How does your sourcing department store, share and collect information? (Please help, its for my studies)

--> How does your sourcing department store, share and collect information (internally and with supplier)? --> What tools are in use? --> And what would you suggest to improve? In many posts and blogs we can read and we know from daily business, information sharing is very essential. The more accuracy, timliness and credibility of the information the better. From own experience many company have an ERP (like SAP) but additional infos/files for example for Projects or SRM they use Lists in Excel and store files in non-dynamic folders on a server. The risk is high to store same data in different places, work with different versions, have limited access etc. Communication is mainly via Email, where often emails stay in personal inbox - no access to others. Or unclear expectations for people in cc of emails. In my opinion there is a lot of potential to improve information sharing...may be with (internal) social media? --> what is your opinion and experience?