Afternoon Coffee: Legal platform Bodhala raises $10 million; ’50/50′ videos for EcoVadis, GEP; Amid crisis, budgets adjusted for software spend, survey shows

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Bodhala, the legal spend analysis platform, has announced that it raised $10 million in Series A funding, according to a press release on Business Wire. The investment will be used to fund product expansion, sales and marketing of its digital outside counsel services procurement platform. Bodhala uses data science and machine learning to help companies analyze and optimize legal spend, spurring growth by over 300% in 2019, the company said. The funding round was led by Edison Partners.

“Analysts estimate AI-driven legal technology will be a $37 billion business by 2026, and the Bodhala SaaS platform delivers the insights general counsel and claims officers need to make meaningful decisions about their budgets, while still producing equal or better legal outcomes,” Daniel Herscovici, Partner at Edison Partners, said of the investment.

Analyst videos highlight EcoVadis & GEP on new ‘50/50’ lists

Spend Matters’ analysts chose 2020's top procurement technology vendors for the “50 to Know” and the “50 to Watch” lists that were recently published, and our analysts also have done videos about some of the providers that will attend the digital SIG Procurement Technology Summit, which begins May 11. The videos are out now, and Afternoon Coffee will feature a couple of them each day.

EcoVadis, a provider of sustainability ratings:

"EcoVadis combines subject matter expertise in the sustainability field with technology and program management capabilities to support sustainability initiatives within any procurement organization,” says analyst Magnus Bergfors, Vice President of European Research for Spend Matters. See our full EcoVadis video here.

GEP, a source-to-pay suite provider:

Pierre Mitchell, Chief Research Officer of Spend Matters, says of GEP: “If you’re looking cross-process, cross-category, and you want a provider that offers turn-key support and that’s going to offer end-to-end as a service support, then GEP has got to be right at the top of your list.” See our full GEP video here.

The 50/50 lists are part of Spend Matters Almanac, a directory of more than 500 providers that offers deep insights on the players in the procurement technology market.

Nearly half of small businesses plan to cut software budgets

A new survey reports that 46% of small and midsize businesses will defer or cut investments in software due to disruptions from the coronavirus crisis, Supply Chain Dive reports. Amid a race for small businesses to adjust shrinking budgets and revenue, 53% of CFOs are planning to reduce their IT investments and cut digital transformation. The survey was conducted between March 25 and April 5, and was answered by 5,500 professionals by the insights company GetApp.

However, 32% of those small businesses surveyed said that the crisis will have no impact on their planned software spend, while 21% plan to actually increase spend. These businesses said that keeping technology at current or higher levels were necessary in order to sustain operations.

Supply Chain Dive says research generally indicates that economic retractions provide the best time to upgrade systems so businesses can avoid disruption and improve efficiency.

E-commerce supply chains adjusting to COVID-19 disruptions

E-commerce supply chains are being forced to adjust to the coronavirus crisis, according to a report from Supply Chain Brain. With many countries on lockdown during the crisis, a sharp increase in online orders has disrupted the normal supply chains of e-commerce vendors. With manufacturing and shipping lanes dramatically reduced, products going out of stock and increased demand, e-commerce companies will need to rethink how to respond for upstream and downstream operations.

The report suggests that the two main priorities for e-commerce brands and their supply chain is to protect workers and be a supportive partner to other vendors in the chain.

GE’s power business struggles amid COVID-19

General Electric’s power business is taking a hit as several U.S. utilities using GE generators plan to halt or defer maintenance, much of which is handled by GE, Reuters reports. The work can be put off at the moment due to a reduced power demand, as well as social distancing restrictions making the repairs unfeasible.

GE has relied more on revenue from fixing power plants after focusing less on aviation, power equipment and medical devices.

Spend Matters PRO offer extended a month

Through this month, a Spend Matters' special PRO Expert Survival Pack is available to procurement practitioners only* at up to 50% off. The discount applies to PRO subscription content from our analysts and other services. — Learn more

Read all of Spend Matters’ coronavirus coverage here.

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