2023 ProcureTech100 – Analytics, Data & Intelligence Pioneers
Simplification, improved UX, and a modular approach to data and analytics tool sets.
They are enabling business users to self-serve and collaboratively craft business-driven insights, with significantly less reliance on dedicated IT or data and analytics resources.
The growth of adaptive AI systems will become increasingly important for such decision-making, as these adaptive AI systems can offer faster and more flexible decisions, by adapting more quickly to changes, resisting or absorbing disruptions, and coping with fluctuations in global markets.
The greater adoption of data fabric design is enabling more organisations to leverage a single architecture for data sharing, across varying internal and external data sources. To trust this data at scale, it is becoming important to manage AI risk and enact connected governance across distributed systems, edge environments and emerging ecosystems.
Utilising advanced analytics capabilities offers a wide range of critical advantages.
Organisations with advanced analytics solutions can significantly increase the volume of actionable insights offered by their data, as the combination of AI and visualisation for human review can highlight insights that may previously have been missed. These insights can highlight areas for savings or negotiations, break down contract trends, and identify areas where quality may be an issue, or where potential risks may arise.
With predictive analytics and simulations, organisations can make more accurate decisions, driven by their data. With this approach, their Procurement processes can be made significantly more efficient and effective.
As you’d expect, deploying more advanced analytics also reduces manual data management, and simplifies data access.
By utilising a tool that consolidates data into one location, significant time savings can be made when it comes to interpreting data and generating visualisations, as the solution can now conduct this automatically.
Similarly, advanced analytics tools give an organisation's Procurement teams significantly improved access to data, through the use of a single, centralised tool. They can also create their own custom dashboards and metrics that suit their requirements to find the information that they require. This also links directly to the visualisation of personalised information. This includes, for example, data on supplier performance, to identify top performers and build stronger relationships with key suppliers.
“Enabling better decision-making through advanced analytics and Procurement intelligence is now a critical requirement. We need intelligence fed directly at the point of use.” Mark Gillett, Managing Director, ProcureTech
This year's ProcureTech100 pioneers in the Analytics, Data & Intelligence category:
Founded: 2005
Company HQ: USA
Advantage Procurement
Beroe is a global SaaS-based procurement intelligence and analytics provider. The company delivers intelligence, data, and insights that enable companies to make smarter sourcing decisions – leading to lower cost, reduced risk, and greater profits.
Founded: 2010
Company HQ: India
ChemAnalyst provides real-time price trend and market intelligence for over 300+ Chemical & Petrochemical products.
ChemAnalyst is a digital platform, which keeps a real-time eye on the chemicals and petrochemicals market fluctuations, thus, enabling its customers to make wise business decisions. With over 250 chemical products traded globally, ChemAnalyst brings detailed market information and pricing data at your fingertips.
Their real-time pricing and commentary updates enable users to stay acquainted with new commercial opportunities. Each day, they flash the major happenings around the globe in our news section. Their market analysis section takes it a step further, offering an in-depth evaluation of over 15 parameters including capacity, production, supply, demand gap, company share and among others.
Their team of experts analyse the factors influencing the market and forecast the market data for up to the next 10 years.
Founded: 2000
Company HQ: Italy
Applied AI for Procurement and Supply Chain
Creactives AI solutions are based on proprietary deep learning algorithms – starting from the most extensive Knowledge Base in the world and trained on customer data to provide high quality, granular, and structured data, in addition to real-time procurement insights/analytics, global inventory optimization/governance, and Procurement process automation.
Founded: 2017
Company HQ: Norway
Empowering responsible decision-making
Ignite helps you move away from scattered files and take control of your purchasing to work with suppliers in a new way.
With Ignite, you get a complete picture of your suppliers and spend to become compliant, calculate emissions, save costs, and reduce risk.
Most importantly, you're enabled to drive positive change — for your business, the society, and the environment.
Founded: 2020
Company HQ: Germany
Software Solutions for Strategic Purchasing Organizations
Intelligent Value Orchestration for strategic Procurement.
ivoflow empowers manufacturing companies to effectively manage their commercial procurement performance.
Your path for automatically identifying opportunities to save costs, preventing price increases, recover from inflation, enhance supplier resilience, formulate category strategies, and prepare for smart negotiations.
Along with a global team of driven, creative software developers, ivoflow's mission is to help solve global manufacturing companies' common pain points.
Based on their own extensive global automotive procurement experience, we understand unstructured and disrupted data sets, ambitious cost-saving-targets and complex global markets.
Using ivoflow's software solution, customers can manage their spend strategically to gain full transparency, insights into new value-delivery-opportunities and stay on top of ever changing markets.
Founded: 2014
Company HQ: Belgium
The go-to source for global trade intelligence
Kpler is a fast-growing data and analytics firm on a mission to facilitate sustainable and efficient trade, to meet the changing needs of our world. From numerous disparate and unstructured sources, Kpler creates data & analytics enabling market professionals to make informed and timely trading decisions. Kpler specialises in dynamic markets characterised by opaque and incomplete information, such as commodity markets.
Kpler’s proprietary data and insights are delivered through solutions built in agile and inventive ways, relying on a subtle mix of artificial and human intelligence. When designing such solutions, the Kpler team does not see technology as an end to itself, but as a tool that must serve ingenuity and inventiveness. These solutions include a front-end terminal, a mobile app and several APIs. They are designed to maximise the experience of market professionals by integrating with their workflows and digital ecosystems in a smooth and synergistic manner.
Founded: 2003
Company HQ: Finland
Procurement Analytics for Data-Driven Enterprises
As the global leader in procurement analytics, Sievo combines best-of-breed spend management software, world-class services and value-added content. Sievo's SaaS procurement analytics solutions include: Spend Analysis, Savings Lifecycle, Contract Analytics, Materials Forecasting, and CO2 Analytics.
Sievo specialises in transforming heterogeneous procurement data from any source to business value that hits the bottom line. Sievo's proprietary data extraction, classification and enrichment software provide total spend visibility for some of the world's largest and most complex procurement organizations.
Sievo empowers procurement to move beyond spend tracking with uniquely forward-looking solutions for realized savings management, contract lifecycle management and profitability forecasting. Sievo serves a diverse global client base including Carlsberg, Deutsche Telekom and ISS World Services.
Founded: 2012
Company HQ: USA
Turning Procurement's strategic vision into reality.
SpendHQ helps Procurement identify, extract, and execute on strategic procurement opportunities. From spend management to non-financial impact, the unified Spend Intelligence and Procurement Performance Management solution gives teams the insights they need to find opportunities and the collaborative tools they need to capitalize on them. Backed by nearly 20 years of Procurement expertise, $8 trillion of analyzed spend, and 500+ global clients, our solution offers the functionality teams need to maximize their impact, all on a rapid time-to-value and lightweight implementation.
Founded: 2003
Company HQ: UK
High-performing intelligence that answers critical business questions faster
We provide high performing intelligence that answers critical business questions for leading companies around the world. We help you figure out how to implement these answers, faster, through custom research, advanced analytics and best of breed technology. We call it: Intelligence. Accelerated.
Together with WNS Denali, we deliver world-class solutions in procurement and supply chain advisory, managed services and digital transformation, to improve business performance at the top and bottom line.
Founded: 2019
Company HQ: Romania
Veridion builds a source of truth repository for insights on companies: in-depth data on 80M+ private companies.
Veridion provides business data enrichment with unprecedented coverage of private companies, accurate classification and in-depth insights based on real-time updates, for procurement, insurance, market intelligence and more.
Always driven by the complexity of AI and Machine Learning, we build more efficient ways of getting more data and get more out of it. Urged on reliability and complete-ness, our datasets have yet to be beaten in terms of accuracy and classification by industry mammoths.
The people at Veridion are committed to enrich your organization with the best possible data to break new business ground with your private companies.
Founded: 2012
Company HQ: Norway
Xeneta is changing the way ocean and air freight shipping is bought and sold through a benchmarking and intelligence platform which calls upon more than 400 million crowd-sourced data points.
The Xeneta platform brings transparency and neutrality to the opaque ocean and air freight markets. The industry-leading software solution offers real time access to rates on more than 160,000 port to port pairs for ocean freight shipping and in excess of 3 million air freight rates, representing more than USD 60 billion in spend. Enabling in-depth market analysis and supporting transportation budgeting, reporting, index linked contracting and financial instruments, Xeneta are the dedicated software partner for the ocean and air freight sector.
Learn more about the 2023 ProcureTech100.
