ISG Provider Lens 2022-Procurement: What Makes Corcentric Stand Out?
Corcentric announced recently that Information Services Group (ISG) has recognized the company as a global leader in its Procurement Software Platforms and Solutions Provider Lens™ Midmarket and Large Accounts report (report download available here). Corcentric is one of nine companies attaining “Leader” recognition in the report, which compares “software vendor strengths, challenges and competitive differentiators”.
“Corcentric’s deep platform capabilities with value-added services position it as a Leader in this market.” — Bruce Guptill, Lead Author, ISG Provider Lens 2022 – Procurement Software Platforms and Solutions
Let’s have a look at what made Corcentric stand out.
Unique value improvement position: Corcentric is one of few platform vendors in this space that guarantee levels of customer procurement improvement and project ROI.
It is commonly reckoned that somewhere in the region of 4% of external spend is wasted due to lack of automation and optimization. So, for every € 200m spent, there could be around € 8m wasted; that’s a lot of money!
Corcentric has created an innovative solution for source-to-pay designed to help businesses save money, increase efficiency, reduce risk, and improve working capital to drive measurable, sustainable results and ROI. Below are just some samples of improvements Corcentric customers achieve with Corcentric Source-to-Pay solutions:
- Compliance: with Corcentric, processes can be defined across a business from supplier registration to invoice. Full procurement policy compliance can be enforced and checked with complete visibility.
- Efficiency: automation increases teams’ performance, making supplier onboarding faster and reducing time-to-market.
- Spend control: real-time price validation, budget and spend tracking, contract access and spend limits enforced at the time of transaction.
- Collaboration: users across purchasing, AP, Finance, Legal all using the same software and speaking the same language. Stakeholder involvement increases.
- Data management: single source of unified data for true reporting cohesion!
Robust core offering: Corcentric’s deep portfolio fully addresses all assessment criteria used by ISG to evaluate procurement platform providers.
Corcentric’s Source-to-Pay solutions bring visibility and control over the entire purchasing lifecycle on one single platform. If you’ve been in the procurement space for some time, you’ve likely heard the stories about nightmarish processes where the entire source-to-pay stream was spread out amongst various tools, departments and teams.
Corcentric streamlines and automates end-to-end purchasing processes to create a cohesive continuum across strategic sourcing, supplier management, contract management, procurement, invoice management, financing, and payments.
Value-added software and services: Corcentric continues to expand value-added services around its core platform. Its advisory and consulting services focus on sustainably reducing process complexity and costs, while improving supplier and category management.
Corcentric’s unique combination of technology and source-to-pay services ensures that organizations achieve their business objectives. On the services side, Corcentric Procurement Services includes a team of highly experienced procurement consulting services professionals, intuitive strategic sourcing technologies, and data-backed market intelligence. Together, they provide the specialized requirements to help drive the evolution of Procurement from a purely tactical function to an innovative, nuanced, and strategic unit. Regardless of an organization’s maturity level, Corcentric offers true Managed Procurement support and expertise to provide for a strategic, effective approach to spend and supply management.
Corcentric Strategic Advisory Services helps optimize organizations’ approach to procurement to make the most of every dollar spent and maximize the value of partnerships across the supply chain. Our procurement advisory services have the power to optimize customers’ efficiency and drive greater success in how they handle their source-to-pay processes. We leverage our expertise to create solutions that deliver the maximum value to our customers across all our various offerings.
Preservation of capital positioning: Corcentric was one of the first significant procurement platform providers emphasizing the preservation of customers’ working capital as part of its go-to-market positioning.
Integration and alignment across Treasury, AP, and Procurement is one of the determining factors that separates leading organizations from laggards. That’s because the benefits of seamless synchronization include higher efficiency, improved spend control and savings, better compliance and risk management, and improved cash flow and working capital management.
Procurement and accounts payable (AP) processes have a significant impact on cash-flow and the company’s financial health. Taking a strategic approach to these can significantly improve cash-flow and help reach corporate financial targets. That’s why it is equally important to focus cash-flow strategies on improving revenues and receivables, as it is on improving spending and accounts payable.
Corcentric’s proactive and collaborative cost-control approach permits procurement and finance teams to review and control spending before the purchase happens. Corcentric’s Procure to Pay solutions automate and enforce corporate budgets by checking purchase transactions against available budgets. Not only does it prevent fraud and save the company money, but it also provides control and insights to better forecast current and future cash outflows.
The annual ISG Provider Lens™ is a practitioner-led service provider comparison based on neutral, independent market research and vendor evaluations and enterprise buying behavior segmentation. ISG’s evaluation comprises three procurement quadrants: BPO, digital transformation services, and software platform solutions. Scoring criteria considers strategy and vision, technology innovation, brand awareness and presence in the market, sales and partner landscape, and breadth and depth of portfolio of services offered.
To download the ISG PROVIDER LENS™ REPORT, please click here.