In November of 2021, Spend Matters announced that they added Arkestro (formerly Bid Ops) to the Spend Matters’ Fall 2021 SolutionMap. Spend Matters has named Arkestro a Value Leader for the small, medium, and large businesses categories. This is Arkestro’s first inclusion in the influential procurement industry technology benchmark, which ranks 68 leading solutions across 12 key technology areas. Spend Matters has previously recognized Arkestro as being a “Future 5” solution, a “Provider to Know,” and a “Provider to Watch.”
Spend Matters SolutionMap 2021
This achievement comes at a landmark time for Spend Matters. 2021 marks just the second major revamp of SolutionMap since its 2017 launch. New for 2021 are updated technology categories, a more focused RFI, and new “market personas.” The evaluation for inclusion on the list involved Spend Matters analysts rigorously testing solutions to provide detailed functionality-based scores. In addition, they included over 900 customer reference scores to account for “real-life” feedback on how systems performed.
Arkestro making Spend Matters’ Fall 2021 SolutionMap amid fierce competition is a significant accomplishment. Placing so highly in the rankings on its first appearance against so many established procurement solutions is a testament to its advanced capabilities and focus on customers.
“There are massive untapped opportunities for predictable, repeatable cost savings with resilient, high-performing supplier relationships.“ said Edmund Zagorin, CEO and Founder of Arkestro. “We’re honored to receive this recognition, and it’s a credit to our trailblazing customers who have leveraged Arkestro to deliver great results to their business stakeholders.”
Founded in 2004, Spend Matters is the global content community and hub for procurement, finance, treasury, and supply chain professionals. SolutionMap launched four and half years ago, and its rankings have been consulted by over 220,000 procurement professionals.
The Fall 2021 revamp of Spend Matters SolutionMap incorporates recent innovations in the industry while accounting for new functionality and evolving industry standards. Reflecting the complexity of the procurement market, the Fall 2021 Spend Matters SolutionMap evaluates 500+ RFI requirements. They span 12 categories of procurement technology and the following 10 market personas:
- AP Automation/Invoice-to-Pay
- Contract Lifecycle Management (CLM)
- Procure-to-Pay (P2P)
- Source-to-Contract (Sourcing, Analytics, SRM, CLM)
- Source-to-Pay (S2P)
- Spend and Procurement Analytics
- Supplier Relationship Management and Risk (SRM)
- Vendor Management Systems with SOW persona
Our focus on innovation and exceeding the expectations of our customers has paid off with a rising profile and growing recognition within the procurement industry. With a global pandemic and supply chain disruption wreaking havoc, Arkestro’ Predictive Procurement Orchestration capabilities, including AI-powered forecasting, have proven invaluable. It’s kept organizations ahead of shortages and disruptions, helped procurement teams to continuously exceed their targets despite the many challenges, and driven savings.
To learn why Spend Matters’ analysts ranked Arkestro AI-powered predictive procurement software as SolutionMap’s Value Leader, book a free demo. Read full details on the Fall 2021 Spend Matters’ SolutionMap procurement technology benchmark rankings here.