Spendkey: Vendor Analysis — Spend analytics solution overview, roadmap, competitors, customer feedback, tech selection tips, analyst summary with strengths/weaknesses

This Spend Matters PRO Vendor Analysis focuses on Spendkey and how its spend analytics solution can address challenges that businesses are facing.

With spend analysis becoming key to cost control in an inflationary market, a lot of new vendors are emerging while mature background vendors are taking center stage. This is creating a market for consultancies that have built home-grown solutions to capture their explicit expertise and spin them into intelligence-powered spend analysis solutions for customers that want a more turnkey solution with vendor-heavy support in the early years.

Spendkey is one such solution. Formed in 2020 by a team of procurement and analytics experts, Spendkey has quickly created a spend-analysis toolset that it uses to conduct spend-analysis assessment and that it can leave with the customer to give insight into what the consulting team did, how it is performing in terms of implementing the identified projects and what else it could do to address second-tier opportunities.

While not as mature as providers that have been doing this for a long time, Spendkey is definitely serving a niche as it rapidly grows and improves its solution.

So should Spendkey be on your turnkey spend analysis shortlist?

For that, you need to understand not only how the market breaks down, where your company fits in the breakdown, what the solution does and whether it is where you need to be today, and where you need to be tomorrow. And while we can't always tell you where you are (without an advisory project), we can tell you how the market breaks down, where Spendkey sits and where it is going.

If this interests you, read on. Answers ahead!