Top 20 Procurement Solution Companies - 2019

Today, business leaders have earmarked technology as the key element to foster growth in the procurement management space. From tracking ordered inventories to digitally managing contracts, technology is refurbishing every aspect of procurement management to carve out the pathway for success.

In 2018, the adoption of cognitive technologies like artificial intelligence (AI) and machine automation by businesses gave rise to a smarter and more digitally equipped supply chain and procurement management system. This year, businesses are exploring a wider usage of innovative technologies to optimize several business processes, like manual code entry of inventories or user testing, for eliminating the prerequisite of possessing advanced programming skills. Automation of this kind has navigated procurement and supply chain management on an uphill journey with added utility, flexibility, and productivity.

While these AI-fueled revelations remain one of the most prominent trends, the addition of digital twin—a technology that can digitalize machinery—has expanded the impact of digitization in the manufacturing and procurement industry by many folds. As a result, this system has enabled the real-time analysis of machine data, thereby offering enterprises the ability to prevent breakdowns and revenue losses in the upcoming procurement process. Enterprises will flourish further in 2019 with quantum computing gracing the procurement tech realm. With its high potential in processing unprecedented volumes of data, quantum computing is enhancing computing power, scalability for industries, and bringing in new levels of optimization in the procurement of goods and services.

On the other hand, some industry experts have emphasized on developing team efficiency in technology adoption. As per the Deloitte CPO Survey 2018, 51 percent of procurement leaders remain hesitant to deploy new technologies like AI, Robotic Automation, and Blockchain in their workflow. They believe that their teams do not possess sufficient capabilities to deliver on the digital procurement strategy. Bearing that in mind, organizations are channeling time and resources to build a talent pool dedicated to bolster procurement functions through specialized training and skill development programs.

With an arsenal of similar leading-edge technologies entering the market, CIOReview brings to you some of the leading procurement management solution providers to paint a clearer picture of the proliferating trends and practices in the market. In our cover story, we have Coupa Software spearheading innovation in the procurement tech space with their all-inclusive procurement software. The company helps organizations to gain complete visibility, control procurement expenses, and save valuable time. In the featured profiles of this edition, we have the companies like Bonfire that offers a smart cloud-based sourcing solution for procurement professionals, while Negotiatus transforms the way business administrators and users place orders, control spend, and submit payment across their vendors. We hope this issue of the CIOReview helps you build the partnership you and your firm needs to cultivate a technologically-driven business.

We present to you CIOReview’s “20 Most Promising Procurement Solution Providers – 2019.”

Top Procurement Solution Companies

Permitting the companies to enhance profitability, mitigate risk, and gain a qualified talent by using the extended workforce, Beeline is a provider of solutions for sourcing and managing the complex and sophisticated world of contingent labor. The company's software solutions help procurement, sourcing, and human resources professionals optimize costs, reduce risks, and add value to their services procurement and contingent workforce programs. Based in Jacksonville, Fl, Beeline offers its clients with innovative technology, end-to, end global and localized customer engagement services, and value-added capabilities that help many enterprises meet their critical talent needs

Bonfire offers cloud-based sourcing software designed for public sector procurement professionals, and the solution has proven valuable in the private sector as well. Providing transparency, compliance, and a centralized location for collaborative procurement activities, Bonfire empowers CIOs and procurement teams to find the right vendor, source the best-value goods or services for their organization, and manage vendors in one unified, automated workflow. This results in teams being able to issue bids quickly and RFPs, collect vendor responses, engage stakeholders to evaluate proposals, and award and manage contracts with vendors, entirely online

Clarify360 is a digital enterprise consulting firm specializing in the discovery, planning, and migration of cloud / colocation, connectivity, collaboration, and security deployments. Clarify360 assists in designing a new environment through baseline assessment, stakeholder review, RFP development, solution sourcing, negotiation, installation, and ongoing support. The firm delivers proven, repeatable process to dramatically improve strategic and economic value of their client’s organization to provide clients a complete project installation and project management. Clarity360 conducts detailed reviews of supplier billing data to identify contract discrepancies and opportunities to optimize existing provider services

Provides an all-in-one procurement software that allows organizations to gain complete visibility, effectively control procure spend, and save valuable time

Those responsible for purchasing at any mid-sized business are used to some unfortunate realities: a process managed almost entirely via email and spreadsheets, or an unwieldy procurement system that requires significant training and ultimately slows down their day to day functions. Negotiatus solves these problems related to procurement and the purchasing platform is quickly becoming the de-facto tool for fast-growing, multi-location businesses. Negotiatus’ purchaser-centric approach is balanced with a data-driven one, whereby the platform constantly benchmarks, categorizes, and optimizes spend information and presents the user with the right information at the right time

Paramount WorkPlace, a technology company with a mission to help the enterprises transform spend management and speed the organization's digital transformation. The company's relationship with its customer help to anticipate the expectation and then develop the features to address them, and launch before the enterprises even remind them. The company offers the business organization's with design, develop, sell, and support requisition, procurement, and expense web-based and mobile solutions for mid-market organizations. Paramount WorkPlace automates the entire procure-to-ERP cycle, manages the capital projects, control maverick spending, implement robust approval routing rules, enforce corporate travel policies, and streamline time & expense processing

PRO Unlimited, through its purely vendor-neutral Managed Service Provider (MSP) and Vendor Management System (VMS) solutions, helps organizations address the costs, risks, and quality issues associated with managing a contingent workforce. pioneer and innovator in the VMS and MSP space, the company offers solutions for e-procurement and management of contingent labour, 1099/co-employment risk management, and third-party payroll for client-sourced contract talent. On the technology side, the company’s cutting-edge VMS, Wand, has been rated by both Gartner and Forrester as one of the industry’s leading platforms

Renhead empowers businesses with software to simplify their work lives. Renhead products deliver a 360 degree view of a client's total workforce management process - focused on driving communication, boosting efficiency, and inspiring transparency across any project, team, or business. Renhead was established in 2013 by Allison Tam and Ivana Cvejic, two experts in the HR and Tech industries. Renhead built its reputation on designing innovative and trusted ATS technology for businesses. As a company, Renhead prides itself on never getting comfortable and striving to constantly evolve by way of market needs. "We mirror an agile methodology with robust and intuitive solutions for our clients experiencing a chaotic or insufficient workflow management system." - Allison Tam, Co-Founder and Head of Product and Operations

Founded in 2014, Xeeva is a next-generation, intelligent procurement solutions provider. The company emphasizes on accelerating the advancement of sourcing and procurement. The company’s complete suite source-to-pay solution transforms businesses and enables them to work and save more. The company’s software suite includes supplier collaboration, procure to pay, sourcing, financial collaboration, and extended business solutions. The company simplifies the source-to-settle process and customize its solutions to the particular requirements of every client through a process by integrating its patented AI technology, extended domain expertise, and understanding of client enterprise goals

Bureau van Dijk

Bureau van Dijk

Capturing and treating private firms' information for better decision making and increased efficiency, Bureau van Dijk provides information to its clients like what the companies do, how they perform, and which people run them, financial data, legal entity details, M&A activity and news, and corporate structures and ownership. Based in New York, Bureau van Dijk with a wide range of interfaces are designed to help the different business challenges and streamline workflows. The company customer blends the information with their own internal data for superior insight

ContraxAware

ContraxAware

Headquartered in Chelmsford, ContraxAware is a software as a service contract management platform. The company offers its clients with enterprise-grade contract management software which is powerful, efficient, and so easy to use. Founded in 2018, the company offers to build contract management software which will enhance the professional lives of the people who work with the contracts to deliver the business to earn a profit. The company drives the business growth and enhance profitability by offering the clients with a contract management tool that will help the enterprises to close new deals faster, keep the firms aware of new opportunities available from the existing business relationship and compliant with contract requirement and obligations the firm is responsible for

CureMint

CureMint

The initial and all-in-one market place and spend management software that is designed specifically for the unique needs of dental practices. With the company software, dental practices enjoy their own organizational Amazon where only the predetermined products are offered, controlling when those products can be purchased and by whom. CureMint is very simple to use, as there are only three steps to access it. Sign-up; identifying the number of practices the enterprise have, entering each physical address, and then sending an email invitation to the staff, Enjoy; CureMint's cloud-based system allows everyone in the organization access through the removal of inefficient paper and email processes. SAVE; a source from multiple suppliers seamlessly through CureMarket, unlocking thousands in contracted savings and perks

Infor

Infor

Building business software for specific industries in the cloud, Infor design software products for the companies in industry-specific markets. The company builds the complete industry suite in the cloud and efficiently deploying the technology that puts the user experience first, leveraging the data science, and incorporating easily to these existing systems. Founded in the year 2002, Infor with a team of experts specializes in aerospace and defense, automotive, chemicals, distribution, equipment, fashion, food & beverages, industrial manufacturing, healthcare, high tech, and Electronics. The company helps to overcome market disruption and attain business-wide digital transformation

Ivalua

Ivalua

A procurement empowerment platform, Ivalua's source-to-pay suite is leveraged by over 300 companies across the globe to manage over $500 billion in direct and indirect spend. Founded in 2000, the company's platform combination of ease-of-use, depth, breadth, and flexibility making use of high employee and supplier adoption, rapid time to value and the ability to meet unique or evolving requirements, evidenced by the industry retention state. Based in Redwood City, CA, the company with a team of experts specializes in spend management, e-procurement, e-invoicing, invoice management, strategic sourcing, and contract management

JAGGAER

JAGGAER

Jaggaer is a known procure-to-pay provider in the higher education and government sectors. The company's eprocurement and strategic sourcing customers across the globe have attained access to the best suppliers, by enabling the best terms on the scalable, customizable, and user-friendly platform. The company's SaaS-based, source-to-settle-solution offers unparalleled visibility, insights, and recommendations to procurement leaders and suppliers. Headquartered in Morrisville, Nc, the company with a group of excellent employees specializes in accounts payable automation, spend analysis, procurement SaaS, supplier onboarding, and advanced sourcing

Proactis

Proactis

Helping the organizations around the world to eliminate wasted time, money, and talent by modifying the way they buy and sell the goods and services while eliminating the risks. Headquartered in Wetherby, West Yorkshire, the company offers full spend control, great cost savings, and process automation ad are used by different enterprises across the globe. Founded in 1996, the company specializes in offering its clients with purchase-to-pay, accounts payable automation, supplier management, sourcing, contract management, e-invoicing, supplier network, marketplace, spend analysis, spend management, eCommerce, and content management

SAP Ariba

SAP Ariba

Founded in 1996, SAP Ariba is a collaborative business commerce solutions provider. The company by integrating industry-leading technology with the world’s biggest web-based, enables the enterprises to discover, connect, and amalgamate with a global network of partners in a cloud-based environment. The Ariba Commerce Cloud enables the businesses of all sizes to connect to their trading partners anytime and anywhere through any application or device for buying, selling, and cash management. Companies all over the globe use Ariba Network for simplifying the inter commerce and for enhancing the results that they deliver

SMART by GEP

SMART by GEP

Headquartered in Clark, NJ, SMART by GEP is a cloud-based, comprehensive procurement software platform and supply chain solutions for blue-chip companies worldwide. It helps in making the procurement much easier, faster, and more efficient. The intelligent and intuitive software from GEP also help the supply chain organizations at market-leading businesses across the globe enhance productivity and performance, cut-down turnaround times, and enhance savings. The company emphasizes on creating practical and effective solutions that keep the requirements and realities of the business users in the first place

Supplier Solutions

Supplier Solutions

Delivering best-of-breed PunchOut solutions that control costs, saves time, and minimize frustration, Supplier Solutions has the ability to scale up the new suppliers immediately, or buyers is unrivaled in the field. The company solutions have enabled many multiple integrations for both buyers and suppliers. The company, with years of experience and number of PunchOuts implemented, has a unique platform that provides solutions to the clients. With PunchOut-compatible products, the software is just the starting. Each of it includes hands-on experts assistance in promising the PunchOut enablement

Tradeshift

Tradeshift

Business commerce firm supplying chain payments, Tradeshift connects over a lot of companies across many countries. By processing over half a trillion USD in transaction value, its supply chain market includes more than 35 million SKUs. Headquartered in San Francisco, CA, The company offers procurement, treasury, and AP departments use Tradeshift's supply chain payments and marketplace to transform their supply chain digitally. Since the inception form 2009, the company branches across the world. The company specializes in e-invoicing, supply chain finance, accounts payable automation, procure-to-pay transformation, working capital optimization, and supplier information management