2024 ProcureTech100 - Finance

Category Highlights

With the emergence of faster, more secure, and flexible tools, the critical partnership between procurement and finance is set to strengthen even further.    

🚀 The trends for 2024’s leading Finance solutions

This year, the emergence of sophisticated finance technologies and capabilities has strengthened the relationship between finance and procurement, creating a seamless exchange of information and data.

The core areas of focus for Finance solutions in 2024 are:  

  • Real-time payments - With suppliers expecting faster, more secure transactions, for cross-border and domestic payments​.  
  • Fraud-prevention - With the rise in cyber threats, there has been a greater focus on preventing fraud through AI-powered detection systems that identify anomalies in payment workflows.​  
  • Advanced analytics and real-time spend visibility - Through sophisticated cloud-based platforms, finance teams are able to use advanced analytics to establish a unified system, which ensures flexibility and scalability into the future. ​

 

Using these pioneering solutions, finance teams can now analyse payment patterns, optimise cash flow, and identify cost-saving opportunities​; manage corporate spend and track employee expenses through real-time spend visibility; implement efficient cross-border payment solutions; and integrate various financial functions into a unified system.​  

 

💰 The 2024 ProcureTech100 pioneering solutions for Finance

This year’s Finance leaders are:  

  • Candex - A fintech consolidator for large organisations, allowing users to make purchases from one-time, irregular and low risk suppliers using existing P2P processes. Candex ensures these purchases can be made in an easy, fast, and compliant way, eliminating 1000s of hours of setup of small vendors.  
  • Enable - Helping manufacturers, distributors, and retailers turn rebates into a strategic growth engine, through an easy-to-use, collaborative, scalable rebate management platform.
  • Navan - From EAs and finance teams to travel managers and employees, Navan makes travel expenses seamless, providing companies with real-time visibility, savings, and control.
  • Payhawk - One of the leading spend management solutions for domestic and international businesses, combining company cards, reimbursable expenses, accounts payable and seamless accounting software integrations into a single product.
  • Paylocity - An intuitive, easy-to-use product suite that helps businesses automate and streamline HR and payroll processes, attract and retain talent, and build culture and connections with their employees.
  • Ramp - A modern finance platform, combining corporate cards with travel, expense management, bill payments, procurement, accounting automation and more, into an advanced all-in-one solution.
  • Stampli - An AI-powered Accounts Payable automation solution that makes AP departments far more efficient, without requiring them to rework their ERP or change their existing processes. Stampli centres all AP-related communication, documentation, and workflows into one place for complete visibility and control.  
  • TravelPerk - An all-in-one business travel platform, with an industry-leading travel inventory, powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design.

The collaborative relationship between finance and procurement is one of the most important for an organisation, as it is imperative to ensuring resiliency, adaptibility, transparency and cost efficiency. With the emergence of faster, more secure, and flexible tools, this critical partnership is set to strengthen even further, with more detailed and accurate real-time insights being made available.  

To explore these solutions and the rest of this year’s PT100 cohort, you can read the full 2024 Yearbook here.  

‍