SAN FRANCISCO--(BUSINESS WIRE)--ORO Labs, creator of a market-leading no-code procurement orchestration platform, today announced it has been recognized in the Gartner® Hype Cycle™ for Procurement and Sourcing Solutions, 2024 report in both the Procurement Orchestration Platform and Intake Management technology markets. Procurement orchestration platforms is a new addition to the report this year and is described as one of the biggest market shifts, with ORO Labs listed as a Sample Vendor in this transformational technology.
The report states that "Procurement leadership requires new tools to deliver a human-centric procurement end-user experience. The new generation workforce, accustomed to empathetic, device-agnostic user experiences from consumer applications, is changing expectations for enterprise end users. Procurement leaders need to deliver an updated experience that fulfills these evolving expectations to ensure adoption of existing applications by this new workforce."
"ORO was created with a mission to humanize the procurement experience," said Lalitha Rajagopalan, ORO Labs co-founder. "We feel that this recognition from Gartner is a validation of our values and approach in the emerging procurement orchestration market. The need for orchestration is tremendous. We believe that, with advances in generative AI, we are on an accelerated path toward mainstream adoption. We are proud to be named as a Sample Vendor in this new market."
According to the report, “Procurement technology leaders should use this Hype Cycle to understand the maturity, adoption and benefit of sourcing and procurement technologies.” As per Table 1 of the report, Procurement Orchestration Platforms is noted to have a Transformational Benefit priority falling under 5-10 Years of Mainstream Adoption. The report also states that “Procurement orchestration platforms enable procurement and sourcing leaders to achieve strategic business outcomes by using enriched procurement data to augment decisions and execute required workflows. This orchestrated approach empowers procurement and sourcing leaders to analyze the impact of their operational decisions on desired business outcomes.”
Gartner notes that "Vendors in intake or process workflow management are claiming their orchestration capabilities, but it’s important to note that these may not encompass the comprehensive procurement orchestration platform capabilities required." The report also recommends the users to "Monitor the market for solutions offering both intake and orchestration capabilities should your needs evolve past intake. Many vendors offering intake capabilities are expanding their product portfolio to support procurement orchestration."
ORO’s procurement orchestration platform helps coordinate people, processes, and systems, and can execute end-to-end procurement, supplier management, and risk assessment workflows. It balances business needs for increased compliance and risk management with user expectations for unified and intuitive experiences. The platform includes many GenAI-powered features to guide users along optimal workflow paths, assist with vendor selection, ensure data integrity, and automate risk and compliance controls. ORO Labs recently announced it received the world’s first accredited ISO/IEC 42001:2023 certification for an Artificial Intelligence Management System (AIMS), underscoring the company’s commitment to rigorous governance, including stringent data privacy and security policies.
A link to the full Gartner report can be found here (only for Gartner subscribers): https://www.gartner.com/en/documents/5523495
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2024, By Kaitlynn Sommers, Micky Keck, Cian Curtin, Lynne Phelan, Naveen Mahendra, Chaithanya Paradarami, 20 June 2024.
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About ORO Labs
ORO Labs is a procurement orchestration company on a mission to humanize the procurement experience by coordinating teams, systems, and processes so employees get what they need without frustration. ORO’s GenAI-powered no-code platform is purpose-built to deliver effortless user experiences that enable businesses to reduce cycle times, decrease risk through end-to-end process visibility, and increase agility in response to change. ORO is trusted by Fortune 500 companies and fast-growing global organizations to automate processes, improve cross-team collaboration, and scale procurement operations. To learn more, visit www.orolabs.ai.
