SAN FRANCISCO--(BUSINESS WIRE)--Zip, the leading AI-powered spend orchestration platform, today announced that it has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment (doc #US51795424, September 2024). This groundbreaking report marks the first time spend orchestration has been recognized as its own category.
Patrick Reymann, Research Director, Procurement and Enterprise Applications at IDC, said, “Spend orchestration providers exist because there is a perceived gap in the capabilities of leading [spend management] providers. They aim to provide transparency, automation, and a workflow-centric approach to spend management. Zip has earned its position as a Leader in spend orchestration platform and both sets the tone and drives the agenda for this growing space.”
The emergence of spend orchestration as a distinct category reflects the evolving needs of modern enterprises, bridging the gap between process orchestration and procurement/finance functions. While traditional spend management solutions aim to consolidate all procurement processes into one system-of-record, spend orchestration takes a more flexible and integrated approach. It recognizes the complex, cross-functional nature of modern business spending and the need for centralized visibility and control. Spend orchestration platforms like Zip provide a single layer that unifies the stakeholders, processes, and data across the entire B2B spend lifecycle, while still enabling businesses to leverage best-of-breed systems of their choice.
In part, the IDC MarketScape report noted, “Today's Zip has progressed to an enterprise-grade spend orchestration platform, offering a set of 50+ prebuilt integrations for cross-functional platforms, a proprietary integration platform, and a library of workflow templates segmented by spend category, use case, and industry vertical. Zip's focus remains as it was when founded — provide a user-friendly and an intuitive platform that yields spend control, risk mitigation, and improved operation efficiency.”
The report goes on to say that procurement and finance leaders should “consider Zip when entities seek a proven and trusted spend orchestration platform that provides a comprehensive spend orchestration experience, one that is designed to support the growth of its clients, and with a reasonable assurance of additional spend management capabilities in the future.”
Rujul Zaparde, co-founder and CEO of Zip, said, “We believe being recognized as a Leader in the IDC MarketScape Spend Orchestration is a watershed moment for both Zip and the industry at large. The era of traditional spend management is coming to an end. It's no longer sufficient to have a siloed approach that focuses solely on procurement. Today's enterprises require a solution that orchestrates spend across all functions, connecting disparate systems and streamlining processes for every stakeholder.
“Spend orchestration is the future, and it's bigger than just procurement – it's about empowering every employee to contribute to strategic financial decision-making while driving operational efficiency. As companies face economic uncertainties and the need to optimize their technology stacks and expenditures across all categories of spend, spend orchestration will be the key to unlocking value and driving growth. Zip is proud to be at the forefront of this transformation, helping innovative finance and procurement leaders reimagine how they manage spend, suppliers, and contracts across their organizations. This isn't just theoretical – it's a real transformation happening right now, with industry leaders like OpenAI, Discover, Snowflake, and many others already reaping the benefits of our platform.”
Read the IDC MarketScape Excerpt
Download an excerpt copy of the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment here.
About Zip
Zip’s Spend Orchestration Platform empowers businesses to accelerate the procurement process, mitigate risk, and drive growth by offering a single front door to unify the teams, tasks, and tools involved in working with suppliers. With Zip, businesses can maximize employee adoption of purchasing policies and increase spend visibility and control. As the leading solution for optimizing business spend, Zip's AI-powered platform is trusted by top enterprises worldwide, including Discover, Lyft, Snowflake, and Canva, to maximize the ROI of every dollar. To learn more, visit ziphq.com.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.