Best Take-Aways From The New eProcurement Report
With the eProcurement market growing at a rate of 11% per year, marketing dynamics for this market has seen several growth drivers responsible for it.
Forrester Research, an American market research company that provides advice on the existing and potential impact of technology to its clients and the public, recently named Zycus as a Leader in ForresterWave: eProcurement, Q2, 2017.
Taking a look at the Forrester evaluation
- Out of the 28 candidates that had participated in the Forrester Wave, 12 vendors were selected based on Annual Revenue, Revenue Growth, Innovations and Client Reach/Interest. The above mentioned are the evaluation criteria that Forrester used to select the vendors for final scoring.
- The scoring was then based on 30 criteria grouped into three segments which were Current Offerings, Strategy and Market Presence.
- The data sources used for the scoring were vendor surveys, product demos, hands on lab evaluation and customer reference calls.
Based on the above evaluation, Zycus was cited as a Leader in the ForresterWave: eProcurement, Q2, 2017.
Key takeaways from the report
eProcurement Providers Category
From the different types of solution providers categorized by Forrester, there were no Leaders in the ERP Providers and Supplier Network category.
Most of the Leaders were qualified under the third and fourth category, which was, P2P Specialist and Comprehensive Source-to-Pay Suite. The report showed 2 Leaders in the P2P Specialist and 3 Leaders in the Comprehensive Source-to-Pay Suite.
Artificial Intelligence, Analytics, and Customer Centricity are key differentiators
One of the biggest innovation that has been around, i.e., artificial intelligence, analytics, and customer centricity. To qualify as a Leader, one must have exceptionally smart, easy-to-use eProcurement software, because the modern user (millennials) will reject mediocre eProcurement solutions and instead buy from marketplace sites.
Zycus Guided Buying: Zycus provides a smart, behind-the-scenes software which uses patented AI technology to ensure good buying decisions.
Choosing a Procure-to-Pay Solution that is a long-term bet
Companies need a bigger proposition that not only the procurement team will use but also would we deployed across other teams. So, the leader needs to be a customer-centric provider that offers a flexible true-SaaS commercial model.
Zycus CAB (Customer Advisory Board) and VOC (Voice of Customer): CAB engages customers on an intimate level and, helps shape and guide through product roadmap and tech support. As far as VOC is concerned, it allows customers to vote and have a representative type of governance in the future trajectory.