we opted for the built-for-NetSuite verification initially is that it grants organizations greater credibility. There are many consulting groups and system integration partners that look for built-for-NetSuite badges, and we’ve been a verified technology partner since 2019. This means that every six months, we re-verify our NetSuite integration. Having this verification takes the onus off of the client and puts it on us to ensure the integration is locked tight. NetSuite is partner-friendly, which means they understand that they don’t do everything perfectly, and there are gaps in every enterprise resource planning tool. They search for partners like us to fill those gaps and give their customers options, making it a progressive partner program. With more innovation and market exposure, we’ll be able to solidify ourselves as a category creator — and leader.”   What opportunities do team members have to evolve alongside the company? Young: I started working at SourceDay six years ago as an individual contributor. I focused on that for several years and got to work on our partnerships. Once the NetSuite partnership took off, I was promoted to run that business unit. This is an example of how the company offers employees countless opportunities to grow internally and accelerate their careers. Kieley: We acknowledge that we’re not perfect, and there are always ways to improve how we drive our values. Yet we put time, money and resources into driving career growth opportunities. For instance, we’re considering having our executive coach spearhead a five-month leadership training course. Like Colby, many other employees have been promoted internally with support from leaders. It’s important to maintain team members’ growth, capture their knowledge and help them move their careers forward. Occasionally, employees get chances to grow outside of SourceDay, and we consider that a success, even if that means we lose a great team member. It’s exciting to know we played a part in fostering their success. CONNECTION ACROSS THE BOARD Stanley said SourceDay encourages employees to be independent, creative and motivated, which cultivates a sense of community, both internally and externally. “One of the things that attracted me to SourceDay was the company’s focus on giving back and the kindness of its people,” Stanley said. “Everyone here is amazing.”   How does the company plan to leverage its latest funding? Kieley: From an operational standpoint, this funding is going to enable us to continue scaling. We want to open physical offices in the U.K. and Europe, where we already have customers. We wish to hire team members in those locations so that they can more effectively support customers and deliver more value globally. The technology and infrastructure needed for this growth is in the works; we’ll be planning this expansion over the next several months. What are you most excited to accomplish as a team over the next year? Young: Our product is already doing many amazing things and empowering people. The insights we’re working on will enable customers to manage their money more intelligently. With more innovation and market exposure, we’ll be able to solidify ourselves as a category creator — and leader. Stanley: I’m excited to think of new creative ways to approach all the initiatives that are in the works, whether that’s through podcasts or videos. I’m eager to work closely with Colby and the rest of the team to be creative together and make an impact in many different ways. Kieley: Raising a Series C funding round is a huge milestone for any organization, and we feel fortunate that we’ve been able to get to that stage and accelerate our growth. I promised our employees, customers and investors that we would pursue even more product innovation, which will drive continued growth. It’s exciting to be at a point where we can make simultaneous investments in both product development and our go-to-market strategy. This is going to be a meaningful year for growth. We truly put our money into our culture and values, and we hope that job seekers will see that and want to join our company.

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  • When was SourceDay founded?

    SourceDay was founded in 2013.

  • Where is SourceDay's headquarters?

    SourceDay's headquarters is located at 9737 Great Hills Trail, Austin.

  • What is SourceDay's latest funding round?

    SourceDay's latest funding round is Series C.

  • How much did SourceDay raise?

    SourceDay raised a total of $54.75M.

  • Who are the investors of SourceDay?

    Investors of SourceDay include Silverton Partners, Draper Associates, ATX Venture Partners, Baird Capital Partners, Norwest Venture Partners and 4 more.

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