2023 ProcureTech100 - Sourcing & Cost Management
The Sourcing & Cost Management category is defined by super-intelligent, automated and augmented sourcing, with deep capabilities.
The very best sourcing and cost management solutions act as both a cornerstone for delivering sustainable Procurement objectives, while also accessing critical new areas for sourcing value delivery, such as tail management.
Furthermore, this is one of the categories in this year’s 100 that has experienced the most dramatic increase in headcount growth.
Today, solutions are enriching cost analysis, to create dynamic should cost models and clean sheets. Meanwhile, negotiations are being automated at scale, and both category and industry-specific solutions are consistently evolving, frequently augmenting existing S2P solutions whilst also providing differentiated capabilities.
In pursuit of these advanced capabilities, for 2023 and beyond, the core areas of focus for Sourcing & Cost Management are:
- Responsibility - the creation of fair, ethical models for sourcing. This can be seen manifested in various ways, throughout leading solution capabilities .
- Looking beyond sourcing - expanding capabilities to cover the end-to-end lifecycle of a given category. This is increasingly being supplemented by managed services, to provide optimal customer experience .
- Data services - advancing the ability to leverage big data collected on the platform, to provide valuable insights such as price benchmarking and key trends .
- Automation - increasing the level of automation capabilities that are attained, with the ambition to automate the tail of a given category .
Over 90% see optimising cost and cashflow as important drivers of their data-driven decision intelligence investments
Founded: 2019
Company HQ: Switzerland
The intuitive e-Sourcing & Bid Analytics platform built for strategic Procurement teams.
Archlet is an intuitive e-RFx and bid analytics platform - simplifying how Procurement teams collect, store, and analyse supplier bids and make strategic sourcing decisions. Strategic sourcing teams harness Archlet’s automated bid analytics to reveal immediate insights that maximize negotiation power and create headspace for more strategic work. Global enterprises rely on Archlet to erase inefficiencies from their sourcing process and make better decisions faster.
Founded: 2017
Company HQ: USA
Amplify the impact of procurement’s influence.
Arkestro is a Predictive Procurement Orchestration Platform that amplifies the impact of procurement’s influence. How? By pre-embedding preferred outcomes in any system or process.
Arkestro enables companies to touch 100% of the spend in a better, more programmatic way: with behavioral science, game theory and predictive machine learning models.
Founded: 2017
Company HQ: USA
Source smarter, not harder
Fairmarkit is the intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes. Leveraged by innovative procurement departments across a number of industries, such as Univision, ServiceNow, and the MBTA, Fairmarkit aims to revolutionize the way organizations make purchases.
Founded: 2015
Company HQ: USA
The market leader in AI-powered autonomous sourcing.
Globality is the leader in autonomous sourcing and procurement, and revolutionizes the buying process for large and midsize enterprises. Globality’s generative AI-powered bot, GLO, empowers workforces to make intelligent decisions on purchasing products and services, reducing costs, increasing productivity and improving business outcomes.
For more information, please visit www.globality.com or www.globality.ai.
Founded: 2012
Company HQ: Ireland
Drive better sourcing outcomes for strategic, tactical and tail spend
With a modern user-friendly design, Keelvar’s sourcing optimization and autonomous sourcing offers easy adoption and enhanced productivity, while supporting large scale deployments for the world's largest enterprises. The products are powered by unique artificial intelligence, designed by our category experts to deliver significant savings and operational improvements for leading global enterprises.
Not limited by size, scale, or complexity – Keelvar powers some of the most demanding global, sourcing teams including Siemens, Microsoft, Samsung, Coca-Cola, and Novartis.
Founded: 2005
Company HQ: USA
The world’s only provider of electronic component spend analytics and risk intelligence using real customer data.
Lytica is an electronic component spend analytics and risk intelligence company that uses real customer data to help electronics companies (EMS, OEM, ODM) make their supply chain more transparent, more resilient, and more predictable. Lytica provides customers with the data, insight, and analysis they need to improve their procurement and build better, stronger, more resilient supply chains. Lytica is the world’s only provider of electronic component spend analytics and risk intelligence enabled by real customer data. Trusted by customers globally, our proprietary SupplyLens™ platform enables clients to drive cost reduction and mitigate supply chain risk.
Founded: 2019
Company HQ: USA
Unlocking hidden value through autonomous negotiations
Pactum AI is the globally recognized leader in autonomous negotiations. The AI-based system empowers enterprises across the Americas, Europe, Africa, Asia and Australia to seamlessly conduct personalized, commercial negotiations on a massive scale. The platform delivers substantial value and time-saving benefits to its clients, including industry giants such as Walmart, Maersk, Henkel, Wesco, Linde, and other renowned brands. It facilitates mutually beneficial agreements by aligning the values of clients and their negotiation partners through an intuitive chat interface, implementing industry-leading negotiation strategies.
Founded: 2018
Company HQ: Germany
Revolutionizing Spare Parts Management
SPARETECH develops a collaboration-platform for manufacturing companies to digitize their inventories of spare parts, calculate their real demand, compare parts from different suppliers and source the appropriate part outside or within their production network.
"COLLABORATION-PLATFORM FOR SPARE PART MANAGEMENT"
SPARETECH provides a holistic spare part database with integrated machine learning to increase machine uptime and lower costs.
The software matches client's spare part lists to the product database and creates standardized data sets for ERP-systems. The data is enriched with technical specifications to improve comparability, which enables the customer to leverage sourcing and usage within production network.
Maintaining the data is no longer required by the client, as SPARETECH provides product updates (e.g. discontinued parts) and alternative sourcing possibilities
Founded: 2020
Company HQ: USA
Get complete visibility on your tech stack and automate SaaS procurement for up to 30% savings.
The global SaaS market is valued by Gartner at roughly 151+ Bn, with significant growth forecasted for 2024. Studies suggest that companies waste 30% of their annual SaaS spending, resulting in substantial financial setbacks.
With Spendflo you can unlock complete transparency into your tech stack and automate SaaS procurement, saving up to 30% of your SaaS budget
Spendflo provides one cohesive platform to streamline your tech stack. In addition to this, it offers the best buying, negotiation, renewal & tracking service for your SaaS subscriptions. Spendflo enables companies to focus on creating value for their customers while offering them substantial dollar savings.
Maxio, ChurnZero, and Airmeet, among other leading global brands, utilize Spendflo to streamline negotiations, secure optimal contract sizes, eliminate redundancies, and bolster vendor security.
Founded: 2003
Company HQ: USA
Supplyframe is the leading provider of Design-Source-Intelligence for the global electronics value chain.
Supplyframe is the leading Design-to-Source Intelligence platform for the global electronics value chain, with solutions that interpret billions of intent, demand, supply and risk signals to deliver insights through the design-to-market product lifecycle. A community of over 10 million engineering and supply chain professionals engage with our search, media, and SaaS solutions to optimize in excess of $120 billion in annual direct materials spend. Supplyframe is headquartered in Pasadena, California, with offices around the world.
Founded: 2019
Company HQ: USA
Visibility and control over every dollar, contract, and supplier in one platform.
Welcome to Procurement Paradise, where your bottom line is our top priority. Tropic is a cost-savings platform that automatically finds ways for businesses to reduce and control costs. By combining procurement workflows, supplier management, and benchmark data together in one place, Tropic makes savings opportunities easy to find and act on.
Founded: 2018
Company HQ: Austria
Calculated Value
At Tset we’ve set out to revolutionize cost & carbon management for the manufacturing industry. Our software combines data-driven algorithms with decades of hands-on industry knowledge.
Get in touch with us and let's find out how your cost and sustainability experts can focus on what they do best.
Leading global OEMs and suppliers already trust and use Tset.
Founded: 2022
Company HQ: UK
Smarter SaaS + cloud spend
Vertice is a spend optimization platform that saves companies up to 25% on their SaaS and cloud costs.
It empowers companies of every size and industry to get more visibility and control of their software and cloud spending and leverages automation and machine learning to deliver guaranteed cost savings.
Today, Vertice manages over $1.1B in contract spend and is the only platform worldwide that empowers companies to view, control, and save on both SaaS and cloud costs with an integrated unified offering.
Founded: 2019
Company HQ: USA
The most Comprehensive Source to Contract Software for Product Manufacturing Companies
Zumen is a Cloud-based Source-to-Contract software for product manufacturing companies.
Zumen enables product manufacturing companies to digitize their direct sourcing and procurement, and manage every detail of the process in a transparent, collaborative platform. With Zumen’s part life cycle management, BOM interface, supplier base visibility and product cost management, companies can build an agile, resilient supply chain and get their products to market faster.
Learn more about the 2023 ProcureTech100.
