🌟 The trends for 2024’s Sourcing & Cost Management leaders
In pursuit of these advanced capabilities, the core areas of focus for Sourcing & Cost Management solutions are:
● Automating sourcing workflows and negotiations - For procurement teams, this significantly reduces manual effort, whilst also improving overall supplier selection.
● Supplier transparency - Solutions are integrating deeper visibility into supplier performance and risks, helping organisations to further improve the resiliency of their supply chains.
● Predictive algorithms and autonomous sourcing processes - To drive better procurement decisions, faster.
● Data-driven decision-making - Making smarter, data-backed procurement decisions more attainable.
● Cloud-based collaboration tools - With the ‘new normal’ of hybrid work models, cloud-based solutions are facilitating collaboration between procurement teams and suppliers, to the advantage of all parties.
🚀 The 2024 ProcureTech100 pioneering solutions for Sourcing & Cost Management
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 that highlighted the significance of this capability across the procurement landscape.
When considering sourcing and cost management capabilities, corporate procurement executives require a delicate balance of tools that streamline and prioritise workflows and negotiations, use predictive algorithms to support autonomous sourcing, and ultimately deliver on cost savings and projected return on investment.
This year’s Sourcing & Cost Management leaders are:
● Alpas AI is making ongoing investments in AI research, with the aim of pushing boundaries, driving significant industry change, and staying at the forefront of market transformation.
● Archlet is leveraging GenAI to enhance end-user value, having recently introduced Archlet Spark. Its expansive team of data science leaders, AI experts and procurement lovers encompasses over 20 nationalities, making it one of the most international and eclectic start-up teams in Zurich.
● Fairmarkit has been at the forefront of AI for years, and its autonomous sourcing is fully implemented in the largest companies in the world. Fairmarkit is continuously learning from real-life data and deployments, and is now in its second and third years of iterations.
● Globality was recently voted Best Technology Provider at the World Procurement Awards. Over the last year, it has also won numerous new Fortune 500 and G2000 customers, and secured an impressive round of funding.
● Ignite is incorporating the holistic perspective into its product offering, aligning economical, environmental and ethical perspectives. Its team comprises founders with experience from BCG, and top talent from leading enterprises, startups and universities.
● Keelvar is building a future where procurement teams can leverage AI to enable automated Machine-to-Machine negotiations, at speeds far beyond what is possible today. Its approach focuses on automating sourcing optimisation and empowering suppliers to automate their responses in negotiations.
● Lytica has seen significant growth, welcoming John Boullie as VP of Strategic Procurement and securing $5mn in growth capital from Resolve Growth Partners. With companies increasingly looking to fully understand their spending and benchmark their performance, the growing demand for visibility and transparency in electronic procurement is clear.
● nnamu enables companies to harness the intricacies of procurement, leveraging cutting-edge game theory insights to refine processes. For instance, nnamu negotiations is equipped with game-theory algorithms that autonomously recommend and execute negotiation strategies.
● Pactum AI is an AI-based system that helps global companies to automatically offer personalised, commercial negotiations on a massive scale. The system adds value and saves time for all parties, by aligning their values to determine win-win agreements via an easy-to-use chat interface that implements best-practice negotiation strategies.
● SPARETECH is being upheld as one of the leading collaboration platforms of its kind. Manufacturing companies can digitise their inventories of spare parts, calculate their real demand, compare different suppliers and source the appropriate part, in a holistic spare part database with integrated machine learning.
● tset is revolutionising cost and carbon management for the manufacturing industry, combining advanced data-driven algorithms with decades of hands-on industry knowledge, from a rapidly growing team.
● Valdera uses a combination of data science, ML and AI models to drive the world’s largest supplier database for chemical and raw material suppliers. Rather than relying solely on GenAI, Valdera uses dozens of different mechanisms to make relevant supplier recommendations in a structured format. In parallel, it is investing heavily in educating suppliers and building supplier relationships that accelerate the supplier flywheel on the platform.
● Vertice manages over $3.4bn in contract spend and is the only platform worldwide that empowers companies to view, control, and save on both SaaS and cloud costs with an integrated unified offering. Vertice is a decision intelligence leader, leveraging advanced algorithms to support its vendor benchmarking and intelligent approval workflows.
● Zluri is a comprehensive SaaS management platform designed to empower modern enterprises with full visibility and control over their SaaS applications, access and costs. It enables IT and security teams to effortlessly discover 100% of Shadow IT, optimise cost and govern all user access.
● Zylo delivers a comprehensive inventory, license and renewal management solution. Its AI-powered Discovery Engine provides continual monitoring of SaaS spend, licenses and usage to create an exceptionally accurate SaaS system of record. With more than 34 million SaaS licenses and $30bn in SaaS spend under management, Zylo is fuelled by an exceptional volume of data.
As part of the ProcureTech100, these solutions are highlighted as the most sophisticated, advanced and intuitive available on the market.
Ultimately, the focus across Sourcing & Cost Management is on leveraging technology to drive efficiency, reduce costs, and enhance supplier relationships. This evolving landscape demands a strategic approach to sourcing, ensuring organisations remain competitive through greater efficiency, transparency, savings, innovation, and collaboration.
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