Ignite Procurement: Vendor Analysis (Part 2) — Detailed Look at Modules, SWOT, Ignite competitors, Commentary

With the rise of Ignite Procurement, it seems like the Nordics are making a play to be one of the major hot spots in the increasingly global spend analysis marketplace. Finland gave us Sievo, Sweden gave us Effso Spendency, Denmark gave us Scanmarket (which started as an e-sourcing provider and which recently built a full-featured spend analytics module with AI classification that can be bought standalone, even though its analytics solution works best as part of the suite), and now Norway is giving us Ignite Procurement.

Which is best?

That depends on your needs, and to help you find out, in this Part 2 of Spend Matters’ PRO deep dive, we will dig deeper into Ignite's modules, provide a SWOT assessment, discuss Ignite Procurement’s competitors and offer a market analysis to help you make your decision.

Ignite Procurement: Vendor Analysis (Part 1) — Solution Overview, Strengths/Weaknesses, Tech Selection Tips

Ignite Procurement is an analytics start-up that we’ll examine in a two-part Spend Matters PRO Vendor Analysis, and it’s part of our deep dives on various analytics vendors this year.

Analytics is becoming more necessary for procurement organizations to get a handle on their spend. More and more organizations are realizing this, but few organizations have the experienced data analysts or scientists or the maturity to use a sophisticated analysis tool.

Hence the recent boom in analytics (and AI) start-ups to help the average organization — which may not even have a modern sourcing or procurement platform — get started on their analytical journey.

Ignite Procurement is one of the most recent start-ups to enter the analytics fray. While quite new, with the first version of its solution launching a mere two years ago, it's already making a significant mark in its home turf in Norway and providing value to its existing customer base that collectively manages billions in spend through the tool. Plus, it’s already doing quite well in the Spend Analytics’ Nimble category in Spend Matters’ SolutionMap for such a new market entrant.

In Part 1 of this Vendor Analysis, we will provide a company background, a brief overview the Ignite Procurement solution, key strengths and weaknesses, and tech selection tips. In Part 2, we’ll provide a detailed look at its modules, a company SWOT assessment, a look at Ignite Procurement’s competitors and the market landscape, and some final thoughts.