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Spend Matters releases new SolutionMap global procurement technology rankings

Spend Matters Solutionmap

PASA content partner Spend Matters has released its new Spring 2024 SolutionMap rankings comparing 79 procurement technology vendors across the source-to-pay spectrum.

SolutionMap is known as the most data-centric functionality assessment of procurement technologies in the industry and was launched in 2017. The dataset is updated and expanded twice per year to cover a wide range of established and emerging, best-of-breed and suite providers.

All vendors are subject to a rigorous functionality and capability assessment of procurement technology in the industry, with SolutionMap containing 500+ RFI requirements across 12 source-to-pay (S2P) categories featuring mandatory demos and impartial, anonymised customer ratings.

Highlights include:

Five new vendors added to SolutionMap this cycle: 

  • e-Procurement: Precoro
  • Expense Management: Brex
  • Contract Lifecycle Management: CobbleStone, Gatekeeper
  • Sourcing and Sourcing Optimisation: Archlet

Three existing vendors now participating in additional modules:

  • Carbon Management: McKinsey (Spendscape)
  • e-Procurement: MeRLIN
  • Direct Sourcing: ebidtopay

The Spend Matters analyst team said in parallel with the rapid rise in economic and geopolitical-related risk in 2023, the procurement technology market has accelerated its pace of innovation to keep up with customers’ needs. 

“Our Spring 2024 SolutionMap results are testimony to how vendors are stepping up to the challenges of a volatile business environment. They are investing in new capabilities, especially in AI/GenAI, as well as partnerships,” it added. 

“As we have witnessed in the live demonstrations across the 79 vendors this cycle, of both established vendors and impressive new entrants, major advancements are being made in the S2P technology space with a specific focus on Intake, Orchestration and TPRM. Look out for Spend Matters dedicated coverage of those over the next few months.”

Spend Matters Insider members can log in to receive full data access, while non-members can see the market rankings and vendor demographics here.

Pierre Mitchell, Head of Research and IP Development at Spend Matters, will join ProcureTECH ‘24 live from Chicago on 20th March (Day 1) to discuss the global procurement technology landscape for 2024.

He will explore a range of new challenges facing the current eProcurement landscape, including intake, orchestration, generative AI and more!

Sign up today to secure your ticket.

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