This Spend Matters PRO Vendor Analysis provides an overview of Procurated and its solution for supplier ratings and reviews.
When choosing a new hire, partner or vendor, companies often ask for references. Of course, the person or organization will gladly hand over reviews from their happiest contacts. Rarely will a potential hiring manager or buyer receive a negative rating directly from a prospect. This can be a major problem when sourcing vendors. Organizations may become trapped in contracts with vendors that serve them poorly because they hired the vendor without fully knowing them beforehand.
Procurated was designed to solve this reference check problem. Its goal is to consolidate honest reviews about a vendor’s past performance into one easy-to-use platform. Procurated is a web-based platform styled after ratings and reviews sites like Yelp or Glassdoor but made specifically for buyers to vet vendors.
While it hopes to expand in the future, Procurated is currently limited to the public sector, e.g., governments, educational institutions and nonprofits.
Here’s why Procurated matters:
- To the market — Few vendors provide peer reviews to procurement professionals, and even fewer do it at no cost to users.
- To customers — Procurated offers a free, honest look into suppliers that can help its customers pick the right supplier for them. This can potentially help customers avoid having to learn “the hard way” that certain suppliers will not perform to the desired standard.
- To potential buyers — Not only can Procurated help users source new suppliers, it can help users manage their current suppliers and create supplier performance reviews. However, it should be noted that this is simply a popular use case and not a guided functionality of the application.
This Spend Matters PRO Vendor Analysis explains what makes Procurated different from other Supplier Ratings and Reviews vendors, gives an overview of the vendor’s capabilities and its competitors, provides tech selection tips and closes with key analyst takeaways.