If you’re a procurement technology provider familiar with SIG and the Global Executive Summit this fall, we hope you’ve also heard of us at Spend Matters.
If not, we won’t fault you.
Spend Matters is the leading global procurement technology media, analyst and research firm. Combining daily news coverage with subscription research, deep technology analysis, and one-to-one advisory services, Spend Matters provides meaningful insight and tailored solutions for procurement buying organizations, consultants, investors and solution providers.
Each year, Spend Matters releases the annual ‘50 Procurement Providers to Know’ and ‘50 Procurement Providers to Watch’ lists. The lists are made up of — you guessed it — 100 vendors determined by the entire Spend Matters analyst team to represent the best of the commercial providers that serve enterprise-level procurement organizations. Plus, the ‘Future 5’ list — 5 outstanding procurement technology startups with innovative technology prowess, momentum and staying power.
This year marks the sixth annual release of the ‘50 to Know’ and ‘50 to Watch’, and we are beyond thrilled to be doing it LIVE in conjunction with the SIG Global Executive Summit. The lists will be published on Tuesday, October 12. Any vendor present at the Summit who is also on one of the lists will receive their award plaque (in person!) from Spend Matters. We’re excited to pose for photos with those vendors present and share the good news all over Spend Matters social accounts.
Morgan Zombolas, Marketing Engagement Manager, Spend Matters
So how do you get from tactical procurement metrics to more powerful spend/supply measures that help build new capabilities and favorably impact critical business outcomes?
We have mentioned some of the more expansive sets of metrics that organizations use to measure several areas:
● Spend/cost management and savings
● Supplier/supply performance
● S2P process metrics for process performance
● Underlying capabilities in talent management, digital, etc.
● Stakeholder-specific metrics related to the above
In this third installment, we’ll dive a little deeper into some example metrics, but the first order of business is to provide a framework giving the backdrop on the KPIs and use it to hone in on metric types before listing individual KPIs.
Pierre Mitchell, Chief Research Officer, Spend Matters
Each year, organizations spend over $20 trillion globally on all kinds of services, according to some estimates. Services in the U.S. make up, on average, nearly 60% of organizations’ total non-payroll external spend (and that can be significantly higher in some industry verticals). The effective management of services spend has been a perennial topic of discussion (and limited action) over many years. And technology used to address complex services in an organization is not well understood.
Spend Matters and Sourcing Industry Group have partnered to field a survey of procurement professionals (CPOs, procurement directors, category managers, etc.) that is described briefly below.
The purpose of the survey is to better understand how and to what extent procurement is using enterprise procurement technology and other solutions to process and manage an organization’s service categories and with what level of satisfaction.
For this survey, the term "services" encompasses a broad range of spend categories, like consulting, facilities management, legal, temporary staffing, marketing and so on.
Despite the size of this mega-spend category, procurement leaders we talk with have agreed that most categories of services are not, to put it kindly, optimally managed and there are few best practices.
There also seems to be agreement that purpose-built technology for specifically managing different services categories, strategically and tactically, is lacking.
Andrew Karpie, Research Director for Services and Labor Procurement, Spend Matters
Spend Matters has just released its 7th annual “50 Providers to Know/50 Providers to Watch” lists. Each year, Spend Matters’ technology analysts assess the capabilities for an array of companies across 13 market sectors and releases its lists of 100 vendors in the industry. These represent the best-in-class companies you need to know about as well as the up-and-coming, growing firms to keep your eye on.
Providers to Know
Among this year’s vendors are 11 companies that have earned the “50 Providers to Know” distinction each of the seven years the lists have been published! These include Accenture, Achilles, Basware, Beeline, Coupa (including Trade Extensions and Spend 360), Deloitte Consulting, GEP, Insight Sourcing Group (including SpendHQ), Ivalua, Jaggaer and The Hackett Group. These vendors sit alongside AppZen and Rosslyn Analytics, which are brand-new “to Know” companies for 2020.
Providers to Watch
Eight vendors jumped from the Watch to the Know list in 2020, they are Agiloft, Celonis, ConnXus, Lease Accelerator, MBO Partners, NPI, Per Angusta and Tipalti. More than half of the “50 Providers to Watch” list represents new honorees, with 34 new companies included, four of which are start-ups featured on the 2019 Spend Matters “Future 5” list — Bid Ops, Fairmarkit, Negotiatus and SupplyHive.