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Onventis makes the leap from a ‘Provider to Watch’ to a ‘Provider to Know’ in the 2023 best-in-class procurement solution lists

10/24/2023 By

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Spend Matters is once again delighted to release the 50 Procurement Providers to Know and 50 Procurement Providers to Watch lists, announced at the SIG Global Executive Summit on October 17.

Each year, some providers transition from being worth watching to ones that every CPO should know about. This year, our analysts identified three solution providers that have proven their potential to be considered best-in-class, one of which is source-to-pay suite provider Onventis.

During the decision-making process, our analysts concurred:

“Onventis has been an actor of the digital transformation of procurement since the 2000s. Over the years, it built a robust and modular suite through continuous development and acquisition that is well-suited for mid-sized European companies.”

Here’s how Onventis describes itself:

“We are pioneers in cloud-based solutions, transforming purchasing and finance processes since 2000. Our flagship product, Onventis Buyer cloud software, stands as a comprehensive procurement system designed to empower organizations across all aspects of procurement. Onventis Buyer is dedicated to helping organizations achieve three critical goals: financial control, process efficiencies, and substantial cost savings, all while maintaining stringent adherence to corporate policies and legal regulations.

“Onventis Buyer represents a powerful solution that streamlines and automates the entire procurement journey, from the initial sourcing to the final payment to spend analysis. This system also fosters seamless collaboration with suppliers within our extensive network. The Onventis network serves as a secure and efficient conduit, connecting the intricate business processes of both buyers and suppliers across the globe.

“As a testament to our success, over 1,000 companies with approximately 350,000 users actively participate in the Onventis network. Together, they manage an annual procurement volume exceeding $16 billion, engaging with more than 350,000 suppliers.”

To understand more about our analysts’ decision process, listen to our on-demand webinar.

We talked to Frank Schmidt, CEO of Onventis, to learn what strategies or product enhancements the provider has implemented over the past year to effect this transition, and what the road ahead looks like.

In the past 12 months, what has been Onventis’ major achievement to merit this leap to a Provider to Know?

Our commitment to innovation in the digital transformation of procurement processes is unwavering. While we have made significant strides since 2019, we acknowledge that the journey is far from over. The focal point of our efforts remains source-to-pay automation, particularly in operational and tactical areas.

Over the past year, Onventis has made progress in solidifying its position as a leading procurement and supply chain provider. Our standout achievements can be summarized in several key areas: sustainability, user experience, and thought leadership.

We’ve taken a proactive approach towards sustainability by integrating ESG (Environmental, Social, and Governance) criteria into our platform through partnerships with IntegrityNext and EcoVadis. This enables our clients to make sustainable choices in their procurement activities, aligning with the growing importance of sustainability in the business world. On top of that, we’ve been uniquely focused on improving our customers’ user experience. Our intuitive interface and responsive customer support have increased user satisfaction and retention rates.

Onventis has continued to lead the conversation on digital transformation and its impact on procurement. We’ve shared our insights through webinars, whitepapers and industry events, solidifying our position as thought leaders in the industry. However, we believe there’s room for growth, especially in the strategic domain. We are determined to continue leveraging cutting-edge technologies such as artificial intelligence (AI) and AI-based analytics to further enhance the efficiency and precision of procurement processes.

Get to know all the procurement tech providers that made our lists this year.

What has been the biggest secret to Onventis’ success since Spend Matters first named you a Provider to Watch?

The biggest secret to our success since being recognized as a Provider to Watch by Spend Matters lies in our unwavering dedication to understanding and adapting to the evolving needs of our clients and the broader procurement industry. We’ve consistently put our customers at the center of everything we do, and this customer-centric approach has been instrumental in our journey.

Our exceptional churn rate, less than 4%, showcases the trust and loyalty our clients place in us. Schott is a great example. They have been utilizing Onventis software for an impressive two decades. This longevity is a testament to our ability to nurture strong partnerships and consistently exceed expectations. We don’t simply weather storms; we thrive and empower businesses to do the same.

Some key learnings that have shaped our success include:

  • Innovation: Our overall record regarding the digital transformation of procurement processes is positive. However, there is plenty of potential for improvement. One important aspect is the automation of processes through artificial intelligence, especially AI-based analytics. These technologies will have a major impact on purchasing and significantly improve the efficiency and accuracy of procurement processes.
  • Sustainability: Recognizing the growing importance of sustainability in procurement, we’ve embraced the concept wholeheartedly and integrated it into our solutions. This aligns with the broader trend of responsible and ethical procurement practices. The resilience of supply chains will continue to occupy us in the future. It is important to be able to identify critical situations in procurement at an early stage, to respond to them with the right measures, and to remain flexible in the process.
  • Collaboration: We place significant importance on cultivating robust connections with all our stakeholders, including suppliers, partners and investors. We firmly believe that choosing the right investors transcends mere financial backing, as we align ourselves with investors who not only understand our vision but also share our core values. In doing so, we gain access to their wealth of expertise, extensive networks and valuable resources, which, in turn, propel our product offerings to unprecedented levels of excellence. This collaborative synergy not only enriches the value we deliver to our clients but also fortifies our resilience within an ever-evolving market landscape.

Where do you see the procurement sector going in the next several years?

In the coming years, the procurement sector will increasingly emphasize sustainability, resilience and digitalization. Onventis is at the forefront of this evolution, providing solutions that enable organizations to navigate these challenges effectively. We will continue to develop innovative tools that empower businesses to make data-driven decisions, enhance supplier relationships, and meet the growing demands of a changing world.

Sustainability will continue to be a paramount concern, with organizations seeking environmentally responsible and ethically sourced products and services. Onventis is actively helping organizations meet these demands by providing tools and insights that enable sustainable procurement practices.

The procurement sector will see increased digitalization and automation with a continued focus on data. Our focus on AI and machine learning technologies positions us to assist organizations in automating processes, enhancing efficiency and making data-driven decisions.

Supply chain resilience is becoming increasingly critical. Onventis helps organizations build resilient supply chains by offering visibility, risk assessment and collaboration tools to ensure business continuity. Sustainability will continue to be a paramount concern.

What’s next for Onventis’ roadmap and vision?

Our vision for the future is to further consolidate our position as a strategic partner in procurement. We aim to continue focusing on helping organizations achieve sustainable, resilient and cost-efficient supply chains. We will continue to invest in cutting-edge technology to support our clients in their digital transformation journey.

We aim to remain at the forefront of technological innovation in the procurement and supply chain space. The Onventis vision includes further harnessing the power of AI, machine learning and data analytics to provide our clients with even more advanced and predictive insights. We’ll continue to refine our cloud-based software, Onventis Buyer, to make it more intuitive, efficient and adaptable to changing business needs.

We’re committed to strengthening our presence in key markets and providing localized support to our clients, wherever they may be. This will ensure we can effectively cater to organizations’ diverse procurement needs.

Sustainability is a core focus of our future, both for customers as well as ourselves. We aim to help our clients embed sustainability throughout their supply chains by offering tools and insights that facilitate responsible procurement practices, reduce carbon footprints and enhance social responsibility. We will continue to prioritize our clients’ success. This includes ongoing investments in customer support, training and user-friendly interfaces to ensure our clients get the most out of our solutions.

What does it mean to your organization to become a Provider to Know in 2023?

Being recognized as a Provider to Know by Spend Matters in this highly competitive landscape is a major milestone for Onventis. It signifies that our relentless dedication to innovation and client success is making an impact.

This recognition is a testament to the hard work of our talented team and the trust our clients place in us. It motivates us to strive for even greater excellence in delivering cutting-edge procurement solutions and supporting our clients’ evolving needs. It also reinforces our commitment to remaining a leading force in shaping the future of procurement by offering the tools and insights that organizations require to thrive in an ever-changing business environment.

Being a Provider to Know inspires us to continue pushing the boundaries of what’s possible in procurement and supply chain management. We’re excited about the journey ahead and look forward to further collaboration with our clients and partners to drive innovation and success in this dynamic industry.

We are delighted for Onventis and are excited to follow its progress in the coming months and years.

Learn more

A deep dive vendor analysis on the provider is available here as part of our membership service. For more in depth analysis of the solutions and services in the marketplace, join Spend Matters Insider.

To find out which procurement technology solutions best fit your organization’s needs consult Spend Matters TechMatch for a free rapid shortlist of providers.

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