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Spend Matters Future 5 2023 – Why we chose ORO Labs

ORO Labs future 5 image

Spend Matters is delighted to announce the 2023 roster for our ‘Future 5’ list. For the fifth year in a row, our analysts have highlighted five start-ups that excite them the most. This year, the five companies that have proven themselves as potential future trend setters are akirolabs, Calculum, dSilo, Mithra and ORO Labs.

To warrant such attention, these vendors must have a product that is ideally 2 to 5 years old, is used by more than five customers and displays an innovative application of technology. Moreover, these vendors must have less than $10 million in revenue and our analysts must find them both sustainable and growing with a clear momentum. In this series of articles, we explain what these vendors offer, why they are likely to become future members of our ’50 Procurement Providers to Watch’ and ’50 Procurement Providers to Know’ lists and what challenges they may face.

Get to know all the procurement tech providers that made our lists this year and the methodology behind the selection criteria: 

In no order of preference, today we are sharing the reasoning behind our selection of ORO Labs.

What it does

ORO Labs is an orchestration platform that focuses on bridging siloed processes to improve the experience stakeholders have when working with procurement and to help procurement channel and properly handle even more requests, keeping suppliers at the core of its solutions.

Why we chose it

We number ORO Labs among the Future 5 because it’s an important player in an emerging market that aims to provide organizations with a single entry point that is independent from the underlying solutions they use, promoting a new type of user experience and user adoption.

ORO Labs provides massive modularity thanks to its flexible workflow engine that enables customers to model almost any end-to-end process with suppliers at its core. The solution also has deep procurement semantics which helps usage, configuration and interfacing. In addition, customers can analyze processes in a detailed way by benefiting from the granularity of the information captured at each step of the process.

Any threats or challenges ahead?

Orchestration platforms almost overlap with the solutions/processes they augment which can lead to confusion. Often some process steps must be performed in the underlying solutions because of limitations in integration and interoperability. With regard to ORO Labs’ ‘mini-apps,’ the question of overlap is even more acute as it could use its platform to create its own app suite that could compete against SxM vendors and, eventually, even S2Ps. So, ORO Labs’ challenge goes beyond technology; it faces an awareness challenge regarding its value proposition.

On October 31, our analysts hosted a webinar that explained their selection process and what makes a provider stand out.

Reach out if you like to know more about becoming a Future 5:

If you are thinking about buying procurement technology, try consulting Spend Matters TechMatch for a rapid shortlist.

Future 5