📈 The trends for 2024's Analytics, Data and Intelligence leaders

Across the digital procurement environment, there has been a considerable focus on decision intelligence, AI, and fully integrated platforms, with the power to automate not only procurement tasks, but also the flow of intelligence across the supply chain .

Through delivering on these critical advancements, digital solutions have dramatically improved the way that corporations can utilise decision intelligence, predictive analytics, and real-time data.

The core areas of focus for leading Analytics, Data and Intelligence solutions are:

• The integration and harmonisation of data - Taking data from multiple sources, platforms can build a unified model, breaking down data silos to create a ‘single source of truth.’

• Tracking performance metrics in real-time - With real-time data, trends and performance metrics can be tracked in real-time, while real-time process intelligence allows businesses to monitor operations dynamically and make data-driven improvements as changes occur.
• Predictive analytics - Powered by AI, this is enabling organisations to forecast outcomes based on historical data, to further optimise supply chains and mitigate risks. 
• Low-code and no-code development - This is empowering business teams to create and automate workflows, all without reliance on IT.

With the growth of decision intelligence and adaptive AI systems, organisations are realising significant increases in the volume of actionable insights that can be accessed and actioned, delivering substantial improvements in efficiency and cost-effectiveness.  
 
Faster, more frequent, and highly accurate insights highlight areas for savings or potential negotiations, break down and visualise trends in contracting, and identify areas where supplier quality needs review, or where potential supply risks may arise. 
 
 At the same time, use of advanced insights is enabling organisations to pivot and adapt to changes where required, ensuring the ability to resist or absorb disruptions, and cope with continued fluctuations in global markets, keeping decision-making nimble and relevant. 
 
 

🌟 The 2024 ProcureTech100 pioneering solutions for Analytics, Data and Intelligence 

This year’s leading digital procurement solutions were selected through a rigorous process, including the comparison of over 40 data fields, and extensive discussions between expert panellists.

This year’s Analytics, Data and Intelligence category leaders are: 

• Aera Technology - An innovative platform, with its Aera Decision Cloud integrating with existing systems and data sources, to enable business decision-making in real time, at scale.

• Aily Labs - The solution facilitates deeper, smarter, and faster decision-making, accelerating revenue maximisation across every part of an organisation. Aily Labs is empowering businesses, with a decision intelligence app that drives AI at scale.

• Beroe - A global SaaS-based procurement intelligence and analytics provider, which has been a trusted source of intelligence for more than 15 years.

• Green Cabbage - A global leader in technology and contingency workforce market intelligence. With expertise spanning pricing, licensing, negotiation, audit defense, legal guidance and training, Green Cabbage enables users to not only secure the best price, but the most favourable overall agreements.

• ivoflow - Providing intelligent value orchestration for strategic procurement, ivoflow enables manufacturing companies to effectively manage their commercial procurement performance, automatically identifying opportunities to save costs, prevent price increases, recover from inflation, enhance supplier resilience, formulate category strategies, and prepare for smart negotiations.

• Microsoft - Chosen for its technological innovation and culture of technical curiosity, Microsoft is paving the way for extraordinary new capabilities and advancements.

• Palantir Technologies - From delivering disaster relief to building safer automobiles, Palantir is helping the world's most important institutions use their data to solve their most urgent problems.

• Sievo - One of the largest R&D teams in procurement analytics, continuously innovating in the product area and implementing new technologies, automation and AI to make it scalable to the growing customer base. Sievo's ecosystem and wide partner network is one of the company's key growth drivers, and emphasises the connectivity of best-of-breed solutions.

• SpendHQ - A single source of truth for spend intelligence, sourcing projects and value-tracking. SpendHQ’s specialised AI is based on decades of data and over $8tn of categorised procurement-specific spend.

• Trademo - A solution that collects public and private data on global trade transactions, sanctioned parties, trade tariffs, ESG and other events using its proprietary algorithms. Trademo further connects and performs advanced data processing on billions of data points, using technologies like graph databases, NLP and machine learning to build end-to-end visibility on global supply chains.

• Veridion - Providing business data enrichment with unprecedented coverage of private companies, accurate classification and in-depth insights based on real-time updates, for procurement, insurance, market intelligence and more.
  
  

👉 To explore these solutions and the rest of this year's ProcureTech100 cohort, read the full Yearbook here.