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RETAIL USE CASE

High-performing procurement for retail companies.

See how retail organizations can use Workday Strategic Sourcing to make data-driven decisions, manage spend across locations, and support supplier relationships.

Workday Strategic Sourcing contract summary report for retail industry.

Key use cases.

  • Streamline stakeholder requests—enable procurement teams to partner with business stakeholders to better support your stores. Use intake request forms to capture essential project details for sourcing fulfillment from stakeholders.
  • Strengthen sourcing strategy and project prioritization—manage and prioritize initiatives, drive collaboration, and measure sourcing impact—all in one place.
  • Scale sourcing events—execute the sourcing process for goods and services. Set up and publish RFPs/RFIs/RFQs, establish bidding activity with suppliers at scale, collaborate with stakeholders to compare bids, and determine the optimal award scenario.
  • Leverage reverse auctions—manage your pricing for goods or services with the use of reverse auctions, enabling suppliers to compete for bids in real time.
  • Improve supplier negotiations—analyze side-by-side comparisons of supplier bids and calculate savings based on the best possible business outcomes. Use actionable data and current market trends to provide real-time feedback to suppliers on how to improve bids.
  • Automate contract management—centralize contracts in a common repository to gain full visibility into all of your agreements. Collaborate on contract creation and revisions by seamlessly integrating with Microsoft® 365.
  • Enhance supplier onboarding and compliance—manage onboarding and data collection for all transactions. Ensure critical supplier data is kept up to date for compliance, and assign risk scores based on specific attributes.
  • Support supplier performance—close the loop on the sourcing process through performance management, including quarterly business reviews and development plans.
  • Validate savings—identify where savings are realized and how to avoid unnecessary costs. Attribute savings to specific categories or project owners.

See how we serve the retail industry. 

Learn how strategic sourcing can work for you.