PRO or Plus Content

Vroozi: Vendor Analysis, 2021 update (Part 1) — P2P solution overview, strengths/weaknesses, Vroozi competitors [PRO]

Vroozi strengths weaknesses

This two-part Spend Matters PRO Vendor Analysis offers an update on the procure-to-pay (P2P) provider Vroozi, which we last covered in 2018.

We’ll take a fresh look at Vroozi's capabilities, which have grown from a nimble e-procurement solution into a P2P suite with payment features.

This series starts by providing company information and details on key updates since our last review. We give a high-level solution overview, offer solution strengths & weaknesses, and detail Vroozi’s competitors. Part 2 includes a company SWOT analysis, a full description of Vroozi's solution suite, tech selection tips about the Vroozi solution suite and a final analyst summary.

Vroozi: Vendor Analysis, 2021 update (Part 2) — Deep P2P solution overview, SWOT, tech selection tips, analyst summary [PRO]

Vroozi solution overview

The first part of this two-part series started by providing company information and details on key updates since our last review a few years ago. Part 1 also gave a high-level solution overview, offered solution strengths and weaknesses, and detailed Vroozi’s main competitors.

This Part 2 includes a full description of Vroozi's solution suite, a company SWOT analysis, tech selection tips and a final summary.

GEP: What Makes It Great (Sourcing SolutionMap Fall 2020 analysis) [PRO]

GEP is a source-to-pay (S2P) suite provider that also offers managed services, including full BPO and transformation services. The combination of these individual capabilities from a single provider, especially as they become increasingly synergistic, makes GEP a true standout in the procurement technology space.

The SolutionMap Fall 2020 release reinforces this position, putting GEP in top functional and customer scoring positions. The company scored in the top quadrant — as a value leader — of the SolutionMap in nearly every category. But one area in which its unique combination of technology and supporting services stood out in particular our Sourcing SolutionMap.

So where does GEP stand out most and help “set the bar” in sourcing, and why should this matter for procurement organizations? Let’s delve into the SolutionMap benchmark to find out where GEP is great. “What Makes It Great” is a recurring column that shares insights from our SolutionMap updates for subscribers to SolutionMap Insider content and PRO analysis. Based on both our rigorous evaluation process and customer reference reviews, each brief offers quick facts on the provider, describes where it excels, provides hard data on where it beats the SolutionMap benchmark and concludes with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

Creactives: Vendor Analysis (Part 1) — Solution overview, strengths/weaknesses, tech selection tips [PRO]

Creactives solution

In this two-part Spend Matters PRO series, we will overview Creactives' unique technologies and capabilities that make it a vendor that every global multinational sourcing direct materials should be considering as part of their overall source-to-pay and/or supply chain technology arsenal.

While there are a large number of traditional solutions for material master data management (MMDM) and a similarly large number of analytics solutions with artificial intelligence (AI) auto-classification, most of the traditional MMDM solutions don't use advanced machine learning (ML) and AI. Most of the analytics solutions with AI have been trained on indirect data sets for the purpose of spend, and not material, classification. There are few MMDM or analytics solutions that were built specifically for automatic part and material classification — and fewer still for real-time classification and maintenance during the procurement cycle.

This is why Creactives is one of the most interesting players in the source-to-pay (S2P) space to hit the global procurement solutions scene. Its approach, combined with its almost two decades of experience in material classification using advanced knowledge engineering technology (ML, AI, semantic technology, deep learning, etc.), make it a unique provider — especially when you consider its real-time ability to classify and search parts and materials in over 25 languages.

Part 1 focuses on company background, solution strengths/weaknesses and tech selection tips. Part 2 gives a deep look at the solution, a list of Creactives' competitors and a detailed company SWOT analysis.

Creactives: Vendor Analysis (Part 2) — Deep solution overview, SWOT, Creactives competitors, summary [PRO]

Creactives competitors

In this Spend Matters PRO article, we continue our introduction to Creactives, one of the most interesting players to hit the global procurement solutions scene in almost a decade.

Unlike traditional solutions for material master data management (MMDM), Creactives uses advanced AI-based knowledge engineering technology for classification. And, unlike the majority of spend analytics technology today, it uses specially designed disk-based processing for dealing with large data sets. Plus, its ability to be integrated into third-party S2P/supply-chain solutions for real-time product search and identification across multi-lingual global ERP/database instances makes it incredibly useful for multinationals that need to get a grip on their material master data.

Part 1 focuses on company background, solution strengths/weaknesses and tech selection tips.

Now, let’s examine Creactives’ solution, a company SWOT and Creactives’ competitors.

Enlighta: Vendor Analysis — Solution overview, Enlighta competitors, roadmap, tech selection tips, analyst insights [PRO]

This Spend Matters PRO Vendor Analysis provides an overview of Enlighta and its solution for supplier governance/risk management, contract management and service execution management. While there are solutions that address some of these processes, Enlighta’s focus is on complex services suppliers — including, but by no means limited to, IT outsourcing, BPO, telecom and facilities management.

The sourcing and the management of complex services and service providers remains a challenge for most organizations. Perhaps the weakest points in the source-to-pay (S2P) lifecycle for complex services are post-signature contract management, supplier management (performance and risk) and service execution management. But these areas are critical to managing services effectively.

Enlighta offers its clients highly configurable functional capabilities built on a sophisticated, scalable technology platform with integrations to major third-party procurement and other solutions. From ingesting contractual documents and requisitioning services under a SOW to monitoring supplier risk and managing supplier performance at the project and activity level, Enlighta’s capabilities are broad and deep (and that’s not a hyperbolic statement).

In this Vendor Analysis, we try to cover much ground in just several pages to provide insight into Enlighta and its solution in terms of platform, functional capabilities and supporting services. We also look at Enlighta’s short-term roadmap and competitive environment, and we identify Enlighta’s best-fit use cases and conclude with our take on this provider’s place in the solution landscape.

PaymentWorks: Vendor Analysis — Solution Overview for Supplier Information Management and Fraud Prevention, Roadmap, Customer Feedback, PaymentWorks Competitors, Analyst Insights [PRO]

This Spend Matters PRO Vendor Analysis provides an overview of PaymentWorks and its solution for supplier information management and fraud prevention.

The largest source of cyber-crime in the US is, unfortunately, directly connected to proper procurement processes. According to the FBI, half of cyber-crime targets B2B payments, often via business email compromise (BEC), where fraudulent actors impersonate legitimate employees or supplier reps to direct payments to their own bank accounts. BEC accounted for $1.7 billion in losses during 2019 alone, according to FBI data.

Preventing this and many other issues is what PaymentWorks, a 7-year-old vendor out of Waltham, Massachusetts, helps customers around the US do every day. Designed around the needs of procurement and AP teams to rapidly onboard and handle information change requests from payees — including suppliers and employees — PaymentWorks is a niche solution for fraud prevention and bank payment connectivity. Notably, it tends to co-exist with ERP and S2P/P2P solutions, augmenting their current fraud support and capturing tail spend that often never routes through larger systems.

This Vendor Analysis also explores the concept behind PaymentWorks; the platform, application and supporting services the vendor delivers; a verified customer reference analysis; and a competitive market analysis, complete with key analyst takeaways.

The Contingent Workforce and Services (CW/S) Insiders’ Hot List: March 2021 [PRO]

Welcome to the March 2021 edition of Spend Matters Insiders’ Hot List, a monthly look at the contingent workforce and services (CW/S) space. For those new to this Spend Matters PRO column, each edition covers the month’s important or interesting technology and innovation developments in the CW/S space.

Our last Hot List for February 2021 covered a range of developments, including the Beeline and Brightfield guided-buying collaboration, Globality’s integration with SAP Fieldglass, WillHire’s industrial staffing solution, and much more.

March has shown that CW/S technology and innovation are blooming, and the overall landscape is being gradually altered. From inside formal contingent workforce programs, this may not be visible. Therefore, it’s good to step outside every once in a while, take in the scenery and smell the roses.

So let’s see what was going on in March 2021.

Payable Strategies for the Long Tail Suppliers — Stage 4: Selection Process and Key Issues to Address [PRO]

Payable strategy options

If the mandate from your C-suite is to find a solution to pay all suppliers early, rest assured that this process comes with a range of options. But before you begin to evaluate options, every company has a baseline of existing solutions, technology, processes and procurement agreements that form the basis of the evaluation.

In the fourth part of this Spend Matters PRO series, we will discuss the pros and cons of each option and key strategic questions for your team to address.

For this series, here are the five stages for tackling your payables strategy:

Let’s jump into the details for Stage 4.

Payable Strategies for the Long Tail Suppliers — Stage 5: Getting to a Decision [PRO]

Payable strategies decision

Now it is time to get to a payable strategies decision.

In this five-part Spend Matters PRO series, we have provided a way to help companies address how to approach paying suppliers early given a company’s current baseline and legacy situations.

The mandate was simple. The mandate was clear. Find a way to offer ALL suppliers a way to take early payment.

All companies with that mandate start from a different baseline of solutions, technology, processes and agreements. This series has provided a way to think deeper about this journey.

“Payable strategies can be incredibly confusing for companies of all sizes,” said Jason Busch, Managing Director of Azul Partners and Founder of Spend Matters. “This series has struck me as an ideal primer for procurement and finance organizations to not only discover all of the early payment options at their disposal, but to understand that making the worlds of technology and working capital come together requires a set of steps that must come before driving to a solution. In the wake of the Greensill Capital fallout and the continued future of supply chain finance (SCF) as one of many options available for early payment and working capital programs, it is essential that companies take a step back to understand all of the options at their disposal.”

For this series, here are the five stages for tackling your payables strategy:

Let’s jump into the details for Stage 4.

We’ll discuss core RFP components and sample questions, use of a decision matrix for making the call, setting executive management expectations, and the supplier optimization approach once a decision has been made.

Defining and digitizing direct procurement (Part 2) — More on direct materials sourcing [PRO]

Direct materials procurement

In the previous installment of the introduction into the direct materials sourcing area (which itself is part of a broader direct procurement landscape), the focus was on direct spend analytics and design collaboration & early supplier involvement/innovation.

In this Spend Matters PRO installment, the focus will shift toward the next five areas, which move from collaboration on product lifecycle management (PLM) into cost management, supply chain and direct extensions of upstream source-to-pay (S2P) applications. And we’ll give examples of vendors that excel in these areas.

Payable Strategies for the Long Tail Suppliers — Stage 3: Addressing Operational Challenges Early [PRO]

In this Spend Matters PRO series, you have been tasked with a mandate from your CFO to find a way to offer early pay finance to ALL suppliers and create a “win/win” with your supply base. The previous two parts of the series looked at how to assess your current situation, the spend funnel and introduced several techniques.

In the third part of our series, we will look at some of the key operations issues that impact early pay finance offerings.

Today, many large businesses may be running several early pay finance techniques targeted at different supplier segments. Each of these techniques comes complete with their own set of technology and operational components, and can include virtual cards, marketplace auctions, third-party payable finance and dynamic discounting. Companies may be looking to expand programs regionally, or simplify their current offering, or have a mandate from the CFO to find a way to offer early pay finance to ALL suppliers.

For this series, here are the five stages for tackling your payables strategy:

Let’s jump into the details for Stage 3.

In the course of our discussions with treasurers, we found six operational areas that challenge the rollout of any type of early pay program.