Spend Matters names the 2022 ’50 Providers to Know,’ ’50 Providers to Watch’ and Future 5 start-ups

After 12 months of intense debate, Spend Matters is delighted to release the 2022 “50 Procurement Providers to Know” and “50 Procurement Providers to Watch” lists. This is the ninth  year in a row Spend Matters has released these lists.

Each year, our technology analysts assess the capabilities for an array of companies across 10 procurement technology market sectors to determine the lists totaling 105 vendors in the industry. These represent the best-in-class companies you need to know about as well as the up-and-coming, growing firms to keep your eye on.

The ‘50 Providers to Watch’ are the relative newcomers to the market that are pushing procurement forward – those offering the latest and most innovative solutions in the industry.

The ‘50 Providers to Know’ list highlights leading technology and services providers that continue to raise the bar for procurement technologies and services. These are the firms that set the industry standard – firms that every CPO should know about and understand at least to some extent.

The lists are being released in conjunction with SIG Global Executive Summit taking place October 17 through 19 in Rancho Mirage, California.

This year, four vendors jumped from the “Watch” to the “Know” list. These companies are AvidXchange, Everstream Analytics, Simfoni and Vertex. Spend Matters will be talking to each vendor that jumped from the To Watch list to the To Know list to find out what they have achieved in the past year to effect this transition and to understand more about what their plans are to further their success going forward. These interviews will be published over the next four weeks on Spend Matters, so keep an eye out.

The “50 Providers to Watch” list also contains new honorees, with 18 companies included for the first time. These companies are, Aera, Airbase, Archlet, Candex, Circulor, Certa, Dataserv, (Efficio) eFlow, FRDM, Interos, Nétive, Nipendo, Pixid, Rheaply, Stampli, Tampay, Yooz and Zip.

To understand more about how we make these selection processes, you can visit our  50/50 methodology page. This year, as Spend Matters prides itself on its propensity for using data-driven processes whenever possible, we have continued to refine our methodology for the ‘50 to Know’ and ‘50 to Watch’ lists, coming as close to a scientific manner as possible. To learn more about the process and what’s changed from last year, check out this outline from our analyst Nikhil Gaur.

What to know about 2022’s Future 5s?

In addition, 2022 marks the fourth annual release of the “Future 5” list by Spend Matters. Throughout the year, the analysts issue analyses of procurement tech newcomers. This list is comprised of the most impressive procurement technology start-ups that meet the following criteria:

• Is less than 5 years old, ideally with less than 2 years in the market (official product launch)
• Has 5+ customers
• Has an innovative, interesting application of technology
• Maintains clear momentum and sustainability
• Has less than $10 million in revenue

The 2022 Future 5 providers are:

• Carbmee — a startup focused specifically on carbon footprint calculation and managing emissions-reduction plans with suppliers. The solution calculates Scope 3 emissions using a bottoms-up (i.e., material-based) approach or, where supplier data/knowledge is insufficient (e.g., unknown mass of a specific item/good), makes recommendations based on plausible averages, which can later be overridden by users as needed. Carbmee is also building an “Environmental Intelligence System” that algorithmically recommends actions for suppliers to help reduce emissions and segment suppliers by emissions-reduction efforts.
• Focal Point — a procurement performance management solution founded in 2020. Its vision is to become a complete solution that either offers, or connects to, the tools needed for procurement departments to manage inbound requests and optimize internal resource utilization. It describes itself as a “procurement activity management solution that replaces the existing homegrown solutions largely based on Excel and PowerPoint, while consolidating the currently disparate data sources.”
• OpenEnvoy — a real-time AP automation software solution that audits prior to payment. Founded in 2020, OpenEnvoy is a SaaS company that was created to solve the problem of digitizing and auditing complex invoices, such as logistics, including those that are freight- and transportation-related. It flags discrepancies between invoices and contracts, automates the approvals process and checks for quality assurance to eliminate wasted time and spend.
• ProcureWise — an AI-powered Unified Total Talent platform founded in 2019 that offers traditional VMS capabilities while also being seamlessly connected to its recruiting software, CEIPAL. The unique combination of recruiting software that covers all types of hiring — from internal to external and extended workers — puts this untraditional VMS in the growing market of software providers that offer solutions for a company’s end-to-end hiring needs in a single technology (Unified Total Talent).
• Relish — Founded by S2P implementation consultants tired of developing one-off tools, Relish develops technology (often sold through app stores/marketplaces) that augments core Source-to-Pay (S2P) suites and applications to make them successful in the field. The firm develops integration connectors, data management tools, portal environments, and an AI-powered invoice ingestion/validation service to facilitate system adoption, integration and data flows to make S2P implementations successful.

Spend Matters analysts will be covering these companies in more depth over the next few weeks, so tune back in.

Said Nick Heinzmann, VP of Research at Spend Matters:

“Macro forces and shifting competitive dynamics are breathing new life into the procurement technology market — and some providers will ride the new wave better than others. From a volatile economic environment to geopolitical chaos and evolving regulatory frameworks, procurement is overwhelmed with issues it must keep on top of while delivering on its current portfolio of initiatives.

“In this context, more vendors than ever are developing new concepts or stepping across the boundaries of adjacent markets than ever before. To help make sense of what’s ‘real’ and how the next phase of this space will unfold, we’re pleased to present Spend Matters’ annual ’50 Providers to Know,’ ’50 Providers to Watch’ and ‘Future 5’ listees, sourced and calculated by the entire Spend Matters analyst team to represent the best of the technology providers that serve procurement, finance and supply chain organizations.

“This year’s lists advance our methodology further, adding new criteria around mindshare in the market, expanded customer reference requirements and introducing new inclusion criteria to ensure the vendors on these lists are continuously earning the right for a seat at your negotiating table. Because in a market ripe with consolidation plays, plenty of new startups and big entrances from established (non-procurement) players, you need a data-based guide to where to focus your attention.”

Vendor Directory

To be considered by the Spend Matters analyst team for next year’s lists, procurement technology providers can create a free listing in the Spend Matters Vendor Directory.

The Spend Matters Vendor Directory is the most comprehensive technology and service directory of procurement and supply chain solution providers — and is the go-to resource for end-user buyers looking to make a tech selection. The Directory contains 500+ vendor descriptions across 50+ service/technology categories as well as listings of unbiased Spend Matters analyst insights and related articles.

Webinar

Mark your calendar for a “50 to Know,” “50 to Watch” and “Future 5” selection-review webinar on October 31. The entire Spend Matters analyst team will highlight what you need to know about the procurement technology and service providers on the 2022 lists.

Register to join us here.