As many of our readers are aware, each spring Spend Matters launches its ‘50 To Know’ and ‘50 To Watch’ lists. These are the procurement and supply chain solution providers our analysts feel are best in class – after intense scrutiny and debate – and which you either need to know about now, or, should keep your eye on as they are rapidly raising their presence in the market.
But as the procurement technology market evolves so quickly, we at Spend Matters recognise that we could well be missing some of the newer innovators to the market that ought to be on our radar and that of our customers and readers. So to rectify this, we are launching a ‘Future 5’ list of vendors that are too new even to have made it onto the Providers To Watch lists. Read about that here. These are five procurement technology start-ups that have been chosen by our analysts after much research and investigation and which meet certain criteria as standard:
- They are less than five years old and have been in the market for less than two years since their official product launch
- They have five or more customers
- They are involved in exciting, interesting or innovative use of technology
- They show promising signs of staying power
Today we are excited to announce that the first Spend Matters Future 5 were named and showcased at Digital Procurement World in Amsterdam.
We will have a company profile on each provider in the coming weeks, an overview of why they were selected, and we’ll be talking to them individually about what this means to them and about their plans for future growth, but for now, we are pleased to announce that the five start-ups are:
- Bid Ops – a cloud-based e-sourcing tool positioning itself as the first AI-powered solution for automating procurement negotiations using adaptive target pricing
- Fairmarkit – cloud-based software for optimising tail spend, automating the construction of RFQs and automating bidding and analysis on low-value purchases
- Fulcrum – an on-demand talent connection platform which integrates staffing-related services across the enterprise to provide a one-stop shop for hiring managers
- Negotiatus - a solution for end-to-end purchasing, which challenges the traditional solution for automating the P2P process
- SupplyHive - a tool for evaluating employee satisfaction with indirect suppliers by gathering and analysing data about supplier performance for comparison purposes
Two of the providers, Bid Ops and SupplyHive, were present at Digital Procurement World to receive their unique Spend Matters Future 5 plaque in person from the Spend Matters team.
Mike Anguiano of SupplyHive picks up his Future 5 award
This is the start of an exciting new initiative for Spend Matters, bringing us closer to the emerging technology market in our space, and keeping our customers in touch with the most recent market movements possible while vesting time and interest in, and helping to promote, the new players entering the market.
As our analyst Nick Heinzmann commented:
"The procurement technology market is seeing innovations from young providers in both standard categories like sourcing and e-procurement and with original solution concepts that try to define a new niche entirely. These companies deserve greater visibility amid a crowded market, especially one in which increased consolidation has diluted buyer choices. Because the procurement function itself is evolving and because the demands of business are ever changing, new solutions are always needed. We hope the Future 5 broadens your conception of what’s possible with technology and helps position your organisation to address tomorrow’s challenges today."
So we’ll bring you more information on each of our start-ups in the coming weeks, explaining in more detail what their offerings involve and why the analysts believe they are worthy of the Future 5 2019 list.
We aim to publish a new list this time each year, so if you believe you have a recommendation for a procurement technology start-up, please do bring it to Spend Matters’ attention by contacting us here and we’ll scope out the company! And if you think you’d like to be considered as a Future 5, if we don’t know about you, we can’t recommend you, so the best way to get under our analysts’ radar is to register your profile on our free Almanac listing. Do that here.
For now it only remains to say a huge Congratulations to our first Future 5s!