LightSource Features

Use criteria to add or remove suppliers to/from approved lists.

Manage communications with suppliers on multiple channels such as phone or email.

Capture and maintain documents related to suppliers and their products or services.

Allows users to evaluate supplier performance using standard and custom KPIs.

Provide features to compare suppliers and choose the best option for various activities.

Identify potential issues and how they may impact relationships with suppliers.

Create and manage supplier profiles that include contact and pricing information.

Identify the services and products provided by suppliers, as well as certifications.

Track history of all interactions and business transactions with suppliers.

Provide standard templates for different types of RFPs

Support other types of requests such as RFB/RFI/RFQ

Track versions of RFP documents and related changes

Maintain a library of questions that can be reused

Track submissions from multiple vendors and suppliers

Compare submissions and score suppliers

Choose the best submission for an RFP

Allow multiple users to collaborate on submissions

Maintain a repository or library of content and documents that can be reused

RFPs can be reviewed by managers before submission

Create real-time reports to compare data trends across processes, RFPs, vendors or profiles

Tracks the progress of any RFP in real time and set milestones to improve efficiency

Updates, organizes, and stores content of a project

Assign users, roles, and manage access in order to set tasks and leave comments

Automate repetitive and manual tasks, such as auto-filling answers and auto-responses

Export files or spreadsheets with the ability to format and accomidate images

Upload files or spreadsheets from multiple sources

Users can create new contracts within the platform using built-in document creation features.

Create and access templates with to streamline contract creation, taking advantage of pre-written contract clauses and fields.

Relevant contract stakeholders can edit, compare, and revise multiple versions of contracts.

Additional information, such as images, memos, and invoices, can be attached to contracts as supplemental resources.

Internal and external users are able to collaborate on contracts through a shared web portal with messaging features.

Contract approvals processes can be streamlined, so that departmental workflows are integrated logically into the system.

Receive notifications and schedule reminders with alerts according to contract milestones.

Contracts can be stored in a central online repository with built in search capabilities.

Identify, assess, and manage all contract risks and ensure the fulfillment of contractual obligations

The contract management platform can integrate with CRM software to associate contracts with customer records, and with CPQ software to feed calculated quote details into the contract.

Ability to e-sign legally-binding contracts within the same platform.

Enable standard and ad hoc reports of contract statuses and timelines, and access live overviews of contract activities.

Provides advanced, AI-driven contract analytics to optimize all aspects of contract management.

Provides a centralized library containing product data.

Enables users to assign custom categories to products.

Creates and manages product catalogs.

Assists with maintaining compliance with controlled processes, automated tracking, and audit trails.

Identifies revenue opportunities by providing better visibility into spend data, improving supplier relationships, streamlining procurement processes, and identifying cost savings opportunities

Provides organizations with the tools and data they need to negotiate contracts more effectively, such as data analysis, collaboration, and contract management.

Increases spend visibility into pricing and unintended or excessive use of discounts or promotions by customers.

Identifies noncompliant spending, fraud, and other activity outside of company policy.

Analyzes spending patterns and identifies areas to reduce costs. 10 reviewers of LightSource have provided feedback on this feature.

Provides a dashboard for searching and reporting on contracts and projects. This feature was mentioned in 10 LightSource reviews.

As reported in 10 LightSource reviews. Manages contracts in a single, online central repository.

Based on 10 LightSource reviews. Manages the entire contract lifecycle process by providing visibility into projects and allocating resources across sourcing initiatives.

Condenses long documents or text into a brief summary.

Capability to perform complex tasks without constant human input

Ability to break down and plan multi-step processes

Works across multiple software systems or databases

Capability to perform complex tasks without constant human input

Works across multiple software systems or databases

Improves performance based on feedback and experience

Engages in human-like conversation for task delegation

Anticipates needs and offers suggestions without prompting

Makes informed choices based on available data and objectives

Ability to break down and plan multi-step processes

Works across multiple software systems or databases

Improves performance based on feedback and experience