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 Gartner® Cool Vendor.
Key Findings About Sourcing and Procurement for 2022 by Gartner
Key findings from the report:
- “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.”
- “Top tactics to achieve cost savings include deploying technology to automate processes and collaborating with suppliers to identify opportunities.”
- “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.
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