From autonomous sourcing to contract lifecycle management, we break down the tech companies helping procurement teams source, evaluate, and negotiate with vendors more efficiently.
With external suppliers accounting for up to 75% of a company’s total spend, the profitability of an organization starts with its procurement teams. And in recent years, global factors like supply chain shortages, regulatory changes, and economic downturns have made budgets tighter and procurement more competitive than ever.
In addition to these larger factors at play, procurement teams must work cross-functionally to ensure other parts of the business have the tools and supplies they need. This requires that they maintain relationships with suppliers, ensure legal compliance, and analyze data across their organization to evaluate how current vendors are supporting workflows.
Tech companies are helping procurement teams more efficiently source and compare new vendors, maintain supplier relationships, assess renewals, and more. In the market map below, we identify 82 tech vendors addressing critical aspects of procurement across 9 categories.
Note: Our map includes private startups that have a Mosaic score of at least 400 and have received funding in the last 5 years. This market map is not exhaustive of the space.
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