Gartner Names Four 2020 Cool Vendors in Sourcing and Procurement for Supply Chain

Gartner’s newest research highlights four 2020 Cool Vendors in Sourcing and Procurement for Supply Chain that offer innovative alternatives in the marketplace.

Analyst house Gartner, Inc. has released its newest research highlighting four emerging solution providers that manufacturing and supply leaders should consider as compliments, additions, or potential replacements for their existing architectures. The 2020 Cool Vendors in Sourcing and Procurement for Supply Chain report features information on startups that offer some disruptive capability or opportunity not common to the marketplace. Gartner analysts Koray Kose, William McNeill, and Miguel Cossio compiled the materials for this report.

Solutions Review’s editors have read the complete report, which is available here, and want to take the opportunity to provide a brief, independent introduction to each of the cool vendors listed. Though Gartner’s process for selecting Cool Vendors is somewhat mysterious, we believe our unique view of the space can help you to better understand how these analytics solutions will fit into the marketplace as time goes on.

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Fairmarkit is focused on optimizing the sourcing process of nonstrategic and tail spend purchases. Rather than digitizing the quoting process, this vendor seeks to automate it to reduce manual touchpoints. The solution can use machine learning to classify the type of products or services being purchased in order to recommend a list of suppliers for consideration. This vendor is a good choice for procurement application leaders, chief procurement officers, and leaders of procurement centers looking to gain better control of tail spending to consolidate suppliers, minimize risk, and optimize costs.

SCALUE takes a static data cube into real-time analytics and opportunity assessment through its SpendFLOW module, which provides details into deep spend analysis. It also offers tangible and actionable proposals to establish project-based sourcing initiatives. The user interface is simply built, encouraging easy dashboard setup and software implementation. This vendor is a good choice for a variety of procurement leaders and technology leaders that have responsibility for cost optimization and savings, as well as companies with high-volume, high-velocity supply chains.

scoutbee offers a supplier discovery tool that combines web crawling and machine learning to analyze a variety of sources. The tool can function in multiple languages, crawling the internet and searching for suppliers that meet a user’s specific search criteria. Buyers can refine the search by setting parameters, and the tool pulls results into a knowledge graph and displays results. This vendor is a good choice for global companies with over $500 million in addressable spend, as well as professionals looking to introduce new supplier discovery products.

SourceDay’s solution is a SaaS-based platform that focuses on purchase order management, enabling a near- to real-time reflection of demand and supply changes in volatile environments. SourceDay centralizes the requisition, acknowledgment, change management, and tracing of purchase orders into one platform as a procurement collaboration solution for buyers and sellers. This vendor is a good choice for organizations with spend from $100 million to several billion dollars, in need to digitize processes with less time and resources available.