Based on external perception, Spain gets the short end of the European stick on many levels — other than as a tourist destination with a reputation for great food, wine and weather. Known as one of the PIGS countries (Portugual, Ireland, Greece, Spain) more for its propensity for economic headwinds, banking crises and dragging down the Euro, those in global business don’t exactly look at the place as, well, a Germany, Brazil or India.
But Spain’s economy is actually somewhat diverse, and it supports a range of manufacturing and services businesses. So perhaps it’s no surprise that Spain, like France, Germany and other European nations, has developed its own procurement technology ecosystem. And front and center in it is Fullstep, a procure-to-pay suite vendor, which recently, as we observed in a research brief, “expanded into North America with a specialized target on middle market manufacturers.”
Fullstep has been around for over 15 years. Founded in 2000, the company has roughly 70 employees (virtually all in Europe) with a heavy focus on product development. It’s approaching a “1 to 1” employee-to-customer ratio, and clients tend to cluster in the automotive, food and beverage, financial services and industrial manufacturing areas.
As we’ve observed before, Fullstep’s products cover the full range of procurement activities. Capabilities include spend analysis, supplier management, project management, P2P (requisitions, expense approvals, POs), contract management and e-sourcing. Sourcing is core, however, to what it does — especially in a manufacturing context.
We encourage companies doing business in Spain, and other regions where Fullstep supports its product, to take a look at the provider, especially for its focus on direct materials procurement, as well as how it has threaded social collaboration into its platform. And, we welcome Fullstep to the Spend Matters 2015 50/50 list.