Wax Digital – One of the Standout Providers in this Quarter’s SolutionMap Rankings

Spend Matters recently released its Q2 SolutionMap procurement solution provider and platform capabilities benchmark rankings. Across 12 technology areas it deep dives into solutions and providers and studies 1,000+ customer and peer reviews to factor into the vendor ratings.

In this quarter’s release, and for the first time, the analysis looks at platform-level capability and allows potential technology users to discern the level of integration between product modules and suites, overall interoperability with ERP and broader technologies, as well as the quality and effectiveness of advanced technologies such as artificial intelligence (AI).

SolutionMap ranks providers so that procurement organisations can quickly and accurately identify a vendor shortlist during their tech selection process. 12 categories of procurement technology are ranked: e-Procurement, Invoice-to-Pay (I2P), Procure-to-Pay (P2P), Source-to-Pay (S2P), Sourcing, Spend and Procurement Analytics, Contract Lifecycle Management (CLM), Supplier Relationship Management (SRM) and Risk, Strategic Procurement Technologies, and Contingent Workforce (covering Contract Services/Statement of Work, Temp Staffing and Independent Contract Workers).

In an easy-to-navigate matrix, vendors are mapped according to their categories and ‘personas’ which match your company’s needs, and placed in one of four market positions, which could be emergent contender, customer leader, solution leader or value leader. As market positions change, so the vendor moves through the matrix.

Quite a few of the SolutionMap players are based in the UK and Europe (so we may well cover their progress in the coming quarters), but one stood out worthy of note this quarter.

Wax Digital appears in two categories (E-Procurement and Sourcing). This quarter it is showing as a Value Leader (upper-right of the quadrant) in all Sourcing personas and in 5 of the 6 possible E-Procurement personas. Navigate the SolutionMap ranking to see the positions – it’s easy to do once you ‘Get Started.’ If you’d like to see the more in-depth discussions behind the rankings, go to the subscription Insider option. We can’t give you that for free, but we can tell you that ‘Wax Digital, one of the few providers with a platform built entirely in-house on code base, has been advancing its solution since it was founded in 2000,’ and we can tell you what director Daniel Ball had to say about the firm’s movement to UR quadrant this quarter:

“What has really made a difference is an even more acute focus on something that is in our DNA – customer success. So while we’ve always aimed to work in partnership with our customers and build a community of web3 users, we’ve ramped that up in the last year with the introduction of things like product working parties that deep dive into specific modules or functional areas to understand directly from our customer base how they want our products to move forward. That feedback and insight is then worked directly into our product roadmap and, thanks to our quarterly releases across all modules, clients get to see a return on that investment of time and expertise very quickly.

It’s part of a wider ethos which is crystallised in our ‘customer-centric e-Procurement’ mantra and is twinned of course with more strategic development from the centre, investing in areas such as AI, building out a touchless user experience and class-leading integration toolsets.

A careful balance of those two imperatives – strategic innovation and pragmatic evolution driven by actual customer need – is what’s at the heart of our success.”

Spend Matters continuously tracks providers across the entire procurement and supply chain technology landscape, so we will watch with interest what happens in the next quarter.

In the meantime, if you’d like to understand more about how to become included in the SolutionMap rankings, read this.

Participation is free, and a good start is to register your profile on our free Almanac provider listing.

 

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