Observations in the 50 To Know, 50 To Watch procurement vendor lists – Celonis becomes a 50 To Know

Last week we announced the Spend Matters ‘50 to Know’ and ‘50 to Watch’ lists, identifying 100 firms in the procurement and supply chain solutions area that we think all procurement practitioners should have on their radar. (Learn more about the selection methodology here.) These are global lists and we’re delighted that Europe-based representation is quite strong, especially in the To Know category.

The 50 to Watch are the organisations (some more established than others) that are doing something interesting or innovative in the market. It can include newcomers that are pushing procurement forward.

The 50 to Know are those firms you really should be aware of as a senior procurement professional. Put it this way – if you were a new CPO in any industry, or maybe you have come into procurement from another function, and you wanted to know which organisations you should to take a look at or meet in your first few months, these would be our answer.

Each year, some companies on the Spend Matters 50 Providers to Watch lists push themselves beyond simply a standout performance. They earn the recognition that they are not only bringing innovation into procurement organisations but are leading the charge to change the way we do business for the better. These are the providers who shifted from Watch to Know. Yesterday we highlighted Per Angusta, today, let’s take a look at Celonis, the other provider in the European contingent that made the leap this year.

Celonis has transformed what was a manual, time-consuming and expensive consulting-driven approach to jump-start and operationalise change in transformation initiatives. Its AI-powered process mining software, Intelligent Business Cloud, gives a transformational “discover-enhance-monitor” approach to process improvement. It discovers root causes of friction in business processes, enhances those processes with AI-driven actions, proactively reduces and prevents friction, and continuously monitors improvements with process visualisations.

We asked CIO Marcell Vollmer why he thinks Celonis has made the leap from ‘To Watch’ to ‘To Know’

He told us: “Celonis has been the pioneer in moving process mining from theory into becoming the B2B solution for frictionless operations at an unprecedented scale. With the launch of the next-generation platform for intelligent Operational Applications, we are leveraging the full potential of AI-enhanced process mining to transform data into insight and action which allows customers to understand and improve the operational backbone of their businesses. The new portfolio of Operational Applications extends Celonis’ AI-powered process mining technology to engage people and systems to operate in an outcome-driven manner.

It is built on proprietary software that effectively acts as an X-ray for companies by monitoring all their processes and identifying inefficiencies, and either flagging them and suggesting improved alternative, or automatically resolving any issues. It results in millions of dollars of cost savings for its customers every year, as well as improved experience for employees and for their customers.

Celonis was founded in 2011 and expanded rapidly, with a Series-C funding round of around $290 million in November 2019 giving the company a valuation of $2.5 billion. The foundations of its success lie in its robust business approach, and the company has been cash flow positive from day one. It has a global network of customers, including Siemens, Airbus and Vodafone, employs around 900 people and is headquartered in New York and Munich.

To make the leap from the ’50 To Watch’ list up to the ’50 To Know’ list is a reflection of the continued success Celonis has enjoyed in the past year, as well as the growing recognition that it is a true innovator in its space and is helping to drive process mining technology to the forefront of business leaders’ minds when considering how to make their operations more efficient and sustainable.”

The full 50 To Know/Watch lists can be found in the Spend Matters Almanac, our free vendor directory along with these accompanying short video interviews.

Look out next week for our upcoming coverage of a provider that dived straight into the To Know list and of the start-ups that are promoted from our 2019 Future 5 list.

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