Arkestro, the leading predictive procurement orchestration platform, has caught the eye of the Spend Matters analyst team as an up-and-coming player they think their practitioner readers and members should get to know.
On October 17, Spend Matters released their 50 Procurement Providers to Watch for 2022, acknowledging Arkestro’s strong focus on innovation, tech competency, and solution delivery. Arkestro was also chosen in Spend Matters’ 50 Procurement Providers to Watch for 2021.
“Arkestro (formerly Bid Ops) started as a predictive sourcing software built for procurement teams who want technology that learns what works and what doesn’t from every sourcing process,” Bertrand Maltaverne, Sr. Analyst (Supplier Management and Sourcing), Spend Matters, said. “It is taking the same approach to other processes and areas to be a predictive procurement solution that delivers ‘smart defaults’ (recommendations) to improve cycle times and data quality.”
What Is Spend Matters’ 50 Procurement Providers to Watch?
Each year the 50 Providers to Watch list identifies fast-rising companies in the procurement and supply chain market. These up-and-comers are solution providers who continue to thrive and develop innovative products that drive the market forward. The Spend Matters analyst team independently selects the listed procurement providers over several rounds of debate, focusing on factors such as growth, innovation, tech capabilities, and solution delivery.
“Macro forces and shifting competitive dynamics are breathing new life into the procurement technology market — and some providers will ride the new wave better than others,” said Nick Heinzmann, VP of Research at Spend Matters. “From a volatile economic environment to geopolitical chaos and evolving regulatory frameworks, procurement is overwhelmed with issues it must keep on top of while delivering on its current portfolio of initiatives.
“In this context, more vendors than ever are developing new concepts or stepping across the boundaries of adjacent markets. To help make sense of what’s ‘real’ and how the next phase of this space will unfold, we’re pleased to present Spend Matters’ 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 organizations.”
Heinzmann added that 2022’s lists “advance our methodology further, adding new criteria around mindshare in the market, expanded customer reference requirements and introducing new inclusion criteria to ensure the vendors on these lists are continuously earning the right for a seat at your negotiating table. In a market ripe with consolidation plays, plenty of new startups and big entrances from established (non-procurement) players, you need a data-based guide on where to focus your attention.”
Why Is Arkestro a Procurement Provider to Watch?
Arkestro was created out of frustration with the effort behind traditional procurement software and Excel spreadsheet templates—the only solutions for procurement professionals at the time.
Today, Arkestro is the leading predictive procurement platform. To amplify procurement’s influence, Arkestro delivers 2-5x cost savings from daily sourcing and purchasing cycles. It achieves this by using machine learning, game theory, and behavioral science models to predict and win faster value across every category of spend.
Arkestro was built to amplify procurement’s impact and make better decisions, faster. Predictive Procurement Orchestration gives top enterprises a competitive edge in the wake of supply chain disruptions, which has been indispensable in 2022.
Book a free demo to find out why Spend Matters named Arkestro a procurement provider to watch.