Arkestro Listed As A Sample Vendor in 2022 Gartner® Hype Cycle™ for Procurement and Sourcing Solutions
The Fast Growing Company Was Recognized in Three Categories
SAN FRANCISCO, Aug. 18, 2022 /PRNewswire/ – Arkestro, the leading Predictive Procurement Orchestration platform, today announced it has been identified as a Sample Vendor in the Gartner Hype Cycle for Procurement and Sourcing Solutions. Arkestro was named in three categories: Autonomous Procurement, Supplier Discovery and Autonomous Sourcing.
“Procurement teams are constantly looking for ways to influence more spend and drive greater impact on their organizations’ financial and operational goals,” said Edmund Zagorin, CEO, Arkestro. “We are delighted to be recognized as a Sample Vendor for our Predictive Procurement Orchestration (PPO) platform that enables customers to predict and align more of their spend with the right suppliers at the right price and commercial terms, and perhaps most importantly, make decisions based on cleansed, validated real-time data across their procurement portfolio.”
According to Gartner, “Emerging technologies can help procurement and sourcing teams increase automation, collaboration and agility in the face of uncertainty. Application leaders can use this Hype Cycle to understand the maturity, adoption and benefit of innovations in sourcing and procurement technologies.”
Specifically, Gartner identified Arkestro as a Sample Vendor in three categories, all in the initial “Innovation Trigger” phase of the Hype Cycle, defined as “a breakthrough, public demonstration, product launch or other event that generates significant media and industry interest”:
- Autonomous Procurement: According to Gartner, “Autonomous procurement is the ultimate goal in terms of procurement efficiency. Removing the burden of buying from all but a core group of professionals would free up organizations to reassign resources to focus on more valuable work.” Further mentioning, “Autonomous procurement offers a high return on investment, due to its potential to completely reshape how procurement is executed.” This was the first-ever inclusion of this category in this Hype Cycle, and Gartner gave it a Benefit Rating of ‘Transformational,’ meaning it “enables new ways of doing business across industries that will result in major shifts in industry dynamics.”
- Supplier Discovery: Gartner notes, “Supplier Discovery solutions help organizations find, vet and include new sources of supply for goods and services into their sourcing processes.” Further mentioning, “These solutions can build supply chain resiliency, increase market competition, and deliver risk mitigation, diversity and cost savings, while reducing the effort to identify and qualify new suppliers.” The category earned a Benefit Rating of ‘High,’ meaning it “enables new ways of performing horizontal or vertical processes that will result in significantly increased revenue or cost savings for an enterprise.”
- Autonomous Sourcing: Finally, the report states, “Autonomous Sourcing solutions reduce the cycle time to execute sourcing events and increase the amount of events that can be run without increasing staffing. Automating the execution, negotiation and award decisions of routine spend allows sourcing staff to focus resources on more strategic negotiations and category management activities.” This category also earned a Benefit Rating of ‘High.’
“Today’s procurement and sourcing teams, often driven by talented category managers, are facing tremendous pressures. With market uncertainty and supply chain disruptions, procurement leaders are still expected to be highly impactful cost-control centers within their organizations,” said Neil Lustig, President, Arkestro. “Embedded platform technologies like Arkestro that scale procurement teams’ best decisions across more spend can go a long way in enabling these teams to overcome challenges and deliver on their full potential.”
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2022, Kaitlynn Sommers, Micky Keck, Patrick Connaughton, Lynne Phelan, 1 August 2022. GARTNER and HYPE CYCLE 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. Gartner does not endorse any vendor, product or service depicted in our 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 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.
Arkestro is the leading Predictive Procurement Orchestration platform. Built to amplify the impact of procurement’s influence, Arkestro helps enterprises deliver a 2-5x lift on cost savings attributed to everyday purchasing and sourcing cycles. Top enterprises leverage Arkestro’s behavioral science, game theory, and machine learning to predict and win faster value across every category of addressable spend. Learn more at arkestro.com.