Q3 2023 Insider roundup: A deep dive into procurement tech market movements; updated coverage of 13 vendors

Throughout the year our analyst team provides vendor-specific profiles and tech solution analyses as part of Spend Matters Insider content. Our coverage also explores the latest thought leadership topics about procurement and supply, the technology that serves it and comparative analyses based on demos and the scoring of 500+ RFI requirements across 12 source-to-pay (S2P) categories that create our Vendor Ranking data. In this roundup of Q3, we review the Vendor Analyses and other Insider content that the team produced in the previous quarter. We then look ahead to what members can expect in the coming months.

Exploring the world of procurement tech in Q3

Spend Matters Insider coverage in Q3 included more than just our staple Vendor Analyses. Our team keeps tabs on the latest news in the procurement world and explores ideas that will inform that world’s future. A collection of these quick takes, conference insights and solution comparisons is below.

Generative AI: What CLM end users can expect, and what’s coming next — Spend Matters analysts Nikhil Gaur and Pierre Mitchell analyze the impact on generative AI, specifically how it can change the CLM market. They also provide background on the concept of generative AI, its strengths and weaknesses and an overview of the generative AI capabilities that are already present in CLM solutions and potential next steps.

Market trends in procurement technology 2023 — Drawing from the information gathered during the data-driven process called SolutionMap and the general knowledge our analysts have gained from their work, the Spend Matters analyst team shared notes on the changes and trends they have seen in the procurement landscape.

Cranking the M&A engine: Basware takes aim at Glantus — Basware, an AP automation, e-procurement and P2P solution provider, announced it was acquiring Glantus, an AP automation and recovery audit firm. In this Spend Matters quick take, the analyst team lays out what the acquisition means for Basware and what its strategy may be going forwards.

The power of supplier diversity in procurement: Driving business success through inclusion — Whether they are carrying out their own CSR strategy or responding to third-party initiatives and demands, businesses have their role to play in encouraging greater diversity among their suppliers. In a three-part series on supplier diversity, Bertrand Maltaverne first explains what supplier diversity is and why businesses have to incorporate it in their procurement strategy. He then presents an ROI model to serve as a case for investing in a diverse supplier base and surveys the competitive landscape of vendors with solutions that direct customers to diverse suppliers.

Vendor in focus in Q3

In Q3, Spend Matters published 13 Vendor Analyses as part of our Insider coverage.

Analytics

Mintec specializes in price intelligence, and with its proprietary technology, it can provide customers with robust forecasts to make better decisions. Since Spend Matters last examined it in 2019, it has expanded its coverage beyond the food and drinks vertical to include raw materials (industrial materials, energy and transportation.

CLM

DraftOnce from Blue Burro is a contract drafting solution that focuses on document preparation (specifically procurement contracts). It can complement a full CLM solution or be used standalone and is especially helpful for the RFP with its configurable, organization-specific capabilities to simultaneously create a set of documents, e.g., SOW, contract, NDA, and instructions to bidders. This Vendor Analysis explores the platform, application, and supporting services.

LeaseAccelerator’s set of solutions focuses on covering the full lease lifecycle, with solutions addressing the initial decision-making process, the competitive sourcing of equipment leases, the end-to-end control of leased real estate and assets, the record-to-report process, real estate procure-to-pay strategy and administration and, in the future, net zero emissions planning and execution.

ESG

Anvil Analytical offers solid spend or carbon management services that helps organizations make informed decisions by analyzing their spend- and carbon-related data.

Expense Management

Enable’s rebate management solution empowers businesses with rebate visibility, streamlined automation and ROI metrics and provides a user-friendly, customer-facing platform. This membership vendor analysis looks in depth at the solution.

Intake Management

Tonkean is an IT platform that intelligently automates the intake, triage and coordination of every procurement request. Tonkean’s capabilities place it among the new solution category of intake management solutions that seek to enhance user experience and adoption.

P2P

Due to its growth-by-acquisition strategy, SAP Ariba’s source-to-contract and source-to-pay offerings are strengthened by their position within the SAP Business Network. In the second of two three-part series, the analyst team examines SAP’s downstream solution in depth, highlights its strengths and weaknesses and surveys its competitors.

S2C

Due to its growth-by-acquisition strategy, SAP Ariba’s source-to-contract and source-to-pay offerings are strengthened by their position within the SAP Business Network. In the first of two three-part series, the analyst team examines SAP’s upstream solution in depth, highlights its strengths and weaknesses and surveys its competitors.

Pando eliminates broken and siloed freight fulfillment processes, fostering agility within supply chain organizations to respond effectively to disruptions and changes in the value chain.

S2P

Proactis’ comprehensive S2P suite focuses on serving the middle market by covering all the building blocks of the S2P process. Specific strengths lie in its capabilities for supplier management, sourcing and catalog management.

Sourcing

Productiv is a SaaS procurement and management solution. This dedicated tool is ideal for organizations that have unmanaged licenses and poor renewal governance. Productiv helps organizations automate processes, provide a centralized source of information, and streamline collaboration among stakeholders. By eliminating manual tasks and improving visibility, Productiv optimizes an organization’s SaaS portfolio and enhances operational efficiency. This Vendor Analysis explores the platform, application, and supporting services.

Since we last covered the solution for managing the sourcing complex services in 2020, Zivio has focused on leveraging generative AI (i.e., ChatGPT) and integrating Zivio with other procurement applications (e.g., Coupa). This membership vendor analysis looks in depth at the solution.

SxM

Resilinc brings granular and deep visibility into supply networks and constantly monitors and assesses risks associated with the many partners in a company’s supply chain.

Coming up in Q4

Looking beyond Q3 and into Q4, Insider members can expect the steady stream of Vendor Analyses to continue. In addition to that, two topic will receive special attention from our analysts:

• Spend Matters will release its vendor rankings. These rankings equally comprise customer and analyst input, reflect different organizational needs through ‘buying personas’ and show vendor market developments and trends. It is the information you need to stay on top of technology advancements, understand how they compare in the marketplace and how they can work to streamline your processes.

• Spend Matters Lead Analyst Bertrand Maltaverne has dubbed the collaboration between human actors and automated processes ‘autogmentation.’ The series will examine the impact of technology on such augmentation in the procurement landscape.