Future Leaders of ProcureTech: Automation and AI
swiftscale's top pick of the ProcureTech scaleups you should know about
At swiftscale, our network consists of the leading scaleups with the best-in-class solutions. We’re sharing a few key players in the Procurement Tech space that we think you should keep an eye on or consider implementing.
This article isn’t sponsored. We exist to ensure nothing stands in the way of great people solving hard problems and we do this by helping scaleups get in front of their target market, by making the right connections at the right time.
We hosted the founders of these top scaleups at our Future Leaders of Procurement event in March 2024. Want to hear from the founders themselves? Get in touch at hello@swiftscale.co and we can connect you. We’ll also share your personal invite to the next event!
Firstly, why should ProcureTech innovation be on your priority list? The demand for digital procurement solutions has never been greater, driven by the need to save time, improve cost efficiency, and meet reporting requirements. It has also never been easier with AI and automation and not incorporating the newest technology means you’ll risk slipping behind competition who can harness new tech to become quicker, cheaper and more agile.
69% of businesses lack critical visibility over supply chains (FinTech Global)
Benefits of efficient tools include:
Increased Efficiency and Cost Savings: ProcureTech automates many manual tasks involved in procurement, such as sourcing, requisitioning, and invoice processing
Improved Visibility and Control: Traditional procurement processes can be opaque, making it difficult for businesses to track spending and identify potential risks
Enhanced Collaboration and Supplier Management: ProcureTech platforms can facilitate communication and collaboration between procurement teams, suppliers, and other stakeholders. This can lead to improved relationships with suppliers, better contract negotiation terms, and faster resolution of issues.
Ironically, you have to procure for the right ProcureTech, which is why we’ve selected our top picks so you don’t have to spend hours scouting.
swiftscale’s pick of ProcureTech scaleups:
DeepOpinion is a Generative Automation platform designed to achieve the highest straight-through-processing rates for highly unstructured Order-to-Cash, Procure-to-Pay, or Accounts Payable processes, helping to speed up cycle times and relieve humans from mundane paperwork.
With DeepOpinion, customers can outsource their back-office work to customised AI Apps that can be built from customers' existing infrastructure. DeepOpinion delivers best-in-class cyber security, data privacy, and user trust with extensive encryption and infrastructure protection.
Features we love:
No-code app creation: Customers can customise AI Apps easily using DeeOpinion's no-code UI
Leveraging GenAI while mitigating its risk: DeepOpinion has found a unique way to leverage the power of Generative AI while delivering full traceability and audit-ability to ensure 100% data correctness
Efficient Human-in-the-Loop: Customers can bring in humans to the process to validate according to customisable business rules or confidence thresholds
Client testimonial:
“With DeepOpinion, self-service AI became effortless. It streamlined AI model creation without the need for extensive expertise, saving time and resources” - Siemens
Opstream is an AI-driven, self-service procurement platform for cross-functional teams. It provides visibility and control over spend.
Opstream offers features such as self-service procurement, customisable workflows, and AI-powered insights. These features help businesses save time and money by streamlining the procurement process. Opstream also integrates with a variety of other business systems.
Features we love:
No-code configuration: Customers can autonomously control their own processes and self-serve install and updates
Prevent duplicate purchases: Opstream detects similar platforms within a company and ensures preferred vendors are considered first before making a purchase
Prevents information overload for teams: Built for cross-functional teams, it shows individuals as much as they need to see
Smart buying rules: Spend less time chasing down department heads with employee guides of company policies and procedures across all departments
Spendkey is an AI-powered spend strategy platform that helps organisations transform data and documents into profit-driving recommendations and clear actions. It empowers teams with the insights and market intelligence to manage spend and contracts effortlessly. Spendkey helps businesses of all sizes across all industries, such as pharmaceutical, manufacturing, fintech and consulting.
Tools:
Cassian AI (Contract Analysis. Supplier Spend Insights. Action Negotiations) integrates all spending activities and automatically uncovers opportunities to reduce costs, such as renegotiating contracts or extending payment cycles. It provides specific market insights to analyse supplier performance while automating everyday tasks, including creating and sending documents like RFPs or contract renewals
Category management strategies: customised classification of direct and indirect spend across categories
Accurate budgeting & forecasting: Create and maintain growth by harnessing historical spend trends to uncover actionable insights
Spotdraft is a comprehensive contract lifecycle management platform. The platform assists organisations in the creation, monitoring, and compliance of legal documents.
SpotDraft employs artificial intelligence and machine learning to supercharge various aspects of the contract lifecycle. From initial drafting and negotiation to ongoing management and compliance tracking, the platform streamlines these processes, reducing manual efforts and potential errors.
Organisations use SpotDraft to enhance operational efficiency by automating repetitive tasks, allowing legal teams to allocate their time to more strategic endeavours. SpotDraft enables businesses to create and manage contracts more effectively, ensuring legal documents meet regulatory standards and align with organisational policies.
“We have great feedback from our sales team, being able to produce consistent contracts in a timely manner. SpotDraft has also been able to streamline the approval process and help business teams gain visibility into the contracting process.” - General Counsel, Guideline.ai (PC Dreamscape LLC)
Xylene provides supply chain visibility and product traceability solutions creating sustainable supply chains. They help companies track their products from the source to the customer, identifying and mitigating risks along the way.
Xylene uses a combination of blockchain technology, sensors, and data analytics to track products throughout the supply chain. This allows companies to see exactly where their products are at any given time, and to identify any potential problems early on.
Xylene’s digital toolset consists of web and mobile apps and APIs to digitise supply chains and prove transparency and sustainability claims.
Client testimonial:
“Xylene allows us to have full traceability and transparency in our whole value chain. We are happy to be one of the first companies worldwide in the coffee sector, that can offer and guarantee full and real transparency to our customers.” - Christian Szabady, Rainbow Coffee
Want to learn more about these scaleups and meet the founding teams? Got a different kind of challenge you need to solve?
Get in touch at hello@swiftscale.co, we’d love to chat