Spend Matters has announced its popular 50/50 lists for the tenth year in a row, revealing the 50 Procurement Providers to Know and 50 Procurement Providers to Watch, alongside the Future 5 which enters its fifth year.
Each year, Spend Matters procurement technology analysts assess the capabilities of procurement technology solutions to determine a list of 105 vendors in total. These lists represent the best-in-class solutions that the industry needs to know about and the up-and-coming firms to keep an eye on.
Highlighting newcomers to the market, The 50 Providers to Watch list is a celebration of vendors who are helping to push procurement forward, with Spend Matters selecting those they believe offer the latest and most innovative solutions to the industry. This year’s list saw 11 new vendors make their debut.
Providing a complete rundown of the leading technology and services providers that continue to raise the bar for procurement by setting high industry standards, The 50 Providers to Know is a list of firms that every CPO should know about.
Look out for the three vendors – Onventis, Scoutbee and Spendata – who made the leap from Provider to Watch to Provider to Know.
Meanwhile, The Future 5 for 2023 saw akirolab, Calculum, dSilo, Mithra.Ai and ORO Labs crowned as the recognised 5 providers, following a year of analysts scouring the market to find the most impressive procurement technology start-ups.
Get to know all the procurement tech providers that made the lists this year and the methodology behind the selection criteria here.
Marking the huge 10-year milestone of highlighting the best in procurement technology development and innovation Nikhil Gaur, research analyst at Spend Matters, said:
“As procurement departments are looking to technology for increased efficiency as well as cost savings, providers are using new means to appeal to the market. To help make sense of these developments and the long-term market outlook beyond the hype, we’re pleased to present Spend Matters’ tenth annual ‘50 Providers to Know,’ ‘50 Providers to Watch’ and ‘Future 5’ listees, sourced and calculated by the entire Spend Matters analyst team to represent the best of the technology providers that serve procurement, finance and supply chain organisations.
He added: “This year’s lists are the first to feature a numerical scoring scale to quantify factors previously considered ‘soft’ as the first step in the analyst selection process. In conjunction with criteria added in previous years such as mindshare in the market and customer reference requirements, the process behind these lists has become more programmatic and objective. The market can be confident that the providers chosen for these lists are truly the most impressive in the industry.”
Spend Matters ran a live webinar on 31st October to explain more about the 50/50 decision-making process. If you missed the webinar, you can still register for a recording of the event.
