Spend Matters, the leading source for Procurement solution intelligence, declared Archlet a ‘Future 5’ Procurement software vendor for 2021. For the 8th year in a row, Spend Matters has released its annual “50 Procurement Providers to Know” and “50 Procurement Providers to Watch” lists — plus the 3rd annual “Future 5” list of noted start-ups. Each year, their technology analysts assess the capabilities for an array of companies across 10 procurement technology market sectors to determine the lists totaling 105 vendors in the industry. These represent the best-in-class companies you need to know about as well as the up-and-coming, growing firms to keep your eye on. The announcement took place at the SIG Executive Summit in Carlsbad, California, USA, yesterday.
The recognition as ‘Future 5’ Procurement software provider highlights Archlet’s innovative approach to democratizing advanced features like optimization in sourcing and making them accessible to a larger audience. Optimization and scenario-based analysis are usually only used in highly complex events and high spend categories like transportation, where it is used by extensively trained power users with a background in mathematics. Archlet is making these capabilities available to every Procurement manager in every sourcing event, independent of spend category or complexity and therefore unlocks new savings opportunities for organizations.