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Spend Matters’ 2021 50 Providers to Know and 50 Providers to Watch lists were released last month. Read about the analysts’ rigorous selection process here and read more about who made the lists here.
The ‘50 Providers to Watch’ are the relative newcomers to the market that are pushing procurement forward – those offering the latest and most innovative solutions in the industry.
The ‘50 Providers to Know’ list highlights leading technology and services providers that continue to raise the bar for procurement technologies and services. These are the firms that set the industry standard – firms that every CPO should know about and understand at least to some extent.
This is the eighth year that Spend Matters has released these lists to help businesses of all sizes, from start-up, to SME, to large corporation, have a more informed and wider view of the procurement tech market. Sometimes solution providers jump from the ‘To Watch’ list to the ‘To Know’ list by their own merits, sometimes providers are completely new to either list, and some providers stay on the ‘To Know’ list year-in year-out, again because they continue to innovate in their space.
What does it mean to be a Provider To Know?
We’ve been talking to some of the tech providers about their selection to the ‘To Know’ list this year, to gauge their reaction, understand what the recognition means to them and to understand what they are excited about in their procurement technology space.
EcoVadis
EcoVadis sits within the Supplier Risk/Supplier Performance Analytics and Supplier Sustainability Management categories within our Almanac of solution providers.
David McClintock, Marketing Director at EcoVadis said:
“As procurement technology accelerates, EcoVadis is extremely pleased to be recognized in Spend Matters ‘50 to Know’ for the seventh straight year, and to see we are there alongside many of our partners. We are thrilled to be working within such a rich and powerful procurement and supply chain ecosystem, where we can integrate our sustainability ratings and intelligence, and enable our mutual customers to combine those solutions to drive transparency, sustainable growth, and ultimately positive change.
“We continue to see incredible ambition and engagement from procurement teams to transform business into a force for good. Because over 80% of a company’s impact is in the supply chain, we are thrilled to see more and more Procurement teams — and their supply partners alike — are realizing and embracing the vital role they play in the transition to a more just, low-carbon economy. They provide the inspiration and feedback to help us drive new innovations, like our recently released Carbon Action Module and IQ risk-mapping solutions, which empower procurement teams to embed sustainability into their business while driving positive impact.”
EC Sourcing Group
EC Sourcing sits within the Sourcing category of the Almanac and plays within the Sourcing Solutions Ranking area of our SolutionMap.
Ron Emma, Chief Marketing Officer at EC Sourcing said:
“We’re honored to be named a ’50 to Know’ provider by Spend Matters. We have yet to find an analyst firm with expertise in procurement technology that engages in such a thorough evaluation process, one that includes equal feedback from analysts and customers. The level of depth from their Q&A rivals the most complex and comprehensive RFPs we receive. Receiving this honor in 2021, amongst perhaps the largest ever pool of available solutions that’s been in existence, further validates our mission to continually streamline and enhance around the ongoing needs of procurement and sourcing practitioners in the trenches.
“Today marks both an exciting and also incredibly challenging time to be in procurement. Some industries are experiencing global supply shortages and many are being asked to do more with the limited resources they have. As a procurement technology provider we have an exciting opportunity in the months ahead to help organizations deliver value and accelerate their profitability as they close out 2021 and set up for 2022. In the years ahead we are excited to see the role of the procurement leader evolving from just a steward of cost reduction and more towards a strategic value generator that more heavily considers risk, service and corporate responsibility factors across its vendor partners.”
Icertis
Icertis sits within the Contract Lifecycle Management and Sourcing categories of the Almanac and plays within the CLM segment in SolutionMap.
Liza Colburn, Corporate Communications Director at Icertis said:
“We are so excited to hear from our customers that they want to use their supply chains as a force for good. There is a lot of energy around enforcing ESG standards, not only with direct suppliers but with their suppliers, their suppliers’ suppliers, and so forth. There is a real recognition that companies aren’t just judged on what they do, but how they do it — and procurement is really the tip of the spear in terms of leveraging their business relationships to be better global citizens.”
Medius
Medius sits within the eInvoicing/Accounts Payable Automation and P2P categories within the Almanac and plays within the AP/I2P Automation, Contract Lifecycle Management, eProcurement, P2P, Supplier Relationship Management and Risk and Sourcing segments of SolutionMap.
Paul Ellis, Chief Product Officer at Medius said:
“It is an honor to be listed among some of the best commercial providers in spend management. Medius is a customer-centric organization that wants to help businesses succeed in increasing efficiencies, creating cost saving opportunities and obtaining financial control. This award further justifies our continuous work to enhance our technology and consistently innovate.
“Medius is turning 20 this year, and we have done a lot of reflecting on how the space of procurement and finance has evolved over the years. We are looking forward to the technological advances that cognitive computing and artificial intelligence will continue to provide in this space. Predictive analytics will also continue to be invaluable in our customer’s decision-making processes. Medius looks forward to being a part of that digital journey!”
Oracle
Oracle sits within the CLM, eProcurement, S2P, Sourcing/Cost Reduction, Spend Analytics and SXM categories of the Almanac and plays within the eProcurement, I2P and P2P segments of SolutionMap.
Tom Anthony, Vice President, Procurement Product Strategy at Oracle said:
“Oracle is honored to be named a 50 to Know provider by Spend Matters in 2021. Our customers need to ensure the reliable flow of goods and services while managing risk and improving business outcomes. Oracle is committed to continuous innovation with source-to-settle solutions that support the evolving and diverse business needs around the globe with advanced capabilities that simplify processes and maximize business value.”
“We are incredibly proud to have been named a ’50 to Know’ provider for 2021. A big thank you goes to the whole team whose hard work and dedication have enabled Rosslyn to become an industry leader in the Spend Analytics sector.
Rosslyn Data Technologies
Rosslyn Data Technologies sits within the Analytics and Spend Analytics categories of the Almanac and plays within the Spend and Procurement Analytics segments of SolutionMap.
Paul Watts, Chief Executive Officer at Rosslyn Data Technologies said:
“We are incredibly proud to have been named a ’50 to Know’ provider for 2021. A big thank you goes to the whole team whose hard work and dedication have enabled Rosslyn to become an industry leader in the Spend Analytics sector.
“Rosslyn has developed a model of how organizations can sequence the business application of spend analysis to drive short-, medium- and long-term value. By doing this, organizations can gain greater visibility and insight into their addressable spend, allowing them to identify savings down to the purchase order level.”
SpendHQ
SpendHQ sits within the Analytics and Spend Analytics categories of the Almanac and plays within the Spend and Procurement Analytics segments of SolutionMap.
Scott Macfee, Chief Executive Officer at SpendHQ said:
“We couldn’t be more excited about being named a ’50 to Know’ for an eighth consecutive year. This recognition is the gold standard in the procurement industry and a tremendous validation of the innovation we are driving. Our focus has always been on delivering AI- and ML-driven insights resulting in actionable savings opportunities. So this honor is further confirmation that this is what the market desires. Our SpendHQ team partners with our customers every day to deliver value and we’re incredibly proud of this recognition of our team’s consistent efforts year over year.
“As a market leader in spend analytics we’re excited by the opportunity ahead of us to continue to refine our platform to meet the ever-changing needs of our customers. Having processed over $5 trillion in spend and classified over 20 million unique supplier records, I’m excited about how we are utilizing AI and ML technology to streamline the data optimization process and deliver a set of robust insights that deliver real and tangible value for our customers.”
Tradeshift
Tradeshift sits within the eInvoicing/AP, I2P, P2P, S2P, Supplier Networks, Supply Chain Finance (Trade Finance) and Working Capital Management categories of the Almanac and plays within the ePro, AP/I2P and P2P segments of SolutionMap.
John Carles, SVP at Tradeshift said:
“We are thrilled to be named a ’50 to Know’ vendor for the sixth year in a row. To be recognized for our commitment to technological innovation and customer success is much appreciated validation of our strategy and vision. It means even more coming from one of the early thought leaders in the procurement and supply chain sector. We are excited about the way the procurement and supply chain markets are evolving and believe Tradeshift is uniquely positioned to offer the most value to our customers.
“More than ever before, finance and procurement professionals are deeply invested in automation and supply chain resilience. We see more organizations looking to address supply chain disruption by speeding up and strengthening their digitization strategies. Enterprise corporations need to make their supply chains more flexible and resilient, while maintaining the proper procurement controls. At Tradeshift, we believe that many organizations will begin to look to B2B Marketplaces to support supply chain resilience during supplier disruption, improve process efficiency and transparency, and to satisfy the needs and expectations of a B2B user with consumer experience expectations.”
We congratulate all the firms that made the lists, but it’s always useful to remember what our analysts recommend:
“The 50/50 illustrates the many facets of Procurement, and, in challenging times like the ones we are in, an opportunity for many organizations to identify potential enhancements to their digital capabilities. Of course, a list is subjective and not an exact science; one-size-fits-all fits no one. So, our lists are a good starting point to explore the art of the possible and to go deeper our Almanac, our SolutionMap, Techmatch and our daily writings are a great next step.”
Almanac
To view the full list of 500+ companies registered in Spend Matters free vendor directory, or to register your own company, see our Almanac here, where you will also find the full lists of Providers To Know and Watch.
Webinar
For a deeper understanding of developments in procurement technology and to learn more about the 50 Providers to Know/Watch (and the Future 5) selection process, join the entire Spend Matters analyst team as they co-host a webinar on Monday, November 15th at 11:00am CDT. Explore what you should know about vendors on the 2021 lists. Register here
If you are thinking about buying procurement technology, try consulting Spend Matters TechMatch(SM) for a rapid shortlist and the free buyer’s guide resources.
