FRAMINGHAM, Mass.--(BUSINESS WIRE)--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," said Mickey 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
IDC 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@example.com.
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 and LinkedIn.