Vendor Snapshots Content

GoProcure: Vendor Introduction (Part 2 — Product Strengths and Weaknesses, SWOT and Selection Checklist) [PRO]

In our last Spend Matters PRO brief, we introduced you to GoProcure, a four-year-old provider based out of Duluth, Georgia, that is deploying a B2B marketplace and platform for tail-spend management. Bringing together basic RFQ and requisitioning tools, a marketplace for procuring goods and services, and complementary services like a buying desk, GoProcure is positioning itself as capable of covering the full range of tail spend in a market where most vendors address some but not all of the tail. And while its coverage is not necessarily exhaustive, GoProcure’s current iteration does encompass a lot of capabilities — albeit in a bit of a fragmented manner. Whether it’s a fit for a procurement organization’s unique challenges and needs, however, will come down to how exactly one conceives and chooses to tackle the tail.

Part 1 of this brief provided some background on GoProcure and an overview of its offering. In Part 2, we provide a breakdown of what is comparatively good (and not so good) about the solution, a high-level SWOT analysis and a short selection requirements checklist that outlines the typical company for which GoProcure might be a good fit. We also give some final conclusions and takeaways.

GoProcure: Vendor Introduction (Part 1 — Background and Solution Overview) [PRO]

The question of how procurement organizations can best address the long tail of spend is still an open one, with multiple vendors offering their own flavor of the optimal tail-spend “solution.” For some, tackling the 80% of spend that is opaque and unmanaged is a matter of applying RFQ tools and automation to quickly bring dark purchasing into the light. (Recently profiled Fairmarkit is one example of this.) For others, a patchwork approach is the right fit, extending currently used P2P suites into the long-tail territory via punchout and integration methods. (Coupa’s combination strategy of using Aquiire’s web agent technology to crawl the internet as if it were a virtual catalog while also offering direct integration of Amazon Business content into e-procurement search results is one prominent example.)

Yet alongside these technology-first models another option is emerging. Some vendors are combining the possibilities of RFQ and catalog management tools with a BPO-lite, providing a combination of technology and services somewhat analogous to a managed services provider (MSP) for tail spend. (Chicago and Dubai-based Simfoni, which we cover in our SolutionMap for Spend and Procurement Analytics, is a notable example with a range of tail spend-specific tools.) The intended result is to capture the full range of tail purchases by creating routes for everyday users to easily request or source needed lower-value goods and services from suppliers that are not strategically managed while capturing the exceptions through the optional service layer. For more insights on how these tail-spend management approaches are all competing (and converging), see our tail spend management research study report here.

This multi-pronged approach is the strategy behind GoProcure, a four-year-old vendor out of Duluth, Georgia. GoProcure bills itself as a B2B e-commerce platform for all-in-one tail-spend management. Combining basic RFQ and requisitioning tools with a marketplace for procuring both goods and services, along with complementary services like a buying desk, GoProcure is positioning itself as capable of covering the full range of tail spend in a market where most vendors address some but not all of the tail, allowing it to claim procurement organizations at Global 2000, mid-market and private equity portfolio companies as clients.

This Spend Matters PRO Vendor Introduction offers a candid take on GoProcure and its capabilities. The two-part series includes an overview of GoProcure’s offering, a breakdown of what is comparatively good (and not so good) about the solution, a SWOT analysis and a selection requirements checklist for companies that might consider the provider.

Prodigo Solutions Vendor Introduction: Analysis, SWOT, Checklist (Part 2 — Product Strengths and Weaknesses) [PRO]

locum tenens

In our last Spend Matters PRO brief, we introduced you to Prodigo, an 11-year-old provider based near Pittsburgh that is deploying a platform that’s specific to healthcare procurement and contract management. With 20% of the U.S.’s largest integrated delivery networks (IDNs) and more than 30% of Gartner’s top hospital supply chain departments as customers, Prodigo has numerous use cases and a large pile of healthcare-related data on which it has built a strong core product. And although it is not always best-in-class when compared against leading P2P providers that lack a vertical focus, Prodigo’s willingness to target the needs of a specific market have led to some commendable product strengths as well.

Part 1 of this brief provided background on the company and an overview of Prodigo’s offering. In Part 2, we provide a breakdown of what is comparatively good (and not so good) about the solution, a high-level SWOT analysis, a short selection requirements checklist that outlines the typical company for which Prodigo might be a good fit, and some final conclusions and takeaways.

Prodigo Solutions: Vendor Introduction (Part 1 — Background and Solution Overview) [PRO]

healthcare

Rogue spend is a common problem for procurement in all industries, but in healthcare the issue is on a whole other level. Whereas the typical organization can see about 30% of indirect spend that falls into the off-contract category, that number can climb to as much as 60%.

There are multiple factors that drive these rogue purchases. Notably, in healthcare the distinction between direct and indirect spend is less of an issue than the difference between clinical spend (that is directly related to patient care) and non-clinical spend. These categories are managed a little differently from how procurement organizations typically approach direct and indirect purchases. Internal demand for clinical items can vary significantly, and since not having an item in inventory could be a matter of life and death, the need to spot buy specific medical devices or materials isn’t analogous to an ad hoc spot buy that you might find for many indirect spend categories.

Healthcare spend is also nuanced because the requestors — the medical personnel — often have a stronger say in what is purchased and to what degree cost is a factor than procurement gets compared with other verticals. This includes “physician preference items” where a physician MUST have a certain medical device/instrument that is different than the hospital system standard (and hopefully not because the MD is getting wined and dined by the manufacturer or distributor!).

This industry dynamic applies to the healthcare supply markets, as well, where unique features and quirks, including a much higher use of group purchasing organizations (GPOs) and strong influences by medical device manufacturers over how their products are priced and used within hospitals, only further complicate procurement efforts to bring spending under control. Over 90% of GPO revenue is from supplier-funded “administrative fees” (i.e., rebates that are exempted from federal government kickback regulations), and until this commercial model goes away, hospitals still need to automate them (including percentages of those fees shared back with the hospital) and other supply chain requirements such as distributor owned/managed inventory within the system.

These healthcare-specific challenges are well-known to Prodigo Solutions, a purchasing technology solutions company based in the suburbs of Pittsburgh, Pennsylvania. Originally grown out of the UPMC’s needs for better managing its own internal purchases, Prodigo today operates as a standalone software provider, offering tools that support e-procurement with healthcare-specific controls and post-signature contract management and compliance. Its customers include both integrated delivery networks (IDNs) and small community hospitals alike, and its healthcare marketplace currently facilitates transaction volumes in excess of $15 billion.

This two-part Spend Matters PRO Vendor Introduction series offers a candid take on Prodigo and its capabilities. It will include an overview of Prodigo’s offering, a breakdown of what is comparatively good (and not so good) about the solution, a SWOT analysis, and a selection requirements checklist for companies that might consider the provider.

ConnXus Brings ‘Quick and Clean’ Supplier Data Cleansing to the Masses with SmartScrub: Vendor Snapshot Update [PRO]

For the majority of procurement organizations today, obtaining and maintaining accurate supplier master data is a huge pain point. Most organizations still do not trust their vendor master as a single source of truth (or even have one!) — nor do they have the time or personnel to continuously validate and enrich supplier records to the degree that is necessary to create that level of trust.

One solution to this problem for the last decade or so has been to gather a list of suppliers the organization has worked with in the past year and submit the records to one of several firms that clean and enrich this data as a service for various purposes (e.g., deduplication, verification, enrichment, etc.). Among these firms is ConnXus, a best-of-breed solution provider within the Supplier Relationship Management & Risk SolutionMap category. ConnXus is best known for strong supplier diversity management and a growing set of adjacent capabilities (such as a next-generation supplier network where a supplier can register once and share its profile with any business).

As technology has improved in the market, new options for supplier master data cleansing and enrichment have turned this service into an increasingly automated process (e.g., doing so via API every time a new supplier is added). But offerings vary. Some require a license to the entire platform to use the data services, while others provide a cost-effective entry point that do not guarantee perfect results. So ConnXus, as of this week, is seeking to provide a middle ground between these two extremes: A competitively priced supplier data cleansing and enrichment subscription called SmartScrub that guarantees 98% accurate records for U.S.-based businesses returned in under 24 hours — often much faster, as the service is completely automated once users provide an uploaded template containing supplier name and valid address.

More important for procurement organizations, SmartScrub’s capabilities are available for purchase without engaging ConnXus’ supplier management solutions. And at the price points ConnXus is offering, most companies will have the ability to validate, centralize and report on diversity and industry data for thousands of records where before such solutions may have been inaccessible. Although ConnXus does aim to turn these subscribers into full customers, of course, especially as it quickly evolves its data validation capabilities into what it sees as the next logical evolution: mass supplier discovery of diverse and industry-specific vendors.

This Spend Matter Vendor Snapshot Update reviews ConnXus’ new SmartScrub subscription and explains how the supplier management vendor is taking a potentially disruptive approach to enabling MDM cleansing and virtualization. It is an addendum to our previous reviews and analyses of ConnXus:

Part 1: Background and Solution Overview
Part 2: Product Strengths and Weaknesses
Part 3: Commentary and Summary Analysis
ConnXus Envisions a Next-Generation Supplier Network With myConnXion: Vendor Snapshot Update

Accrualify: Vendor Introduction (Part 3) — SWOT, Competitive Placement and Customer Recommendations [PRO]

Accrualify is a new breed of finance-oriented solution that targets a range of procurement and payables processes. It is one of a handful of vendors that, especially within the middle market, can offer solutions that solve the needs of finance and procurement organizations directly. While Accrualify’s AP automation and procurement capabilities are not as robust as some, the overall package and approach could present a more attractive use case for nimble solution buyers with specific requirements in mind.

In Part 3 of Spend Matters’ PRO series examining Accrualify, we turn our attention to placing the provider in a competitive context of a new breed of solutions targeting finance and procurement, offer a strengths/weaknesses/opportunities/threats (SWOT) framework and conclude with recommendations for potential customers. (See Part 1 for an introduction to the provider as well as Part 2 for its solution strengths and weaknesses.)

Accrualify: Vendor Introduction (Part 2) — Product Strengths and Weaknesses [PRO]

In our initial research brief on Accrualify, we introduced the four-year-old provider based out of San Mateo, California. The upstart procurement and finance technology vendor offers a unique set of technology capabilities to manage specific components of the invoice-to-pay cycle, as well as adjacent areas like basic requisitioning and broader accruals management.

The first part of this brief provided an overview of Accrualify’s offering and a short selection requirements checklist that outlined the typical company for which Accrualify might be a good fit. In today’s installment (Part 2), we provide a breakdown of what is comparatively good (and not so good) about the solution, exploring Accrualify’s “positives” and “negatives.”

Procurify: Vendor Snapshot (Part 3) — Summary and Competitive Analysis [PRO]

digital

Many technology providers could argue they are part of the P2P space, but as we discussed in Part 2 of this series, the extent of a solution’s P2P capabilities can vary greatly from one provider to another. In the case of Procurify, we view the provider more as an e-procurement player than a full P2P suite, since it does not currently offer true invoice-to-pay support (e.g. features for invoice capture, validation and approval). To compare Procurify with its likely competitors, then, we must evaluate the solution against those that offer similar e-procurement capabilities, whether as part of suites that offer full P2P packages or from specialists. In this light, Procurify hits a sweet spot for small and mid-size businesses and, as defined by Spend Matters’ SolutionMap personas, has a Nimble approach that helps it differentiate its solution from competitors.

This final installment of our three-part Spend Matters PRO Vendor Snapshot series covering Procurify offers a competitive analysis and comparison with other e-procurement and P2P technology providers. Part 1 and Part 2 of this PRO research series provided a company and deep dive solution overview, a UX/UI ranking, product strengths and weaknesses, and a recommended fit analysis for what types of organizations should consider Procurify.

Procurify: Vendor Snapshot (Part 2) — Product Strengths and Weaknesses [PRO]

Procurify, a seven-year-old provider of spend management software, is filling a market need for Nimble e-procurement solutions, the category of Spend Matters’ SolutionMap where Procurify’s solution fits. With 400 customers and 25,000 active users, Procurify is offering real value to an underserved slice of the e-procurement market, small and mid-size businesses. And with $14 million in current funding, we'd wager additional investments on the product and business side are on the horizon that would only reinforce its SMB market presence and its broader P2P capabilities.

This Spend Matters PRO Vendor Snapshot, Part 2 of the series, explores Procurify’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should consider the vendor. Part 1 of our analysis provided a company and detailed solution overview, as well as a recommend fit list of criteria for firms considering Procurify. The third part of this series will offer a SWOT analysis, user selection guide, competitive alternatives, and additional evaluation and selection considerations.

Procurify: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

procurement

Procurify, a Canadian procure-to-pay (P2P) provider with a presence in 70 countries, is capturing a market not typically well-served by other vendors: small and medium-sized businesses that need e-procurement. While there are certainly many choices of e-procurement and P2P providers today, as Spend Matters’ E-Procurement and Procure-to-Pay SolutionMaps illustrate, there are few remaining choices that have not been acquired by a larger firm or that are tailored to the needs of SMBs. Such a solution would fall under the category of SolutionMap’s Nimble persona, and Procurify’s relative strengths in e-procurement, complemented by baseline AP automation functionality, such as invoice approval and traditional three-way matching, position it as perhaps an ideal match for this market need, as clients like Asana, Planet Fitness, Reliance Oilfield Services and Element Biosciences can attest.

This Spend Matters PRO Vendor Snapshot offers an introduction to Procurify, providing facts and expert analysis to help organizations make informed decisions about whether they should add this P2P provider to their shortlists. Part 1 of our analysis offers a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Procurify. The remaining parts of this research brief will cover product strengths and weaknesses, competitor and SWOT analyses, and insider evaluation and selection considerations.

Accrualify: Vendor Introduction (Part 1) — Background and Solution Overview [PRO]

procurement

Most of the well-known solution providers in the P2P space got their start in one of two ways. They either began with improving on the e-procurement experience offered by ERP, pursuing an “Amazon-like” user experience for frontline buyers and then moving to invoicing and payments; or, they focused on the problems of invoice capture, validation and processing, expanding from AP automation to full invoice-to-pay support and later building or acquiring e-procurement functionality. Both approaches eventually allowed such providers to link the two “Ps” in P2P, bringing procurement and finance activities together under one technology roof.

Accrualify, the subject of this three-part Spend Matters PRO Vendor Introduction, has taken neither approach. Rather, the San Mateo, California-based provider started, in 2015, with tracking accruals and enabling simple B2B payments. It later built out functionality for AP automation and eventually PO management and requisitioning, giving it what we would call an almost complete P2P solution under the Spend Matters P2P SolutionMap methodology. Yet even without the catalog management and ordering functionality that would give it true e-procurement support, Accrualify has managed in four short years to build a commendable set of I2P capabilities, ones well-suited to the mid-market, as customers such as BitTorrent, Helix, FloQast, Lookout and Getaround can attest.

This Vendor Introduction series offers a candid take on Accrualify and its capabilities. The series will include an overview of Accrualify’s offering, a breakdown of what is comparatively good (and not so good) about the solution, a SWOT analysis, and a selection requirements checklist for companies that might consider the provider.

Bid Ops: Vendor Introduction, Analysis and SWOT (Part 2) [PRO]

In this Spend Matters PRO Vendor Introduction, we’re introducing you to Bid Ops, a two-year-old vendor out of San Francisco that positions its cloud-based e-sourcing tool as the first AI solution for automating indirect procurement negotiations. Rather than focusing solely on serving the buyer, Bid Ops’ founders actually built the vendor side of their platform first, shaping the whole user experience around making negotiation faster, simpler and smarter. While it’s early, the solution is more RPA (robotic process automation) than AI (which is early stage assisted intelligence at best), but the vendor has notched some notable wins with big customers, claiming double-digit savings rates with the likes of Berkshire Hathaway, Los Angeles World Airports and the city of Detroit.

In the first part of this two-part series, we provided an overview of Bid Ops’ offering and a selection requirements checklist for companies that might consider the provider. In this second part, we will provide a breakdown of what is comparatively good (and not so good) about the solution and give a SWOT analysis.