#Spend Matters SolutionMap

[procurement-insights]

How do you Rate the ProcureTech Raters?

[archupnet]

In a significant development for procurement operations, NEOM has announced the transition of its sourcing, purchasing, and contracting activities to the GEP procurement platform. This move marks a shift from the previously utilized SAP Ariba system, aiming to streamline processes and enhance supplier engagement. Phased Implementation Across Sectors The transition to GEP will commence in May 2025, initially impacting three of NEOM's pilot sectors: Enowa, Oxagon, and Tonomus/Tech & Digital. The full deployment across all remaining NEOM sectors is expected to be completed by the end of 2025. Key Features of the GEP Platform GEP's procurement software, recognized for its advanced capabilities, offers several features designed to optimize procurement operations:(Consulting.us) - A new portal for NEOM suppliers, facilitating improved communication and transaction management. - Enhanced procurement helpdesk support, ensuring timely assistance and issue resolution. - Streamlined processes for receiving NEOM invitations to sourcing events and submitting RFx responses. - Efficient management of purchase orders, invoice submissions, and status tracking. - Elimination of network fees for using the GEP software, reducing costs for suppliers. GEP's platform has been acknowledged for its excellence, securing top rankings in multiple categories in the Spend Matters Spring 2025 SolutionMap, including source-to-pay and source-to-contract functionalities. Read the full article

[bpmprocesssolutions]

Unlocking the Top Capabilities of Procure-to-Pay Solutions

Procure-to-Pay (P2P) solutions offer a comprehensive approach to procurement and finance operations, streamlining processes from requisition to payment. Here, we delve into the top capabilities of P2P solutions, highlighting the key functionalities that drive efficiency and effectiveness in procurement processes.

Exploring Top Capabilities

Catalog Modeling: A crucial capability of P2P solutions is catalog modeling, enabling organizations to gain better control over spend by managing catalogs and content that meet all category requirements. While average performing vendors offer basic catalog creation support, top performers provide advanced options, including external content integration, limitless data detail for catalogs, and multiple purchasing models.

Guided Buying: This capability extends the user experience beyond a typical shopping interface, offering guided searches, personalized recommendations, and real-time budget monitoring. Top performers utilize AI and machine learning to personalize recommendations, prescribe savings, and mitigate risks effectively.

Invoice Processing: P2P solutions optimize ordering efficiency while ensuring compliance with budgets, contracts, and accounting standards. While average vendors automate invoice capturing and matching, top performers go a step further by processing invoices through multiple approval chains and leveraging AI capabilities for automatic approvals.

Payment Processing: The ability to handle payments efficiently is another critical capability of P2P solutions. While average vendors support basic payment methods, top performers excel in global cross-border payments, fraud prevention through AI analysis, and advanced payment scheduling.

P2P Analytics: Top P2P solutions offer deep analytics capabilities, providing actionable insights for procurement and finance activities. These insights enable stakeholders to make informed decisions, optimize processes, and drive greater value for the business.

Why Invest in P2P Solutions?

Integrated P2P solutions offer numerous benefits, including improved operational efficiency, reduced paper-based processes, optimized working capital, and minimized risk and non-compliance. By implementing P2P solutions, organizations can streamline procurement processes, enhance visibility, and drive strategic decision-making.

Deriving Market State from SolutionMap Dataset

The 'Top 5' capabilities discussed here are derived from the Spend Matters SolutionMap dataset, which evaluates procurement technologies based on technical capability and customer ratings. These capabilities are critical factors in determining the market state of P2P solutions and guiding organizations in their technology selection process.

Conclusion

Procure-to-Pay solutions play a pivotal role in transforming procurement and finance operations, driving efficiency, and delivering strategic value to organizations. By leveraging the top capabilities highlighted here, businesses can optimize their procurement processes, enhance collaboration, and achieve their strategic objectives effectively.

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BPM Process Solutions - Wix

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[approvalprocureproc]

Unveiling the Key Capabilities of Procure-to-Pay Solutions

Introduction: In the dynamic landscape of procurement technology, understanding the pivotal capabilities of Procure-to-Pay (P2P) solutions is essential for organizations aiming to optimize their procurement processes. This article elucidates the top five capabilities of P2P solutions, derived from the Spend Matters® SolutionMap dataset, offering valuable insights into vendor offerings and market trends.

Vendor Consideration: The analysis encompasses a diverse range of vendors, including Basware, Corcentric Platform, Coupa, ebidtopay, Fraxion, GEP, ISPnext, Ivalua, Jaggaer, Kissflow, Medius, Onventis, OpusCapita, Oracle, Proactis, SAP Ariba, and Vroozi.

Exploring Top Capabilities:

Catalog Modeling: Effective catalog management is imperative for optimizing spend control. While average performers offer basic catalog creation support, top vendors excel in providing advanced capabilities, including external content integration, multi-currency support, and customizable attributes tailored to industry-specific requirements. Guided Buying: Next-generation guided buying extends beyond traditional shopping experiences. Top performers offer personalized recommendations, AI-driven support, and real-time budget monitoring, ensuring a seamless and intuitive user experience. Invoice Processing: Efficient invoice processing is crucial for maintaining compliance and optimizing efficiency. Top vendors leverage AI/ML capabilities to automate approvals, streamline validations, and detect fraud, thereby enhancing accuracy and reducing manual interventions. Payment Processing: Streamlining payment processes is essential for ensuring timely and accurate transactions. Top vendors offer advanced features such as global cross-border payments, AI-led fraud prevention, and automated payment scheduling, facilitating efficient cash management and risk mitigation. P2P Analytics: Deriving actionable insights from procurement data is vital for strategic decision-making. Top performers offer comprehensive analytics capabilities, including market intelligence, predictive analysis, and benchmarking, empowering organizations to drive value and optimize performance. Procure-to-Pay Solution Overview: P2P solutions integrate e-procurement and AP Automation/I2P functionalities, spanning the procurement lifecycle from requisition to payment. By automating processes, reducing paper-based inefficiencies, and optimizing working capital, P2P solutions enable organizations to achieve operational excellence and mitigate risks.

Market State Derivation: The top five capabilities highlighted in this article are derived from the Spend Matters® SolutionMap dataset, which evaluates solutions based on technical capabilities and validated customer ratings. Through rigorous assessment and expert analysis, Spend Matters provides actionable intelligence to guide procurement decisions.

Conclusion: In a rapidly evolving procurement landscape, understanding the key capabilities of P2P solutions is essential for organizations seeking to enhance efficiency, mitigate risks, and drive value. By leveraging insights from the SolutionMap dataset, procurement professionals can make informed decisions and select solutions that align with their strategic objectives.

For more information on procurement technology, consult Spend Matters' comprehensive directory and explore the latest insights from industry experts.

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Approval Procure Process - Wix

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[kennethmjoyner]

Contract Management Company SirionLabs Raises $44M to Further Develop Its AI Platform

SirionLabs, developer of AI-powered enterprise contract lifecycle management technology, said yesterday it has raised $44 million in a Series C round, bringing its total capital raised to date to $66 million.

Yesterday, I reported on three other contract review and management companies that had financing rounds totalling $26 million, so this brings to $92 million the amount invested in corporate contracts technology in a single day.

The investment in SirionLabs was led by Tiger Global and Avatar Growth Capital. Earlier investment rounds in the company were led by Sequoia Capital India.

SirionLabs was founded in 2012 by Ajay Agrawal, the cofounder in 2006 of legal process outsourcing company UnitedLex. Agrawal sold his stake in UnitedLex in 2011 and left the company. Earlier in his career, he was a lawyer at both Simpson Thacher and Debevoise & Plimpton in New York.

In an announcement, the company said it will use the funding to strengthen its leadership in the CLM category, where it says it has seen four-times customer growth in the last 18 months and doubling of its revenue year-over-year for the past three years.

The company was named a Visionary in Gartner’s 2020 CLM Magic Quadrant and the top-ranked CLM in Spend Matters’ SolutionMap six times in a row.

The company says its approach to CLM is superior to others in that it goes beyond contract authoring and storage and enables granular management of performance, invoices and relationships during the post-signature phase.

It hosts contracts in over 40 languages for more than 200 of the world’s largest companies, including Vodafone, Unilever, BP, EY, Fujitsu, Credit Suisse and Abbvie, it says.

from Law and Politics https://www.lawsitesblog.com/2020/05/contract-management-company-sirionlabs-raises-44m-to-further-develop-its-ai-platform.html via http://www.rssmix.com/

[archupnet]

In a significant development for procurement operations, NEOM has announced the transition of its sourcing, purchasing, and contracting activities to the GEP procurement platform. This move marks a shift from the previously utilized SAP Ariba system, aiming to streamline processes and enhance supplier engagement. Phased Implementation Across Sectors The transition to GEP will commence in May 2025, initially impacting three of NEOM's pilot sectors: Enowa, Oxagon, and Tonomus/Tech & Digital. The full deployment across all remaining NEOM sectors is expected to be completed by the end of 2025. Key Features of the GEP Platform GEP's procurement software, recognized for its advanced capabilities, offers several features designed to optimize procurement operations:(Consulting.us) - A new portal for NEOM suppliers, facilitating improved communication and transaction management. - Enhanced procurement helpdesk support, ensuring timely assistance and issue resolution. - Streamlined processes for receiving NEOM invitations to sourcing events and submitting RFx responses. - Efficient management of purchase orders, invoice submissions, and status tracking. - Elimination of network fees for using the GEP software, reducing costs for suppliers. GEP's platform has been acknowledged for its excellence, securing top rankings in multiple categories in the Spend Matters Spring 2025 SolutionMap, including source-to-pay and source-to-contract functionalities. Read the full article

[kennethmjoyner]

Contract Management Company SirionLabs Raises $44M to Further Develop Its AI Platform

SirionLabs, developer of AI-powered enterprise contract lifecycle management technology, said yesterday it has raised $44 million in a Series C round, bringing its total capital raised to date to $66 million.

Yesterday, I reported on three other contract review and management companies that had financing rounds totalling $26 million, so this brings to $92 million the amount invested in corporate contracts technology in a single day.

The investment in SirionLabs was led by Tiger Global and Avatar Growth Capital. Earlier investment rounds in the company were led by Sequoia Capital India.

SirionLabs was founded in 2012 by Ajay Agrawal, the cofounder in 2006 of legal process outsourcing company UnitedLex. Agrawal sold his stake in UnitedLex in 2011 and left the company. Earlier in his career, he was a lawyer at both Simpson Thacher and Debevoise & Plimpton in New York.

In an announcement, the company said it will use the funding to strengthen its leadership in the CLM category, where it says it has seen four-times customer growth in the last 18 months and doubling of its revenue year-over-year for the past three years.

The company was named a Visionary in Gartner’s 2020 CLM Magic Quadrant and the top-ranked CLM in Spend Matters’ SolutionMap six times in a row.

The company says its approach to CLM is superior to others in that it goes beyond contract authoring and storage and enables granular management of performance, invoices and relationships during the post-signature phase.

It hosts contracts in over 40 languages for more than 200 of the world’s largest companies, including Vodafone, Unilever, BP, EY, Fujitsu, Credit Suisse and Abbvie, it says.

from Law and Politics https://www.lawsitesblog.com/2020/05/contract-management-company-sirionlabs-raises-44m-to-further-develop-its-ai-platform.html via http://www.rssmix.com/