Top 10 Procurement Solution Companies - 2021

Recent advances in technology have created profound impacts on many business activities. Especially in the wake of the COVID-19 pandemic, digital transformation is rapidly changing back-office operations. To stay relevant, competitive and profitable businesses need to keep pace with new technologies. Notably, the procurement space is undergoing a momentous transformation itself, thanks to cutting-edge technologies, including cloud-based platforms, artificial intelligence (AI), big data among others.

For instance, with the incorporation of cloud technology, organizations are able to achieve greater levels of accessibility and control. Procurement using cloud technology is enabling businesses to keep costs under control, select the best suppliers, enforce company policy, while also appraising supplier risk. Furthermore, it is also helping organizations reduce manual transactions throughout the procure-to-pay cycle which is often time consuming. Whether it is creating purchasing orders, managing document revisions, or processing non-manual supplier invoices, cloud computing is making procurement a breeze.

Likewise, evolving technologies like big data are revolutionizing the procurement functions by giving procurement teams the ability to collect and analyze troves of data from both internal and external sources while enabling more accurate decision making, transport supplier relationships, and better risk management. With all these new avenues, organizations are incorporating the latest technologies into their every asset, operation, and interactions, thus turning their business into intelligent, digital-based enterprises.

At this juncture, there is a variety of procurement solution provider companies entering the market to cater to the different needs of enterprises. To help them choose the solution or service that best fits their requirement, CIOReview has compiled lists of the most promising procurmnent solution providers. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.

We present to you CIOReview’s “10 Most Promising Procurement Solution Providers – 2021.”

    Top Procurement Solution Companies

  • 1

    By transforming vendors and suppliers into partners, Terzo helps CIOs drive business results. Through the firm’s VRM, enterprises gain insights that allow them to drive innovation, improve governance, increase collaboration, and optimize performance. With the Terzo platform, organizations can improve their vendor relationships and optimize joint outcomes, including responding to global challenges. The core functionality of the Terzo platform is its ability to centralize siloed data. Terzo is unique because it’s built like a CRM; it contextualizes enterprise data together with people to generate actionable insights. Terzo is tailored to the CIO the same way CRMs are tailored to the CRO. This enables a new level of collaboration and accountability with internal and external stakeholders

  • 2

    B2BE

    B2BE

    B2BE can assist businesses with automating the Purchase-to-Pay operations, providing electronic invoicing and document management systems, facilitating EDI document trading, or developing a comprehensive supply chain suite. If it has to do with the supply chain, B2BE will have a solution to assist business in improving and automating it

  • 3

    Bonfire

    Bonfire

    In 2012, Bonfire was formed on the simple notion that sourcing professionals deserve better software. Not paper spreadsheets, bloated 1990s bidding websites, underwhelming fundamentals of large eProcurement suites, or afterthought features of outdated ERP systems. The company believes that sourcing teams are strategic players in their organisations and deserve a modern toolkit built on new capabilities such as deep workflow automation, rich data, easy collaboration, and the potential for new capabilities such as machine learning / artificial intelligence and predictive analytics.

  • 4

    Coupa

    Coupa

    Coupa Software is a multinational business spend management technology platform. The corporation has offices throughout Europe, Latin America, and Asia Pacific, with its headquarters in San Mateo, California. Using Coupa Software's cloud-based platform, businesses may better monitor their spending. Using Coupa, businesses all across the world can see and control their spending in real time

  • 5

    Efficio

    Efficio

    Efficio delivers traditional procurement consulting services, manages a long-term managed services business that currently accounts for more than a third of revenue, and develops procurement technology tools. Efficio collaborates with customers worldwide to help them achieve breakthrough and sustainable procurement results

  • 6

    ProcureAbility

    ProcureAbility

    The mission of ProcureAbility is to be the Procurement Experts. ProcureAbility supports and transforms procurement departments for the Fortune 1000 by delivering on-demand consulting, staffing, recruiting, analytics, and market intelligence. Always focused on procurement and always customized to the client's specific requirements. Decades of experience and a strong team enable to handle demands and opportunities with procurement capabilities that are unmatched. Since 1996, they have been solely focused on the success of procurement

  • 7

    Supplier Solutions

    Supplier Solutions

    PunchOut is a regular source of contention between customers and vendors. The people at Supplier Solutions disagree. Their best-of-breed PunchOut solutions have been limiting costs, saving time, and decreasing annoyance for over a decade, according to their website

  • 8

    VectorVMS

    VectorVMS

    VectorVMS is a forward-thinking firm that creates specialised contingent labour programmes by combining trustworthy technology with in-depth industry expertise. Their customisable platform helps enterprises to have complete visibility into their contingent labour operations, ensuring compliance, cost savings, and increased efficiency in their extended workforce

  • 9

    Velocity Procurement

    Velocity Procurement

    Velocity Procurement's mission is to enable ongoing development in the maturity of procurement across the mid-market. Their approach is straightforward: the company meet clients where they are in their procurement journey and assist them in overcoming their unique procurement difficulties

  • 10

    Xoomworks

    Xoomworks

    Xoomworks is a consulting and technology firm that specializes in procurement technology, digital innovation, and the development of sophisticated custom software solutions. Typically, the Xoomworks Procurement section works with CFOs and CPOs who are looking to maximise the value of their procurement programmes. The company a ssists clients in controlling and generating momentum for those initiatives through transformation, blueprinting, support services, and deployment of leading procurement solutions, so that they may finally deliver on their Board commitments