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Arkestro (Formerly Bid Ops) Named a 2021 Gartner® Cool Vendor

As we enter into a new year, Arkestro (formerly Bid Ops)—the pioneer in Predictive Procurement Orchestration platform— has been named as a 2021 Gartner Cool Vendor in Strategic Sourcing Technology.

Here’s everything you need to know about what Gartner researchers see as the most important procurement trends of 2022, and why Gartner recognized Arkestro as one of four vendors to be included in this report.

 

Key Findings About Sourcing and Procurement for 2022 by Gartner 

 Key findings from the report:

  1. “Even though the average procurement organization achieved a cost savings goal of 4% in 2020, at least 60% of organizations are under pressure to increase cost savings even further.”
  2.  “Top tactics to achieve cost savings include deploying technology to automate processes and collaborating with suppliers to identify opportunities.”
  3.  “AI and analytics are popular topics in procurement, and vendors are incorporating machine learning and virtual assistants, with success in targeted use cases. Proofs-of-concept that incorporate AI-assisted and automated sourcing are in early testing.”

 

Three Technology Trends That Can Help Organizations Build Agility and Resilience 

In times of economic volatility, companies turn to their procurement organizations to unearth and deliver hidden cost savings, ensure spending compliance, and reduce supplier-related risk. During periods of economic growth, procurement works with suppliers to further innovation and to ensure that supply can meet the demands of the business. 

Three top trends in the report in sourcing and procurement technology were identified as valuable for helping organizations build the needed agility and resilience to succeed. These are:

 

1. Hyperautomation — process mining, autonomous sourcing, tail spend

2. Data and Analytics — advanced analytics, network intelligence, embedded AI

3. Supplier Enablement — supplier risk, diversity, sustainability

 

Why do we think Arkestro was recognized as a Cool Vendor for 2021? In our opinion, Arkestro was recognized because it supports the top three sourcing and procurement technology trends that Gartner analysts identified. Arkestro offers tightly integrated AI capable of running key sourcing processes autonomously. It includes advanced analytics easily accessible to users, and Arkestro incorporates advanced supplier management capabilities.

  

Why we Believe it is an Important Recognition for Arkestro (Formerly Bid Ops)

We think being recognized as a 2021 Gartner Cool Vendor in Sourcing Technology is a big vote of confidence. It’s recognition that Arkestro is a unique company with innovative software that offers a new and effective way of optimizing the procurement process. It has considerable value to offer for procurement and sourcing professionals looking for solutions beyond the established big players.

It comes just weeks after Arkestro was named a Value Leader in Spend Matters’ Fall 2021 SolutionMap. Prior to that inclusion in one of the procurement industry’s most influential technology benchmarks, Arkestro was recognized by Spend Matters as being a “Future 5” selection, a “Provider to Watch,” and a “Provider to Know.” 

You can learn more about Arkestro inclusion as a “Value Leader for the small, medium, and large businesses categories” in the Spend Matters Fall 2021 SolutionMap here.

 

Learn More About Arkestro

For more information about the Gartner Cool Vendors 2021 report, please visit the Gartner website, where you can download a copy of the report. 

To see first-hand why we believe Arkestro was named in the Cool Vendors 2021 report, click here to book a free demo of this award-winning, AI-powered, predictive procurement software.

Gartner, Cool Vendors™in Strategic Sourcing Technology, William McNeill, Koray Kose, Micky Keck, Patrick Connaughton, 11 November 2021.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER COOL VENDORS and the GARTNER COOL VENDOR badge are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

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Rob DeSantis

Founder

As a former co-founder of Ariba running sales, Rob has deep expertise in the procurement space, having helped propel Ariba from zero to $250 million in revenue in four years and IPO of the year in 1999 before its acquisition by SAP a decade later. In addition to co-founding Ariba, Rob was also an early angel investor and board member of LinkedIn, the world’s largest professional online network.

More recently, Rob served as an investor and advisor to a small portfolio of companies including Bloom Energy, AEye, Inc., HiQ Labs, Agiloft, USEND and more. He is also a co-founder of Dibbs Technology and TrueParity. Rob holds a BSME from the University of Rhode Island.

Marty Meyer

Chief Financial Officer

A trusted partner and advisor on the executive team, Marty has a unique background having been the CFO of nine venture backed technology companies. Marty has raised over $300M in venture funding and has closed six strategic M&A transactions with a combined value of over $1B. Marty has deep domain expertise in ecommerce, consumer internet, networking, data security, data privacy, media technology and enterprise software industries. Marty is especially experienced in the finance and operations activities of SaaS companies and is driven by data and metrics to help create outstanding customer experiences and drive efficient growth.

Neil Lustig

President and Chief Operating Officer

Neil is a seasoned executive with over 30 years of experience leading and building teams in Tech. Neil brings insights from a variety of market spaces and company sizes. Most recently Neil was the CEO of GAN Integrity, an innovative SaaS Compliance technology company serving enterprise customers in North America and Europe. Before that Neil was the CEO of Sailthru, a leader in ML driven personalized multi-channel marketing communications for media and e-commerce markets. Prior to that Neil was the CEO of Vendavo, the leader in B2B price optimization and management for large enterprises. Before Vendavo, Neil led the commercial team at Ariba, the market pioneer that defined and created the eProcurement space. Neil served as the GM of Ariba Europe and subsequently the GM of Ariba North America. Neil started his career at IBM where he spent sixteen years, initially as a software developer, and then twelve years in a variety of Sales and Marketing roles

 

Neil has a BS in Computer Science and Applied Mathematics from SUNY Albany. He is a native New Yorker, Brooklyn born, and still resides with his wife and three children in New York City.

Bonnie Adams

Director of People Operations

Bonnie is a People Operations and HR veteran, with over a decade of experience establishing successful people and culture functions for early to mid-stage tech startups going through high growth phases. She has a passion for supporting and creating inclusive and collaborative work environments and is well-versed in driving positive changes in her organizations as a trusted leader. Prior to joining Arkestro Bonnie worked as the People & Culture Coordinator for Ionic Security, helping them scale from 5 to over 200 employees in addition to a $120M funding round. Most recently she was the Head of People & Culture for blockchain innovator Storj Labs and was the Director of Human Resources at PrizePicks, the largest independently owned Daily Fantasy Sports platform in North America.

Arym Diamond

Chief Revenue Officer

Arym Diamond joined Arkestro in January 2022 bringing over 20 years of experience in the enterprise software and consultancy industry.  He is responsible for the worldwide go-to-market revenue strategy. Prior to Arkestro, Arym was Chief Revenue Officer at CalAmp focused on Telematics and Logistics. He also served as the area vice president of North American Sales within the Salesforce.com Enterprise Business unit for Einstein Analytics & AI, where analytics and machine learning were re-imagined for the front office.  Prior to that, he spent over 10 years at Oracle in various sales positions. Arym holds an MBA from the University of Southern California Marshall School of Business, and an undergraduate degree from California State University.

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