NEEDHAM, Mass.--(BUSINESS WIRE)--International Data Corporation (IDC) today published an IDC Innovators report profiling four vendors offering procurement applications that leverage advanced analytics and cloud technology to augment and bring clarity to enterprise sourcing and procurement operations. The four companies are: Arkestro, DigiProc, Raindrop, and Zip.
Procurement applications automate processes relating to purchasing supplies, material, and services. The procurement function covers sourcing, procurement, supplier relationship management, contract management, savings tracking, transaction processing, and payments support – to name a few. And all of these processes and many others are connected to create a single view of the spending levels within an organization. As a result, purchasing activities are integrated into a supplier community that can be easily tracked, benchmarked, and analyzed by both buyers and suppliers.
Today, innovative procurement application providers are developing and deploying smart solutions that continue to grow the procurement application space. These solutions increasingly utilize automation and AI-infused data analytics to provide enhanced insights into procurement operations. While the applications are taking different paths, their solutions are focused on a single concept — help end users and procurement professionals do their jobs more easily and efficiently. They are enabling clean, transparent solutions that facilitate enhanced visibility and greatly improved price discovery.
"The procurement application software space is vibrant and growing, particularly during these turbulent organizational spending times. From supply chains to services to indirect items, end users and procurement professionals want help; they want clean, simple, low-code tools that are easy to implement and make their lives easier. CFOs need to depend upon their procurement organizations' processes to control spending and these new tools provide even more value. The vendors profiled in this IDC Innovators study are answering the call and should be followed as they add logos and expand their respective use cases," said Patrick Reymann, research director, Procurement and Enterprise Applications at IDC.
The report, IDC Innovators: Procurement Technology, 2022 (IDC #US49274222), profiles four companies that have developed noteworthy solutions in the procurement application software space. The four companies are:
Arkestro offers an innovative sourcing platform that significantly reduces the amount of time required by both sourcing practitioners and suppliers and commonly yields meaningful spend savings and improved supplier engagement.
DigiProc has developed an innovative, AI-based automation tool that provides a quick, user-friendly, and relatively low-touch solution to drive negotiations and savings with a set of tail spend suppliers that are often overlooked.
Raindrop combines a clean, intuitive, and unified user experience with ease of implementation to support and encourage collaboration, reduce the transactional workload, and promote workflow automation.
Zip offers a compliant, seamless, and transparent purchasing platform that provides improved efficiency, faster transactional activity, greater oversight of purchasing and spend data, and improved supplier collaboration.
About IDC Innovators
IDC Innovators reports present a set of vendors – under $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor's company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
For more information about IDC Innovators research, please contact Jen Melker at jmelker@idc.com.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,200 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.