A New Paradigm for Digital Procurement

A New Paradigm for Procurement: Leading Digital Acceleration for Enterprise Spend

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ProcureTech is collaborating with Craft and SecurityScorecard, the global leader in security ratings, to build ProcureTechSOURCE, an all-in-one platform with digital procurement vendor data in one place, powered by proprietary intelligence, updated in real time, and vetted by cybersecurity experts to help accelerate the adoption of digital procurement solutions.  

Amid a fluctuating global supply network and a procurement landscape that requires nimble and intelligent decision-making, ProcureTech intends to identify and champion the most innovative and forward-thinking procurement technology, data and analytics solutions on the planet. 

 

That’s why ProcureTech is collaborating with Craft and SecurityScorecard to build ProcureTech, a single platform for digital procurement solutions. 

The mission is to curate and showcase the dynamic, diverse, and future-focused companies that are revolutionizing how we think about procurement. ProcureTech will do this by applying science, intelligence and experience to the procurement technology, data and analytics ecosystem of over 4,000 companies. The process will involve a unique combination of data, customer reviews and expert opinion from procurement and technology leaders and investors.  This will create the ProcureTech100 – the definitive 100 pioneering digital procurement solutions on the planet; and also ProcureTechSOURCE – the ultimate marketplace for digital procurement solutions.

 
A Unique Partnership with Powerful Synergy

Each partner will bring unique value to ProcureTech. As ProcureTech’s CEO, Lance Younger, explains,

“The procurement environment is evolving at an increasing pace, with digital solutions able to simplify, expedite, and improve the process dramatically. ProcureTech, Craft and SecurityScorecard are partnering to create an intelligent, collaborative platform to help make this shift happen.”

ProcureTech provides the platform – an intelligent, digital market designed to change the way professionals source, select and buy digital procurement solutions. It provides a dedicated, transparent channel for vendors to share their capabilities, streamline lead generation and increase sales.

Craft provides comprehensive data that allows supply chain and procurement professionals to better understand their suppliers, proactively manage relationships, innovation and respond to risk.

Craft’s CEO, Ilya Levtov, believes the partnership will drive valuable innovation within industry.

 
“We’re excited about uniting powerful data sources to enable companies to make informed supply chain decisions and gain access to the best digital procurement solutions available. ProcureTech fills a critical gap in the market, showcasing companies that offer the technology to meet complex selection criteria, especially when selecting technologies with supplier risk, diversity, and sustainability in mind.”

 

Seb Butt, Craft’s General Manager for EMEA has observed a sharp increase in demand for digitalisation over the past 2 years; “Procurement has not been prioritised when allocating digital transformation time and resources in the past few years, but this is changing. Through a combination of unprecedented disruption due to the pandemic, supplier challenges related to cyberattacks, shipping delays, geopolitical competition, human rights violations, and extreme climate events – enterprises have had to re-think what’s important for them – supplier resiliency is at the top of that list and digitalisation is a cornerstone.”

The partnership with SecurityScorecard will support companies in identifying and onboarding best-in-class procurement technology vendors by providing buyers with continuously updated security data that covers the comprehensive risks (including cyber) that face a business in a single location. This will eliminate the need for them to gather the data on their own, creating huge efficiency gains. 

In a digital environment with constantly developing technology, cybersecurity is now more important than ever. That is where SecurityScorecard enters. SecurityScorecard’s CEO, Aleksandr Yampolskiy, writes,

 
“We see this partnership as an opportunity to further the importance and role that cybersecurity plays in the procurement process in the interest of making it a table stakes requirement for all companies and their respective procurement teams.”
 
Transforming Procurement Together

The launch of ProcureTech combines the industry-leading standards, cutting-edge technology solutions and expert-driven insights of three deeply synergetic companies. In its creation, the companies hope to digitally transform procurement for the better – setting new standards for operating in the ecosystem.

The partnership enables greater transparency into the true capability, experience and performance of thousands  of digital procurement solutions. This is a unique perspective and a platform for creating faster, smarter matches. But it is also encouraging enhanced reporting on cybersecurity, facilitating deeper evaluation of risk and capability, and contributing to a stronger supply chain landscape that is resilient, adaptive, and digitally enabled. 

Yampolskiy of SecurityScorecard adds, “We hope that other vendors, outside of the procurement technology space, see this as an example of how procurement should be done, and start aggregating continually refreshed comprehensive data on themselves and sharing it with prospective buyers.”

 
“Together, Craft, SecurityScorecard, and ProcureTech intend this new platform to help supply chain and procurement professionals discover, evaluate, and monitor digital procurement solutions to create stronger supply chain resilience through a powerful combination of comprehensive data, insights, and software solutions. In parallel, ProcureTech provides a collaborative platform for vendors to share their solutions and experience”
Lance Younger CEO ProcureTech.
 

Procurement professionals can get involved by completing customer reviews on the digital procurement solutions that they are using.  ProcureTech will plant 10 trees for every customer review that is completed.  Digital procurement solution providers can check out their profile on ProcureTech.co, update and also ask customers for reviews too.

 
About ProcureTech

ProcureTech is on a mission to accelerate and amplify the digital future of procurement to solve the most pressing social, environmental, and economic challenges. ProcureTech is a dynamic platform for procurement and technology leaders, entrepreneurs and the digital procurement ecosystem. For more information, visit procuretech.co or connect with us on LinkedIn.

Media Contact
Lance Younger

Email: lanceyounger@procuretech.co

 

About Craft

Craft is the leading supplier intelligence platform that helps supply chain and procurement professionals discover, evaluate, and monitor suppliers to create stronger supply chain resilience through a powerful combination of comprehensive data, insights, and software solutions. For more information, visit www.craft.co or connect with us on LinkedIn.

Media Contact
Jessica Erickson

Email: jess@craft.co
 
About SecurityScorecard

SecurityScorecard is the global leader in cybersecurity ratings. Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard’s patented rating technology is used by over 16,000 organizations world-wide for enterprise cyber risk management, third-party risk management, board reporting, and cyber insurance underwriting—making all organizations more resilient by allowing them to easily find and fix cybersecurity risks across their externally facing digital footprint. Every company has the universal right to their trusted and transparent Instant SecurityScorecard rating. For more information, visit securityscorecard.com or connect with us on LinkedIn.

Media Contact
Chris Michaels
Email: cmichaels@securityscorecard.io
(805) 390-0819

ProcureTech and Kearney collaborate to define the 100 pioneering digital procurement companies that are transforming enterprises

ProcureTech and Kearney define top 100 pioneering digital procurement companies

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ProcureTech and Kearney collaborate to define the 100 pioneering digital procurement companies that are transforming enterprises.

ProcureTech and Kearney, the global management consultancy, today announces an alliance to create the ProcureTech100, the definitive global list of 100 pioneering procurement technology, data and analytics solutions.  ProcureTech100 will provide unique visibility and access to the dynamic, diverse, future focused solutions that are empowering transformation in procurement.

The appetite for digital procurement is growing significantly and the current pandemic has accentuated this, with the market estimated to grow by 10% CAGR from 2021 to 2026[1]. However, many buyers are finding the current digital landscape complex or hard to keep up with, and as a result the sourcing and implementation of digital procurement solutions frequently under delivers against objectives.

“One of the biggest challenges for procurement leaders is finding digital procurement solutions that solve their individual challenges, and ultimately rapidly deliver ROI,” said ProcureTech’s CEO, Lance Younger. “Working in partnership with Kearney we will identify technology, data and analytics solutions that are innovative, intuitive and intelligent, whether from disrupters or established providers.”

Elouise Epstein, Partner at Kearney said, “Procurement has moved into the platform era where we adopt a flexible ecosystem of value creating tools. This future proof approach, well established in other domains, allows companies to quickly adopt sophisticated, targeted technologies that evolve to meet the needs of today and the challenges of tomorrow. The ProcureTech100 will help the procurement industry to identify the latest and greatest technology, data and analytics solutions that will transform our collective procurement function, create short-term benefits, and enable long-term value in the supply chain.”

ProcureTech100 will review over 4,000 solutions across all procurement related capabilities from sourcing, contract management and sustainability to risk, collaboration, supplier management and payments. We will apply statistical analysis over 50 key data points including growth, security, customer, financial, innovation, employee data and customer reviews to create a short-list of 150-170 companies. Over 60 global procurement leaders, technology experts and B2B investors will review the short-list across 14 categories. This will comprise the ProcureTech100. Unique categories will include growth, social impact, customer satisfaction, innovation, B2B marketplaces and analytics. The initial ProcureTech100 list will be announced in Autumn, then on an annual basis.

The ProcureTech Kearney collaboration will highlight the innovation and momentum in this rapidly evolving digital procurement ecosystem will accentuate procurement’s business impact. “If we can get procurement digitalisation right, the potential is huge, in the best-case scenario, procurement could become a competitive differentiator, anchoring the supply chain and driving collaboration with a wider ecosystem of partners” said Adrian Friederich, Maersk Growth.

[1] Global Industry Analysts, Inc

For more information, please contact hello@procuretech.co

ProcureTech announces the ProcureTech100

ProcureTech announces the launch of the ProcureTech100

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The ProcureTech team announce the launch of the ProcureTech100, the definitive global procurement technology, data and analytics solutions.

The ProcureTech100 has been launched in response to rapid growth of the digital procurement market and is a part of a powerful, global, live platform dedicated to procurement. The ProcureTech100 will showcase the 100 pioneering digital procurement solutions, from the digital procurement ecosystem of over 4,000 vendors, and will be announced at a virtual event in Autumn 2021.  

 

The demand for digital procurement solutions continues to grow rapidly and has accelerated through the recent pandemic. The market is now estimated to grow by 10.2% CAGR from 2021 to 2026 [1] as the need for solutions to mitigate supply risks, improve innovation and sustainability, all whilst maintaining profitability increases in importance. Despite this growth, the increase in variety and options plus the complexity of the solutions available means sourcing and implementing digital solutions frequently under-delivers against objectives.

“Enabling digital enablement ideas to thrive at speed is a 2021 business imperative, especially to scale sustainable procurement,” says Thomas Udesen, CEO, Bayer and Co-Founder of the Sustainable Procurement Pledge.

ProcureTech will provide a unique solution to this. The comprehensive platform will review over 4,000 digital solutions globally across all industries and all procurement capabilities from sourcing and contract management to supplier management and risk. By applying statistical analysis of over 50 data points including growth, security and innovation, plus live customer reviews we will create a shortlist of 150 to 170 businesses. Then insight and experience from over 60 panellists, a combination of procurement leaders, investors and technology experts will help define the final 100 solutions across 14 categories including growth, social impact and customer satisfaction.

ProcureTech‘s CEO and Founder, Lance Younger said “The ProcureTech Ecosystem is one of the most dynamic, progressive and innovative elements of the enterprise. Thousands of pioneering procurement technology, data and analytics companies bring the ecosystem to life, supercharging leading procurement teams across the globe with the latest innovation and insight.”

All digital procurement solution providers can collaborate on the platform for free, sharing their solution profile and requesting customer reviews. Procurement and technology leaders are also free to use the platform, as a one stop-shop for digital procurement resources, solutions and to complete customer reviews. Recognising the importance of customer reviews and the collective intelligence in the procurement community, ProcureTech are planting 10 trees for every review completed.

“The ProcureTech100 digital procurement solutions are driving enterprise transformation. We are excited to be collaborating with the industry to showcase these pioneers, creating greater visibility and access to the digital procurement ecosystem,” says Younger.

 

About ProcureTech

ProcureTech is on a mission to accelerate and amplify the digital future of procurement to solve the most pressing social, environmental, and economic challenges. 

ProcureTech is a dynamic platform for procurement and technology leaders, entrepreneurs and the digital procurement ecosystem.  It is an intelligent, global, digital platform designed to change the way professionals source, select and buy digital procurement solutions; and home to the ProcureTech100 – the definitive 100 pioneering digital procurement solutions.

 
Media Contact
Lance Younger, CEO & Founder
Email: lanceyounger@procuretech.co
https://www.procuretech.co

 

[1] Global Industry Analysts, Inc