Verian is a provider that has largely flown under the radar of the procurement technology scene, at least in terms of marketing. However, it has supported some of the more complicated configurations we’ve seen for P2P outside of Ariba or ERP deployments costing 10X or even more in systems integrator costs (inclusive of e-invoicing, eProcurement, inventory and asset management – not to mention other areas). But Verian also supports the basics and can go head-to-head with some of the bigger name P2P providers.
As we’ve written about before on Spend Matters PRO (see: P2P As You Like It — A Verian Update: Momentum, Solution Enhancements and a New User Interface Part 1 and Part 2), Verian stands out for both its breadth and depth:
“Among these independent providers, Verian stands out as having one of the broader and deeper footprints within broader P2P (eProcurement, invoice automation/e-invoicing, asset management, inventory management and T&E) combined with a flexible deployment model and approach that encourages SaaS/cloud but does not require it … For customer acquisition, Verian has done particularly well in environments that aren’t necessarily as straightforward as some within a P2P context (e.g., services industries).”
“Much of Verian’s momentum has come from wins in the manufacturing, retail, field services, distribution, financial services, and oil and gas verticals, many implementations of which can require significant configuration. Verian continues to position its ability to heavily configure implementations to support complex environments and even previous P2P customizations (e.g., replacing old, heavily customized instances of Ariba Buyer) as a key differentiator.”
Verian has invested significantly in R&D in recent years to shift to a SaaS model – but has managed to maintain the level of configurability more commonly associated with software implementations. It’s also opted to continue to support somewhat unique deployment scenarios (e.g., integrated P2P and inventory management for distributors). None of this is easy, and it’s even harder to do it on a budget that’s funded through organic growth rather than outside venture capital investment.
Of course what’s suffered is sales and marketing and global expansion – which is a shame because we’re sure that if Verian had greater general awareness in the market, they’d give the bigger names a run for their money. In particular, considering Ariba Buyer (CD) or ERP eProcurement replacements, we’d be hard pressed not to put Verian on a shortlist in North America.
We look forward to continuing to dig into the latest from Verian and seeing them in further deals as the market learns more about them. In the meantime, please join us in welcoming Verian to the inaugural Spend Matters 50/50 list.