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BuyerQuest: Vendor Analysis 2020 Update (Part 3) — SWOT, Competitor Comparisons, Tech Selection Tips

This third and final installment of our Spend Matters PRO Vendor Analysis update on BuyerQuest provides a SWOT analysis of the provider and a comparison of competitors. It includes a recommended shortlist of candidates that could serve as alternative vendors to BuyerQuest for e-procurement and procure-to-pay (P2P). We offer profiles of Vroozi, Zycus, Coupa, SAP Ariba and Ivalua. Finally, we conclude with recommendations for organizations considering BuyerQuest and a summary analysis.

Part 1 covered BuyerQuest’s company background and a solution overview. Part 2 focused on its solution strengths and weaknesses.

BuyerQuest: Vendor Analysis 2020 Update (Part 2) — Strengths and Weaknesses

e-procurement

This Spend Matters PRO Vendor Analysis 2020 Update (Part 2) explores BuyerQuest’s strengths and weaknesses in its P2P capabilities, providing facts and expert analysis to help organizations decide if they should shortlist the vendor as a potential provider.

Part 1 of our analysis provided company background information and a detailed solution overview, as well as a summary recommended fit suggestion for what types of organizations should consider BuyerQuest. Part 3 will include a company SWOT analysis, competitor comparisons, tech selection tips and summary analysis.

BuyerQuest: Vendor Analysis 2020 Update (Part 1) — Company & Solution Overview and Tech Selection Tips

This three-part Spend Matters PRO Vendor Analysis is an update of our 2017 series on BuyerQuest, an e-procurement provider known for its user interface then and since has been building out its full P2P capabilities with a focus on e-invoicing and payments.

Many e-procurement providers can stand to improve their UI, a topic that we have written about extensively (here, here, here, here).

To become a full P2P solution, providers that do not invest in an end-to-end user experience can’t compete in today’s market. That’s why we like to see BuyerQuest taking the first steps in this direction. BuyerQuest’s path to competing in the P2P market can happen through through organic growth or new acquisition. We’re eager to see where it goes.

BuyerQuest, founded in 2011, has grown from being a leading e-procurement solution with an easy-to-use digital marketplace to become a full P2P provider that offers three solution packages: Marketplace, eProcurement and Procure-to-Pay that include a set of modules to deliver its value: Storefront, Services, Quote, Suppliers, Platform, Requisitioning, Order, Contracts, Analytics, Payables.

In Spend Matters’ SolutionMap ranking of e-procurement offerings, BuyerQuest attained “Value Leader” status in our Nimble and Turn-Key personas. The Value Leader designation indicates that a solution has high scores for capabilities relative to peers and has good feedback from customers.

This series will provide facts and expert analysis to help procurement organizations make informed decisions about BuyerQuest and whether its capabilities are a fit for their needs. Part 1 will provide company background and a detailed solution overview. The remaining parts will offer product strengths and weaknesses, a company SWOT analysis, details on competitors and the market, and tech selection tips.

BuyerQuest

As part of the SolutionMap RFI process, Spend Matters continuously solicits customer references to determine a procurement technology provider’s placement on the ranking graphics. This is a Spend Matters curated summary of verified customer feedback for BuyerQuest, a SolutionMap-ranked provider.

BuyerQuest: What Makes It Great (Analysis)

e-procurement

BuyerQuest was one of the first e-procurement providers to focus significant efforts on improving the user experience beyond just a “walk-up” shopping UI. Examples of these efforts include leveraging behavioral analysis to support guidance during the procurement process and innovation in support of purchase order management and receiving capabilities.

But how does BuyerQuest stack up among the 22 providers ranked in the latest e-procurement release? As of September 2018, the Spend Matters SolutionMap contains functional and customer satisfaction benchmarks on over 50 providers within the procurement technology landscape. Where does BuyerQuest stand out most and help “set the bar” in e-procurement? And why should this matter for procurement and finance organizations? Let’s delve into the SolutionMap benchmark to find out where BuyerQuest is great.

“What Makes It Great” is a recurring column that shares insights from each quarterly SolutionMap report for SolutionMap Insider subscribers. Based on both our rigorous evaluation process and customer reference reviews, each brief offers quick facts on the provider, describes where it excels, provides hard data on where it beats the SolutionMap benchmark and concludes with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

BuyerQuest: Vendor Analysis (Part 3) — Competitive and Summary Analysis

Procurement organizations have an increasing number of choices when it comes to selecting an e-procurement solution. With both full suite and smaller independent providers — not to mention ERP vendors — improving and expanding their capabilities in this area, it has never been a better time to purchase a new technology or make the switch from an older platform.

Within this market, BuyerQuest delivers a number of nuanced capabilities that differentiate it from peers. This third and final installment of our Spend Matters Vendor Snapshot covering BuyerQuest provides a SWOT analysis of the provider, as well as a segmentation and comparison of competitors. It also includes a recommended shortlist of candidates that could serve as alternative vendors to BuyerQuest for e-procurement and procure-to-pay (P2P). Finally, we conclude with a summary analysis and recommendations for organizations considering BuyerQuest.

BuyerQuest: Vendor Analysis (Part 2) — Product Strengths and Weaknesses

The barriers to entry for any provider wanting to create an e-procurement or procure-to-pay (P2P) solution are perhaps the highest of any technology area in the procurement sector. Not only must solutions combine a world-class experience for all frontline users from a shopping and buying experience to be competitive, they also must feature entirely different sets of capabilities to enable both procurement organizations (and suppliers) to collectively manage dozens of elements to ensure that all purchases are in compliance with company policies, contracts and supplier agreements. Ideally, these two elements combine to guide users to an optimal buying experience both for their own requirements and the company, steering them in ways they may not even be aware of.

BuyerQuest is one of only a select number of new entrants to gain traction in the e-procurement — and more recently, the P2P — market in recent years by meeting these requirements, often in differentiated ways. This Spend Matters PRO Vendor Snapshot explores BuyerQuest’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should consider the provider. Part 1 of our analysis provided a company and detailed solution overview and a recommend fit list of criteria for firms considering BuyerQuest. The third part of this series will offer a SWOT analysis, user selection guide, competitive alternatives, and additional evaluation and selection considerations.

BuyerQuest: Vendor Analysis (Part 1) — Background & Solution Overview

purchasing

There are those who believe the market for targeted (i.e., “point”) solutions in the broader source-to-pay area is becoming less important than an integrated suite approach. This observation is becoming even more important in typical customer buying decisions in cases of strategic procurement technology, such as analytics, supplier management and strategic sourcing, where more and more customers at least want the “option” to purchase an integrated suite. Yet for transactional procurement (e-procurement and invoice-to-pay) solutions today, the notion of selecting a vendor with a broader suite may or may not matter depending on what a procurement organization values most.

BuyerQuest is an upstart procurement software and solutions provider without a broader suite offering (outside of an expanding invoice-to-pay capability), albeit one that is building worldwide adoption and reach in the core areas on which it focuses. Its entire focus is on developing specialized technology that it believes delivers a best-in-class procure-to-pay (P2P) experience for users and procurement organizations, based on a unique underlying architecture built entirely with supporting a B2C user experience in mind.

This Spend Matters PRO Vendor Snapshot provides facts and expert analysis to help procurement organizations make informed decisions about BuyerQuest and whether its capabilities are a fit for their needs. Part 1 of our analysis provides a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider BuyerQuest in the procurement technology and solutions area. The remaining parts of this research brief will cover product strengths and weaknesses, competitor and SWOT analyses, and insider evaluation and selection considerations.