Today Spend Matters is excited to announce the release of its Fall 2022 SolutionMap and TechMatch procurement technology benchmarking rankings, which include 73 procurement technology vendors and the newly added ‘Carbon Management’ TechMatch module.
Known as the most rigorous data- and intelligence-based assessment of procurement technology functionality in the industry, SolutionMap contains 500+ RFI requirements across 11 source-to-pay (S2P) categories to highlight the real capabilities of each vendor. Anonymized customer feedback also factors into the vendor rankings.
Highlights this cycle
Eight new vendors were added to SolutionMap and TechMatch for the Fall 2022 cycle:
- BCG: Carbon Management*
- Carbmee: Carbon Management*
- EcoVadis: Carbon Management*
- Efficio: S2C
- Fairmarkit: Sourcing
- ProcureWise: VMS/SOW
- SimpliContract: CLM
- Trust Your Supplier: SxM + Risk
Additionally, nine existing vendors added new modules to their participation:
- APEX Analytix: Carbon Management*
- Coupa: Carbon Management*
- GEP: Carbon Management*
- Ivalua: Carbon Management*
- Kissflow: AP/I2P
- MeRLIN: CLM
- Sievo: Carbon Management*
- Simfoni: Carbon Management*
- SupplHi: Carbon Management* and SxM + Risk
*Carbon Management is a new module in TechMatch.
Carbon Management in TechMatch
In response to a growing focus in the industry, Spend Matters has introduced a CO2 function to its procurement technology comparison tool, TechMatch. The new Carbon Management module for our procurement technology rapid selection tool, TechMatch, aims to help Procurement teams with the heavy burden of reducing upstream Scope 3 emissions.
“Companies inherit massive CO2 footprints from their extended supply chains and procurement teams are increasingly tasked with providing data and reducing these upstream Scope 3 emissions,” says Bertrand Maltaverne, lead analyst.
“Existing solution providers and new players are addressing the challenge in different ways. We applied our fact-based methodology (participants had to answer 39 functional questions and provide qualitative data) to develop the new Carbon Management TechMatch and we will continue to enhance the benchmark as vendors enhance their capabilities. It’s our contribution to supporting organizations tackling this common challenge.”
Spend Matters Carbon Management TechMatch helps procurement organizations of all sizes efficiently and effectively identify their best-fit CO2 management tool for their needs. Solutions from both the S2P and ESG specialist markets have participated in this much-needed initiative. Look out for more on this to come.
How SolutionMap works
Spend Matters analysts assess solutions against a given persona and module. In each market persona, additional weighting adjustments are applied to the overall module and to customer reference responses to further emphasize points of relevance for each market segment. For transparency and clarity, we have published details of how the market personas differ from a weighting standpoint to represent unique buying scenarios. An explanation of each market persona weighting details can be found below:
SolutionMap is updated and published every six months to accurately reflect solution updates in the source-to-pay landscape. Since its launch five years ago, SolutionMap rankings have been consulted more than 270,000 times by procurement professionals. Many have subscribed to SolutionMap Insider content, PRO analyst research and Spend Matters TechMatch to gain access to deeper data cuts and vendor intelligence to drive procurement-technology-selection decisions. See membership comparisons and details here
SolutionMap vendor participation list
Here is a visual of ranked vendors by SolutionMap technology category for your reference:
Here is an overview of ranked vendors by SolutionMap technology category for your reference:
When discussing the usefulness of SolutionMap, Nick Heinzmann, VP of Research at Spend Matters, recently noted that:
“Given the rate of economic and geopolitical upheaval in 2022, the procurement technology market has only accelerated its pace of innovation to keep up with customers’ evolving needs. Our Fall 2022 SolutionMap results underline this point, as vendors step up to the challenges of a volatile business environment with new capabilities and partnerships. As we saw in live demonstrations across the 74 vendors this cycle, major investments in supplier and supply chain risk management, automation support (RPA, AI/ML) and the extension of burgeoning B2B payments/financing support, among other areas, are all advancing rapidly, both at established vendors and from impressive new entrants.”
This responsiveness is illustrated by the amount of vendors that are adding carbon management functionality to their procurement tech solutions, which is spurred primarily by consumer demand and regulations. Read more here.
You can visit spendmatters.com/solutionmap to view the free ranking charts by procurement technology category and market persona for a more tailored benchmark view or to learn more about the methodology.
Members can access SolutionMap Insider for more granular comparisons of vendors.
We are delighted with another successful release of SolutionMap. It’s the culmination of months of demos, deep-dive analysis, questions, comparisons and hard work on behalf of the participants.
If you have any questions or would like to discuss further, please contact our client services team