In June 2022, Spend Matters released the Spring SolutionMap procurement technology benchmarking rankings. This year’s cycle featured 69 leading vendors across ten different technology categories. Spend Matters’ analysts ranked Arkestro’s Predictive Procurement Orchestration platform as SolutionMap’s Value Leader in Sourcing for small, medium, and large enterprises.
The Spring 2022 SolutionMap ranking is the second time the platform has received this recognition in the industry-acclaimed technologies assessment. It was first named Value Leader in the Fall 2021 rankings.
Spend Matters has previously lauded Arkestro as being a “Provider to Watch,” a “Provider to Know,” and a “Future 5” solution.
Spring 2022 Spend Matters SolutionsMap – Background
Spend Matters’ SolutionMap is widely regarded as the most rigorous, data-focused functionality assessment of procurement solutions. It is the only assessment that tests more than 500 RFI requirements across ten different S2P module-and-suite technology categories.
Its unique testing process allows SpendMatters’ analysts to drill down each vendor’s actual platform capabilities. Real-time customer feedback also plays a major role in determining where solution providers rank on the maps.
Since SolutionMap was first launched five years ago, procurement professionals have consulted its rankings more than 270,000 times. Arkestro claiming the top spot in the Sourcing category for the second year in a row, beating out more established technology providers, is a testament to its advanced, customer-centric capabilities.
“Predictive sourcing has been a game-changer for enterprises leveraging our embedded platform that suppliers use without a login,” Edmund Zagorin, CEO and Founder of Arkestro, explained.
“By highlighting Arkestro as a Value Leader in this category, Spend Matters is validating the tremendous usefulness and ease of implementation Arkestro brings to enterprise supplier relationships. We’re excited about what the future holds.”
Spend Matters SolutionMap – Why It Matters
Spend Matters boasts some of the country’s top, well-respected procurement analysts. Based on their feedback in the recently concluded assessment exercise, here’s a list of things procurement practitioners said they wished they did before selecting technologies.
- Learned more about how the platform worked
- Not made baseless assumptions about how the software operated
- Ran more demos to get a clearer picture of the product’s capabilities
- Understood the gaps in functionality
- Conducted better due diligence before settling on a particular solution
SolutionMap is designed to help procurement professionals save time on long, drawn-out software RFP processes. It does this by relying on the team of analysts at Spend Matters to do the groundwork.
These experts independently assess the capabilities of procurement technology at a granular level before stress-testing them in live demos. Anyone exploring a procurement technology solution can view the top-ranking options in any of the ten featured categories.
Why Arkestro Was Named Value Leader
When we launched in 2017, we became the first company to use AI to automate the supplier negotiation process fully. Arkestro (formerly Bid Ops) was born out of Edmund Zagorin’s frustration with traditional procurement software and Excel spreadsheet templates. These were the only solutions for procurement practitioners at the time.
Today, we are the leading predictive procurement platform. Our goal is to amplify procurement’s influence. Our product delivers 2-5x cost savings from daily sourcing and purchasing cycles. It achieves this by leveraging machine learning, game theory, and behavioral science models to predict and win faster value across every category of spend.
Arkestro was built to amplify the impact of procurement’s impact and make better decisions, faster. Predictive Procurement Orchestration gives top enterprises the competitive edge in the wake of supply chain disruptions, which has been much-needed in 2022.
Book a free demo to learn why Spend Matters’ analysts ranked Arkestro the Predictive Procurement Orchestration platform as SolutionMap’s Value Leader. Read the full details on the Spring 2022 Spend Matters SolutionMap procurement technology benchmark rankings.