One procurement technology size does not fit all for specialized and complex services categories. There is no better poster child for this statement than Eved, a technology vendor that has set out to build a closed-loop source-to-pay (S2P) platform for managing corporate events spend, creating value levers and capturing potential savings throughout the buying and management lifecycle. Since launching, the Eved platform has evolved to provide end-to-end event management capabilities that can go beyond simply sourcing and engaging event vendors but can also manage programs, schedules, budgets, purchase orders, services, invoices, receiving and other event-related requirements.
Eved supports the full event procurement process, including sourcing, supplier management, award, contract, change orders, invoices, reconciliation and payment, capturing all of the necessary data for analytics and tax management. The system also handles registration, attendee management and related activities. Expense reconciliation is in real time, budget updates are real time, purchasing policies can be created and enforced and the platform can be integrated with accounts payable (A/P) processes (which enables an especially clever savings lever compared to alternative event payables models).
This Spend Matters PRO vendor snapshot explores Eved’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide if they should invest in a specialized event procurement platform. Part 1 of our analysis included a company and detailed solution overview, a SWOT analysis and a summary recommended fit suggestion for what types of organizations should consider Eved. The final installments of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.