Teampay: Vendor Analysis — Solution Overview, Strengths/Weaknesses, Opportunities/Threats, Tech Selection Tips

This year, remote work went from a reluctant experiment in the corporate world to an economic necessity. But the coronavirus pandemic-induced shift from the office to working from home was about more than shedding commutes and embracing video chat — it brought processes home too. Employees who relied on office-based tools and organizational infrastructure to work found themselves isolated and more dependent on technology than ever before.

Teampay, the subject of this one-part Spend Matters PRO Vendor Analysis, sees this as a rapid acceleration of current trends rather than a jarring disruption.

In the view of this New York City-based provider, spend management is slowly becoming more decentralized, thanks to more tech-savvy end users and the shift of purchasing behavior to increasingly services-based offerings (think martech software, concierge tablets and print/marketing as services).

This vision of purchasing de-emphasizes the role of a central procurement department in, for lack of a better descriptor, most tail spend, instead empowering employees to make their own buys — within certain designated limits — and even pay for them with automatically generated virtual cards.

In Teampay terms, this is distributed spend management, and it’s the future of buying. But how does the Teampay vision work in practice, and how does it stack up against more traditional P2P vendors?

Let’s take a look.