Spend Matters Names Arkestro as a “Top Sourcing Tech Vendor” in its Fall 2024 SolutionMap
Arkestro, the leader in Predictive Procurement, recently achieved a major milestone by receiving one of the procurement industry’s most important recognitions. Spend Matters, the leading source for data-backed technology and solutions intelligence, has selected Arkestro as a Top Sourcing Tech vendor in their Fall 2024 SolutionMap rankings. SolutionMap is widely considered the most data-centric functionality assessment of procurement technologies in the industry.
Being named to the SolutionMap is an important milestone for Arkestro because it recognizes excellence in procurement technology. Earning this achievement is no easy feat, as qualified companies must undergo the industry’s most rigorous assessment process. Successfully completing the process and being placed on the SolutionMap spotlights Arkestro as an industry leader and a serious player in the procurement technology ecosystem.
“We are thrilled to be recognized as a Top Sourcing Tech solution by Spend Matters,” said Arkestro Founder and CSO Edmund Zagorin. “This achievement is a testament to the dedication and innovation of our exceptional product team and the invaluable feedback from our customers who have been instrumental to our success and recent product advancements.”
Source: Spend Matters
What Is Spend Matters’ SolutionMap – And Why Is It Important?
SolutionMap is Spend Matters’ proprietary procurement technology dataset that ranks and compares procurement vendors based on their functionalities and customer feedback and satisfaction metrics. Since its launch in 2017, SolutionMap has become known as a trusted industry resource where buyers, solution providers, consultants, and investors can evaluate and compare procurement technology solutions. It is crucial to the procurement industry because it provides an independent, data-driven comparison and analysis of procurement technology.
SolutionMap allows procurement professionals to access deeper, more specific, and objective information about procurement technology solutions and “map” vendors against their specific technology needs. SolutionMap’s ultimate goal is to help companies and consultants improve their procurement practices.
The SolutionMap compares procurement technologies based on technical capability (using a rigorous Request for Information (RFI) process) and validated and anonymized customer ratings. It is updated every six months and includes both new and established vendors.
How the SolutionMap Selection Process Works
Arkestro’s inclusion in the 2024 Fall SolutionMap is even more impressive, given the stringent steps it took to earn that honor. Vendors must go through an intense functionality and capability assessment of their procurement technology in order to earn a place in the SolutionMap.
“Vendors participating in SolutionMap undergo the most rigorous assessment from a tech capability and customer delivery perspective,” said Carina Kuhl, President of Spend Matters. “That’s what makes this dataset so powerful. Spend Matters has the largest analyst team dedicated to in-depth comparison of solutions in the procurement technology space and pinpointing their differentiators.”
To be included in the SolutionMap, vendors must first receive an invitation to actively participate in the RFI-based review process. However, to fully qualify for SolutionMap entry, participants must complete an initial Spend Matters qualification process that consists of undergoing a ‘mini RFI.’
Upon completion of the mini RFI, the vendor will receive an introductory demo request from a Spend Matters analyst. If the vendor’s solution meets SolutionMap’s core requirements, the analyst will publish a written analysis on the Spend Matters website. When a vendor is deemed a good fit based on analysis, they are invited to participate in the full SolutionMap RFI process. The SolutionMap methodology follows these steps:
- Vendor assessment: Analysts complete a mini-RFI assessment to determine a SolutionMap fit.
- Demos: Analyst scores are shared with the vendor, who can dispute them live with the analyst team.
- Vendor self-scoring: Vendors score themselves on a 0-5 rating scale. They are required to provide reasoning and supporting information.
- Analysts review and scores: Spend Matters’ analysts review, counter-score, and conduct in-depth tech demos to validate the scores.
- Customer scores: Vendors submit customer references, and Spend Matters sources public references. Vendors must submit at least three customer references per module.
- Company information survey: Vendors must complete a company information survey detailing company and customer demographics, describing all solution-related services available to customers. Vendors must also supply documentation regarding revenue models, buyer and supplier fees, customer total cost of ownership (TCO), return on investment (ROI), success metrics, and case studies.
- Final score: Analysts finalize SolutionMap rankings and validate the technology and customer reference scores based on finalized data, previously defined criteria, weightings, and inputs.
Finally, Spend Matters notifies procurement companies directly when they are named to the SolutionMap, giving those companies the final results, including their placement on the SolutionMap. Arkestro was one of 93 procurement technology vendors named to the 2024 SolutionMap.
SolutionMap’s RFI Process Is a Strategic Lens for Evaluating Vendor Strengths and Project Compatibility
The engine that powers the entire SolutionMap selection process is the deeply detailed Request for Information (RFI). The RFI process gathers meticulous information about each vendor’s capabilities while validating the true proficiencies of their procurement solutions. The RFI’s objective is to amass as much comprehensive information as possible in a formal, structured manner to make an informed decision. It serves as a lens to evaluate vendor strengths, project compatibility, and service feasibility.
SolutionMap contains 500+ RFI requirements across 15 procurement technology solutions. These RFI requirements cover:
- All elements of a technology
- In-depth platform scoring and integrations
- Supplier experience
- Front-end user and administrator user experience
The RFI is built by a combination of the Spend Matters analyst team, customers, and consultants to ensure requirements are comprehensive and relevant to procurement tech buyers. It also guarantees a neutral assessment of features and functionalities.
Subscribe to news from Arkestro.
No spam, just relevant procurement news and tips. You can unsubscribe at any time.
How Arkestro Outperforms Competitors with AI and Data-Driven Solutions
Earning a place on Spend Matters’ SolutionMap is a major achievement that validates what is already known: Arkestro and its Predictive Procurement solution are industry game changers. The SolutionMap honor also helps Arkestro pull farther ahead of the competition.
Arkestro’s innovative platform differentiates itself from competitors by using AI, machine learning, game theory, and data and behavioral science to help teams confidently make better buying decisions, predict bidding outcomes, cut cycle times, and get the best prices. Arkestro also helps teams create strategies faster and execute automated outcomes.
By leveraging Arkestro, top enterprises can optimize their procurement cycles with direct actions and clear recommendations and manage spend at scale without increasing headcount. Other competitive differentiators include:
- By automatically suggesting offers to suppliers before securing quotes, we steer negotiations based on a high-fidelity blend of supplier demand and historical and previous buying behavior.
- With our ability to provide input at the line-item level, you can manage every nut and bolt of spend for the first time, greatly elevating procurement’s ability to influence outcomes, secure a market-competitive price every time, and stop leaving money on the table. Organizations that use Arkestro see an average of 16% savings within the first 60 days of using the platform.
- Through autonomous dynamic feedback, we nudge suppliers throughout the process to give them a sense of their performance in the negotiation and, crucially, what they need to do to win.
- Arkestro can be integrated into any procurement system or process and is a good fit for companies that have data quality issues in their procurement operations.
Interested in learning more? Reach out to our team of experts today.