Bedrock: Vendor Analysis (Part 1) — SxM solution overview, SWOT, competitors, tech selection tips

This Vendor Analysis is the first of two that cover Bedrock’s SxM offering. Bedrock is a technology company that offers procurement and accounts payable technology solutions and services. Bedrock is the new name of XPROfintech. The company’s rebranding at the end of 2022 is meant to reflect the company's growth and continued commitment to innovation.

Bedrock offers two products: an SxM solution called Cornerstone, which we cover in this analysis, and an AP solution called Keystone, which focuses on preventing duplicate and erroneous payments, recovering lost revenue and digitizing payment.

With Cornerstone, Bedrock helps organizations address the age-old procurement problem of supplier-data. Year after year, procurement organizations cite data as a key hinderance in their quest for excellence. A large number of procurement organizations share the symptoms of not fully knowing which suppliers are in use, having incomplete and/or outdated information, duplicated records, etc. There are multiple causes, one of which has to do with the workload required for proper data management. This is especially the case when one considers that organizations need to manage an ever-increasing number of data elements for each supplier they work with.

Bedrock’s SxM solution is meant to address these challenges by providing capabilities to efficiently and effectively onboard suppliers while cleaning and verifying supplier-related information by leveraging multiple data sources to ensure organizations can trust the data they have.

Part 1 of this Spend Matters PRO Vendor Analysis analysis provides an overview of Bedrock’s SxM offering, a SWOT, a list of key competitors and closes with tech selection tips. Part 2 examines the solution's strengths/weaknesses and provides an overview of each module, customer feedback and an analyst summary.

Here’s why Bedrock matters:

• To the market — Bedrock offers a mix of technology and services covering SxM (SIM) and AP (revenue recovery) that can be quickly implemented.
• To customers — Bedrock’s SIM offering ensures its customers have the right supplier-data and that they can trust it and use it.
• To potential buyers —Bedrock's solution quickly and efficiently creates golden records by leveraging the existing vetted data it has on many companies and continuously monitoring and enhancing critical supplier-related information and management processes.

This Spend Matters PRO Vendor Analysis explains what differentiates this vendor, gives an overview of its capabilities and competitors, provides tech selection tips and closes with key analyst takeaways.