SPARK Matrix™: Spend Analytics, Q2, 2023

Quadrant Knowledge Solutions defines Spend Analytics software as a “tool that gathers, cleans, clusters, categorizes, and analyses an organization’s end-to-end procurement spend to identify opportunities for saving cost, increasing productivity, and enhancing supplier relationships.” The tool incorporates data from various sources, including financial and third-party data, to decrease wasteful procurement spend, mitigate contract compliance risks, help make apt sourcing decisions, track and benchmark spend performance, and provide better visibility of expenditure data.

Quadrant Knowledge Solutions’ Spend Analytics market research includes a detailed global market analysis of major vendors. The research comprises vendors’ product features and functionalities and competitive differentiating factors. The research provides competitive landscape and vendor analysis to enable technology vendors to enhance their understanding of the market and implement a growth-oriented technical roadmap.

The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. SPARK Matrix includes the ranking and positioning of the leading Spend Analytics vendors with a global impact. SPARK Matrix also includes an analysis of vendors, including Coupa, GEP, Ignite Procurement, Ivalua, Jaggaer, McKinsey (Orpheus), Microsoft (Suplari), Onventis (Spendency), Rosslyn Data Technologies, SAP (Ariba), Scanmarket (Unit4), Sievo, Simfoni (Xeeva), Spend HQ, Synertrade, Xeeva, Zycus.

According to Akshat Shah, Analyst at Quadrant Knowledge Solutions, “Spend analytics have progressed from offering cost-cutting recommendations to assisting organizations in visualizing and optimizing their spending across different categories, improving visibility into suppliers’ pricing structures, and assisting in the supplier selection process to improve operational efficiency and reduce costs. With the advent of advanced analytics technologies, such as machine learning, artificial intelligence, automation, and NLP, spend analytics has evolved significantly, allowing them to track the outcome of strategic spend initiatives to compare against original goals in real-time. spend analytics software provides detailed insights into spending patterns, supplier performance, contract compliance, and other critical metrics. Spend analytics also assist users with real-time visibility into potentially fraudulent activities, running automated supplier compliance checks and mitigating supplier risk.”

Q2 2023 Spend Analytics SPARK Matrix
Source: Quadrant Knowledge Solutions

Table of Contents

Executive Overview

Market Dynamics and Overview

• Market Definition
• Market Overview
• Key Spend Analytics capabilities

Competition Landscape and Analysis 

• Competitive Overview and Analysis
• Factors and Technology Differentiators

SPARK Matrix™: Spend Analytics, Q2, 2023

Custom Research Service

Our custom research service is designed to meet the client’s specific requirements by providing a customized in-depth analysis of the technology market to meet your strategic needs. Further, our custom research and consulting services deliverable is uniquely effective, powerful, innovative, and realistic for helping companies successfully address business challenges. Our team of experienced consultants can help you in achieving short-term and long-term business goals in the following ways:

• Detailed understanding of the industry structure, market participants, and value chain mapping.
• Business potential and opportunities of target markets, economies, and industries.
• Strategic planning and tactical opportunities.
• Go to market strategies.