We are delighted to announce the release of the Spring 2024 SolutionMap and TechMatch procurement technology rankings by Spend Matters. This comprehensive evaluation encompasses 79 procurement technology vendors and is renowned for its meticulous analysis of industry-leading procurement technologies. The assessment involved a thorough evaluation of the 79 vendors against 500+ RFI requirements across 12 source-to-pay (S2P) categories, along with mandatory demos and anonymized customer ratings.
The Spend Matters analyst team played a pivotal role in this cycle’s SolutionMap and observed a significant increase in economic and geopolitical risks in 2023. This prompted the procurement technology market to ramp up its pace of innovation in order to meet the evolving needs of customers. The Spring 2024 SolutionMap results underscore how vendors are rising to the challenges of a volatile business environment, evidencing their substantial investments in new capabilities, particularly in AI/GenAI, and the formation of strategic partnerships. Live demonstrations across the 79 vendors in this cycle showcased significant advancements in the S2P technology space, with a specific focus on Intake, Orchestration, and TPRM. Spend Matters will provide detailed coverage of these advancements in the forthcoming months.
In this cycle, five new vendors have been added to SolutionMap, namely Precoro for e-Procurement, Brex for Expense Management, and CobbleStone and Gatekeeper for Contract Lifecycle Management, along with Archlet for Sourcing and Sourcing Optimization. Furthermore, three existing vendors have introduced additional modules, including McKinsey (Spendscape) for Carbon Management, MeRLIN for e-Procurement, and ebidtopay for Direct Sourcing. We are also pleased to announce the addition of a new module for Third-Party Risk Management (TPRM) in the next cycle of SolutionMap.
For those unfamiliar with SolutionMap, it was launched in 2017 and is published biannually. Many procurement professionals have subscribed to Spend Matters Insider and TechMatch to access in-depth data cuts and vendor intelligence, which aids in their procurement technology selection decisions.
Those interested in membership options can find more information on the Spend Matters website and Insider technology comparison tool. Solution providers, practitioners, consultants, and investors can directly compare vendor feature/function and customer scores to make the most informed technology decisions. Spend Matters TechMatch enables a comprehensive assessment and comparison of the capabilities of digital procurement solutions, while the vendor directory offers valuable information on procurement tech, services, and vendors.
If you have any inquiries, our client services team is available to assist you. We extend our gratitude to everyone who has participated in, read, or utilized SolutionMap. Your support has been integral to the success of this release. Thank you for being part of the Spend Matters community.
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