SolutionMap Fall 2020 new vendors (Part 1) — Ignite Procurement, Kodiak Rating and Vortal

On Oct. 1, Spend Matters launched the Fall 2020 update of its free-to-use SolutionMap, which evaluates procurement technology solutions on their technical capabilities and how customers rate them.

Twelve new vendors participated in the latest release, which has grown to evaluate 77 providers. Read our SolutionMap Fall 2020 launch post for more details, like how to use the benchmark tool for tech selection or how to get your solution into the mix.

We’re excited to introduce you to a few of the vendors who entered SolutionMap this time around:

  • Ignite Procurement
  • Kodiak Rating
  • Vortal

In our bios of the recommended new vendors, we will detail in which of our 13 technology categories they compete and where they rank (see the chart below), share some our analyst research written for subscribers to our PRO content, give feedback from our subscription SolutionMap Insider content called the Provider Scoring Summary reports (subscribers can use the summaries to compare vendors and their scores in more detail — see a sample summary). You’ll also hear from some vendors about being part of the SolutionMap benchmarking process.

Where Vendors Rank

Ignite Procurement

Ignite Procurement is an Oslo, Norway-based provider offering SaaS-based spend analytics, data enrichment, contract management, tasks and savings tracker. It is designed to facilitate fact-based, smart and sustainable procurement decisions.

For SolutionMap Fall 2020, Ignite Procurement sits within the Spend and Procurement Analytics category and has acquired the following positions:

  • Nimble persona: Value Leader segment
  • Deep persona: Customer Leader segment
  • Configurator persona: Customer Leader segment
  • Turn-Key persona: Customer Leader segment

The image below shows the Nimble persona and the area where Ignite Procurement performs particularly well as a Value Leader for spend analysis.

(Click images to enlarge)

The SolutionMap Provider Scoring Summary for Spend Analytics states:

“Ignite Procurement is a great fit for small or mid-sized organizations that want the ability to drive their own spend analysis, define initiatives, tie those initiatives to contracts and track savings and performance over time.”

Sigbjørn Nome, CEO & co-Founder at Ignite Procurement, said:

SolutionMap is a unique and unbiased way for us to benchmark our solution to competitors, both in terms of analyst and customer scores. Although it is our first time participating in the SolutionMap benchmark rankings, we are already challenging the existing players within the Spend & Procurement Analytics category. Being ranked as a value leader in the Nimble persona is a fantastic result for a first-timer. A nimble persona is probably the most fitting description for many procurement functions, reflecting a dynamic and results-focused organization. In most cases, they need a solution that can drive time-to-value in a modern, intuitive and cloud-based user interface. Ignite Procurement can help facilitate all these needs — and more!”

Kodiak Rating

Based in Stockholm, Sweden, Kodiak Rating offers a comprehensive suite of cloud-based supplier relationship management and supplier performance management software for procurement teams wishing to collaborate better with suppliers and drive performance enhancement. Its platform supports SIM, SRM, SPM and supplier risk & compliance management. It facilitates the automation of daily SRM tasks, selection of suppliers, assessment of supplier risk and helps streamline audits and evaluate supplier performance.

In SolutionMap Fall 2020, Kodiak Rating sits within the Supplier Relationship Management and Risk categories and has acquired the following positions:

  • Nimble persona: Value Leader segment
  • Deep persona: Customer Leader segment
  • Configurator persona: Customer Leader segment
  • Turn-Key persona: Customer Leader segment

The map below shows the Nimble persona in which Kodiak Rating performs particularly well as a Value Leader for SRM.

(Click images to enlarge)

In Spend Matters’ PRO coverage of Kodiak Rating, our Sweden-based analyst Magnus Bergfors said:

“Supplier management is an often overlooked and neglected part of procurement. Kodiak Rating offers a fresh take on SXM with its easy-to-use and nimble solution focusing on performance and supplier self-assessment. It has a modern architecture and approach to partnerships to bring in relevant data, even if it lacks deeper functionality in some of the SXM areas and broader procurement perspective. … Kodiak Rating is off to a good start.”

The SolutionMap Provider Scoring Summary for SRM states:

“Kodiak Rating is a user-friendly supplier management platform that scores best in the Nimble persona with a focus on supplier performance management (or as the name suggests, ratings) and features a rich supplier assessment template library.”

Sam Jenks, Chief Growth Officer at Kodiak, told Spend Matters:

"Kodiak Rating is a solution provider that works with global procurement teams to drive sustainable global trade, one smart sourcing decision at a time. For our solution to make a difference in the world, and impact at scale, we need people to know who we are and understand the value we deliver. Spend Matters SolutionMap has helped to put Kodiak Rating on the map."

Vortal

Based in Lisbon, Portugal, Vortal is an international e-sourcing and e-procurement platform that connects thousands of buyers with an international network of qualified suppliers. It offers a cloud-based collaborative marketplace comprising a supplier network and discovery technology along with full e-sourcing capability. Vortal’s presence is becoming more global, spreading within Europe to Spain, Germany, France, Italy and Slovenia, and beyond to Mexico and Latin America.

The Vortal platform combines benefits for both buy-side and supply-side, so that buyers of all sizes, including complex sourcing organizations through to the smaller departments, can use the technology to perform sourcing operations — from a simple RFP through to managing contracts, sourcing from more than 300,000 suppliers making use of the collaborative network.

In SolutionMap Fall 2020, Vortal participates in three categories: Sourcing, E-Procurement, and Contract Lifecycle Management (CLM). Here’s how it sits on the four maps for CLM:

  • Deep persona: Customer Leader segment
  • Configurator persona: Customer Leader segment
  • Turn-Key persona: Customer Leader segment
  • CIO-friendly: Customer Leader segment

The map below shows the Sourcing category’s Nimble persona, where Vortal performs particularly well as a Solution Leader (top left).(Click images to enlarge)

Magnus Bergfors, Spend Matters’ VP of European Research and Lead Analyst, recently completed a demo of Vortal, and had this to say:

”Vortal is one of the most well-kept secrets in the S2P space. They are more known in the public sector, where they are one of the strongest vendors, but actually its origin is in the private sector and should be included in any S2P evaluation, especially in Europe and Latin America.”

The SolutionMap Provider Scoring Summary for Sourcing states: “Vortal has good template support that allows for definition of processes, teams and data requirements in such a way that every sourcing process can be completely customized as required to adhere to regulations and support organizational requirements.”

Vortal CEO Miguel Sobral said:

“We are happy and proud to be represented in the SolutionMap benchmark. Our entry in this ranking confirms the positioning of Vortal as a (customer) leader in a context in which sourcing solutions have become increasingly important. This is the outcome of intense effort and investment we have put in place over recent years, increasing our coverage in terms of functionality, our obsession with simplicity and usability, and our capability to deliver solutions across Europe and Latin America in both Corporate and Public markets.”

Subscribe to PRO content here.

If you are wondering how to get your solution included in Spend Matters’ SolutionMap rankings, read SolutionMap Vendor Selection here.

Become a SolutionMap Insider member here to get the behind-the-scenes details.

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