Spend Matters is delighted to announce the 2022 edition of the “50 Procurement Providers to Know” and “50 Procurement Providers to Watch” lists, released at the SIG Global Executive Summit on October 17. For the 9th year in a row, our analysts debated intensely to determine which companies across 10 procurement technology market sectors deserve closer attention as best-in-class or up-and-coming. “50 Procurement Providers to Know” lists the companies that we believe set the industry standard while “50 Procurement Providers to Watch” have innovative products or ideas that could propel the market forward as the company further develops.
Each year, some companies transition from being worth watching to ones that CPOs need to know. This year, our analysts agreed four companies had proven their potential to be considered best-in-class providers to know: AvidXchange, Everstream Analytics, Simfoni and Vertex. Because of the work this achievement represents, we interviewed each vendor to learn what strategies or product enhancements it implemented over the past year and what its ambitions are going forwards.
In this piece, we talk to Julie Gerdeman, CEO of Everstream Analytics, a risk analytics provider that features logistics risk management, predictive insights and weather forecasting capabilities.
In the decision-making process our analysts concurred:
“Everstream Analytics’ combination of full suite supply chain risk management applications/services is powerfully combined with its deep supply chain control tower and is optimized around risk and logistics, as well as its deep supply network monitoring and AI/ML predictive analytics. Moreover, its understanding and correlation of weather patterns to risk is a differentiator.”
In the past 12 months, what do you think Everstream Analytics has achieved to make it stand out to our analysts and effect this transition?
Over the last several years, erratic weather, pandemics and geopolitical tensions have increased the cadence and intensity of disruption and exposed the fragility of our global value chain. In response, companies are shifting their focus to proactive supply chain risk management. We’ve used big data, advanced AI and human intelligence to help clients uncover and mitigate risk for over a decade. This year, we solved one of the most complex supply chain visibility challenges — automated multi-tier mapping. Traditionally, companies have had to rely on slow and manual surveys to see beyond tier-1. Our data scientists pioneered a solution that automatically maps supply chains to the n-tier and applies our real-time monitoring and predictive insights to spot and mitigate risk from raw material through product delivery.
What do you think is the biggest secret to your success since Spend Matters first named you a Provider to Watch?
We can attribute this recognition to the value our clients receive from our insights. We are laser-focused on providing accurate, relevant and usable analytics when and where supply chain decisions are made. We reduce the noise of traditional risk insights by serving up analytics relevant to our clients, and we feed our data into their existing supply chain systems. While many of our competitors are still collecting data via surveys, we’ve proven that the right combination of big data, graph databases and artificial intelligence can do the difficult job of identifying n-tier suppliers with much less effort and better reliability.
What are your ambitions for further success going forward?
We are developing our technology to enable self-healing supply chains. We’re on this journey with our clients to move from predictive to prescriptive insights and, ultimately, supply chain hyper-automation. Soon, we’re launching our enhanced risk feed to foster collaborative information sharing and automate action plans across internal and external stakeholders. We’re also adding advanced scenario planning to model the potential impact of an incident on assets, lanes, shipments, materials and products in a defined area. We will continue to expand our use of AI to create tailored recommendations to mitigate or avoid risk, increase efficiencies, improve ESG performance and save money.
What does it mean to Everstream Analytics to become a Provider to Know in 2022?
We are truly honored by this recognition. Receiving such attention from Spend Matters signals the positive impact we’re having in the supply chain risk space.
Spend Matters looks forward to following Everstream on its forward journey.
Read our risk vendor profiles including Evertream Analytics here (PRO subscription required)
If you’d like to be considered by the Spend Matters analyst team for next year’s lists, procurement tech providers can create a free listing in the Spend Matters Almanac, the most comprehensive technology and service directory of procurement and supply chain solution providers.
If you’d like to know more about our analysts’ 50 Providers To Watch and Know methodology and selection process, join our webinar on October 31.