The latest International Data Corporation (IDC) Innovators report highlights five companies who are disrupting the procurement world with their use of technology, with a particular focus on improving and streamlining supplier relationships. Here is our round-up of who they are and why you should be checking out their offerings.
Written by: Lucy Dixon
Boston-based FairMarkIT offers a tail spend management platform that uses machine learning to take charge of procurement. In other words, it will save time and money on the significant amount of expenditure that is not already actively managed by procurement processes – the sourcing and buying of low-value items that can make up the majority of an organisation’s purchases. It is a web-based SaaS platform that offers an alternative to outsourcing and integrates with ERP and P2P. FairMarkIT’s customers typically see between six and 12 percent in cost savings.
LVRG promises easier and stronger supplier relationships, and it delivers on this by freeing up more of your time to work on those relationships rather than supplier research or data entry. The system builds up summary snapshots of all your suppliers using available data and integrates with existing software, from Asana and Slack to Dropbox and Salesforce, which will help give the full picture of your suppliers. Security is a top priority for LVRG, and it is committed to getting the right balance between transparent communications and privacy concerns.
SirionLabs is shaking up the procurement world by using technology to disrupt how businesses think about contracts. Its contract management software offers supplier governance, revenue assurance and enhanced visibility. It automates traditional governance processes end-to-end and delivers real-time data-driven analytics, which will streamline contract management and automatically generate new contracts, while tracking the real-time performance of existing contracts. Its latest innovation is SirionBI, which enables real-time access to big data generated during large services engagements between organisations, including data for obligations, service levels, invoicing, issues, actions and spend.
This Ontario-based company is a global network of buyers and suppliers, created using software developers, machine learning engineers and procurement experts. Machine learning and analytics give the user a transparent view of every supplier, with more valuable insights produced as usage increases. Tealbook’s in-house data scientists support procurement teams with constantly evolving technology to drive change. It invests heavily in research through a partnership with the Vector Institute for Artificial Intelligence and has a growing partner community of innovative companies working together to transform procurement.
Vizibl is all about growth through supplier innovation and collaboration – harnessing the expertise of all the organisations in your network. It is a cloud-based system with the ability to help you manage all supplier relationships, and at the same time bringing the benefits of enhanced collaboration, improved speed, transparency and efficiency. Vizibl is built with input from specialists in procurement, innovation, strategy, marketing, manufacturing and finance, with a focus on building software that enables companies to create more valuable relationships with their partners.