2023 ProcureTech100 - Source to Pay
S2P. S2C. P2P. Suites. Sourcing.
The Source to Pay (S2P) category is defined by solutions that provide source-to-contract (S2C) and purchase-to-pay (P2P) solutions, alongside additional modules that typically include analytics, supplier management and risk management.
In 2023, there has been slow overall growth amongst market players. Continuing the trend from 2022, finance and payment solutions are innovating and developing procurement capabilities across their existing customer base, thereby enabling them to be considered part of the S2P domain.
Robust integration remains the entry ticket for the ecosystem evolution, with more mature players creating marketplaces, incubators, and investment vehicles to facilitate scale within their own ecosystems. Meanwhile, acquisitions are expected to continue at the same pace into 2024.
Trends that corporates have been continuing to advocate this year include the front-end visualisation layer, and improved integration capabilities across the ecosystem. These ongoing demands have led to a level of scepticism, regarding whether S2P will ever reach the same level of experience maturity that users see in today’s B2C applications.
Recognising these gaps, a new term has been brought forward to help solve these pain points, ‘process orchestration’. This has enabled newer workflow solutions to integrate procurement capabilities more efficiently, more smoothly, and with a better user interface. For the time being, the S2P providers continue to be seen as the ‘backbone’ or start of the digital procurement journey.
“It will continue to be a race of capability innovation against best-of-breed solutions with strong business cases, before corporates decide to invest money elsewhere. Have full awareness of roadmaps, and taper expectations as new capability is released.” Mackenzie Grant, Senior Manager, ProcureTech
Founded: 2000
Company HQ: USA
A single platform to generate value across the S2Pay cycle
Ivalua is a leading provider of cloud-based spend management software.
Its complete, unified platform empowers businesses to effectively manage all categories of spend and all suppliers, thereby increasing profitability, improving ESG performance, lowering risk and improving employee productivity. Ivalua is trusted by hundreds of the world’s most admired brands, and is recognised as a leader by Gartner and other analysts.
Founded: 2018
Company HQ: USA
The construction industry’s leading materials Procurement platform
Kojo is the leading materials Procurement platform for trade and self-perform general contractors.
By connecting office teams, field crews, the warehouse and vendors through one all-inclusive Procurement platform, contractors control their Procurement process from takeoff to closeout, saving on materials costs, reducing waste, and increasing productivity.
Founded: 2014
Company HQ: USA
Spend smarter, approve faster, make better purchasing decisions
Precoro is a cloud-based solution for Procurement and AP automation.
It empowers companies from more than 80 countries (across the USA, UK, Europe and Asia) to transform their purchasing experience, increase business efficiency with digitisation, and simplify complex day-to-day operations.
Precoro provides Procurement and Finance managers with the ability to replace paperwork, centralise purchasing, improve spending visibility, and prevent human factor mistakes. Plus, Precoro is breaking the stereotype that purchasing software is expensive, hard to implement, and unfriendly to users.
Founded: 2015
Company HQ: USA
Providing digital Procurement transformation through advanced machine learning-enabled spend analytics, eSourcing and buying automation
Simfoni provides spend analytics, spend automation and eSourcing solutions to leading global enterprises. The Simfoni platform utilises machine learning and AI to accelerate and automate key aspects of the procurement and sourcing processes, saving customers time and money and paving the way toward supply chain sustainability.
With offices in the USA, Europe, Australia and the Middle East, Simfoni works with its customers and the wider vendor community to improve vendor diversity and achieve strategic CSR objectives.
Founded: 2016
Company HQ: USA
Developing pioneering software for strategic Procurement
Team Procure is a cloud-based Procurement software. It offers e-Procurement solutions such as electronic auction, request-making, bid collection, approval process and delivery tracking.
Team Procure develops software that enables users to conduct strategic Procurement. In addition to the benefits of cost and time saving, its solutions increase reportability and transparency.
Founded: 2019
Company HQ: USA
Comprehensive source to contract software for product manufacturing companies
Zumen is a cloud-based source to contract software for product manufacturing companies. Zumen enables product manufacturing companies to digitise their direct sourcing and procurement, and manage every detail of the process in a transparent, collaborative platform.
With Zumen’s part life cycle management, BOM interface, supplier base visibility and product cost management, companies can build an agile, resilient supply chain and get their products to market faster.
Learn more about the 2023 ProcureTech100.
