From a solution innovation perspective, the market for spend analytics software is the one that has most closely followed the overall technology industry in terms of capabilities and functional improvements. Unlike the best e-procurement or sourcing applications from a decade ago, which with a few UI improvements would be at least competitive today, even a top-performing, 10-year-old spend analysis solution would be technically antiquated when it comes to the metrics one would use to measure its performance against current peers now (e.g., first pass classification rates on different spend types — 80/20 categories, tail, etc.).
Granted, some established vendors have invested in innovation in the sector. But the growth of Spend360 is proof of the rapid innovation that is taking place in the sector among fast-growing start-ups, displacing older incumbents and approaches to spend data acquisition, cleansing and classification.
This Spend Matters PRO vendor snapshot explores Spend360’s strengths and weaknesses in supply chain risk management area, providing facts and expert analysis to help procurement organizations decide if they should shortlist the vendor as a potential provider. Part 1 of our analysis contained a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider Spend360. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.