FRAMINGHAM, Mass.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/IDCInnovators?src=hash” target=”_blank”gt;#IDCInnovatorslt;/agt;–International Data Corporation (IDC)
today published an IDC Innovators report profiling three companies that
are leveraging cloud and other technologies to address sourcing business
processes within the procurement market. The three companies named IDC
Innovators are Bonfire Interactive Ltd., Keelvar, and LevaData.
Automation of the procurement process from sourcing to purchase to
contracts to supply base management is well established within the
procurement function. In the digital age, technology is quickly
evolving, changing the way these procurement workflows are utilized in
the enterprise. The introduction of cloud, big data and analytics,
artificial intelligence (AI), machine learning, and cognitive software
into the workstreams has enabled technology to optimize and select the
appropriate decision across multiple internal and external data sets,
ultimately contributing to better business outcomes. Today the pace of
change is as fast as it has ever been, but these technologies are
providing procurement professionals with the real-time visibility,
productivity gains, and scalability to keep pace.
“The digital economy is changing business resource allocation and
business processes significantly. Organizations are turning to
innovative technology to bring more autonomy into the sourcing workflow,
enabling the procurement professional to improve their business
outcomes. Sourcing vendors that want to keep pace must continue to bring
artificial intelligence, cognitive, machine learning, deep learning, big
data and analytics into their near-term product innovation roadmap,”
North Rizza, program vice president, Enterprise
Applications & Digital
Commerce at IDC.
Bonfire Interactive Ltd. uses cloud technology to digitize the sourcing
process with deep automation workflows, rich data, and simplified team
collaboration that brings the necessary data and stakeholders together
into one seamless sourcing platform.
Keelvar automates the sourcing process and helps procurement
organizations adhere to policy and company objectives by using AI and
mechanism design in game theory and machine learning on a cloud platform.
LevaData is a cognitive sourcing platform that utilizes crowd-sourced
intelligence, AI, and a SaaS platform purpose built for procurement and
sourcing to provide recommendations on when to act and how to optimize
negotiations for the maximum savings.
The report, IDC
Innovators: Sourcing Technology, 2019 (IDC #US44862219),
profiles three vendors in the developing technology procurement area of
intelligent sourcing programs.
About IDC Innovators
Innovators reports present a set of vendors – under $100 million in
revenue at time of selection – chosen by an IDC analyst within a
specific market that offer an innovative new technology, a
groundbreaking approach to an existing issue, and/or an interesting new
business model. It is not an exhaustive evaluation of all companies in a
segment or a comparative ranking of the companies. Vendors in the
process of being acquired by a larger company may be included in the
report provided the acquisition is not finalized at the time of
publication of the report. Vendors funded by venture capital firms may
also be included in the report even if the venture capital firm has a
financial stake in the vendor’s company. IDC INNOVATOR and IDC
INNOVATORS are trademarks of International Data Group, Inc.
For more information about IDC Innovators research, please contact Karen
Moser at [email protected].
International Data Corporation (IDC) is the
premier global provider of market intelligence, advisory services, and
events for the information technology, telecommunications, and consumer
technology markets. With more than 1,100 analysts worldwide, IDC offers
global, regional, and local expertise on technology and industry
opportunities and trends in over 110 countries. IDC’s analysis and
insight helps IT professionals, business executives, and the investment
community to make fact-based technology decisions and to achieve their
key business objectives. Founded in 1964, IDC is a wholly-owned
subsidiary of International Data Group (IDG),
the world’s leading media, data and marketing services company that
activates and engages the most influential technology buyers. To learn
more about IDC, please visit www.idc.com.
Follow IDC on Twitter at @IDC