MIDDLETON, Mass., November 15, 2021 / PRNewswire / – Quadrant Knowledge Solutions today announced that it has named ELCOM Systems Ltd as the 2021 Technology Leader in the SPARK Matrix Analysis of the Global Procure-to-Pay (P2P) Market.
The SPARK Matrix â¢ Knowledge Solutions Quadrant includes detailed analysis of global P2P market dynamics, key trends, vendor landscape and competitive positioning. The study provides competitive analysis and ranking of major P2P providers in the form of its SPARK matrix, providing strategic insights for users to assess the capabilities of different providers, competitive differentiation and market position.
A Procure to Pay (P2P) platform enables organizations to manage and streamline end-to-end purchasing lifecycle processes, from purchase requisition, to purchasing, payment processing and accounting for goods and services. A P2P system integrates with various cross-functional departments including purchasing, inventory, accounts payable, finance, and more to provide a single source of truth and enable organizations to follow end-to-end processes to improve business. operational efficiency, as well as communication with suppliers, and relationship management.
There is an increasing emphasis on transforming manual processes into digital ones, automating P2P processes (such as inquiries, purchasing, invoicing, etc.) and providing a collaborative environment for supplier compliance validation and approvals. AI / ML, blockchain, NLP and RPA. Many P2P providers focus on meeting customer needs by offering various configurable workflow processes for approval workflow, invoice reconciliation workflow, supplier and employee review workflow, etc. Suppliers also offer robust integration capabilities to provide real-time visibility into spending and procurement activities. Organizations are looking for P2P solutions that provide an AI-powered guided shopping experience that will allow them to select the right solution or product and streamline the decision-making process through an intuitive interface.
ELCOM Systems Ltd. specializes in the development of technologies to help companies streamline and optimize procurement processes. The company offers the EVOLVE S2P platform which enables unified integration between various organizations. The EVOLVE S2P platform offers modules such as MultiQuote (Marketplace), eSourcing, contract management, catalog management, P2P, inventory and analysis. ELCOM’s ELCOM EVOLVE P2P system is an end-to-end procurement platform that allows users to request products and services, route them for approval, and turn requests into purchase orders. The EVOLVE P2P platform facilitates integration with ERP, financial and other third-party systems during the process, allowing seamless transfer of purchasing data to other systems for further processing. The platform’s EVOLVE P2P module offers various features and functionality, including catalog management and presentation, request creation, financial tracking management, punchout, routing and approval workflow, transmission of purchase orders, receipt of goods, reconciliation and processing of invoices, and others through functionalities such as e-purchases, catalog management, electronic invoicing, among others.
According to Akshaysingh Chandel, Analyst, Quadrant Knowledge Solutions, âELCOM’s EVOLVE P2P system provides end-to-end provisioning capabilities that allow users to request products and services, route them for approval and transform requests. in order forms. Akshaysingh adds, âThe platform’s main technological differentiators – including efficient configurable workflow process, modular platform interface capability with financial or ERP system, easy setup and cost efficiency, enable the company to deliver a strong technological value proposition and a solid customer ownership experience. ELCOM’s ability to address a variety of use cases, strong integration support, a robust product strategy, a comprehensive roadmap, and a consistent focus on delivering improved buy-to-pay solutions by leveraging Building on AI and data analysis capabilities, received high marks in all parameters of technological excellence. and customer impact and the company has positioned itself as the emerging leader of SPARK Matrix: Procure-to-Pay (P2P), 2021.
Guillaume Lock, President of Elcom, said: âWe are delighted that ELCOM has been recognized as a leader in SPARK Matrix analysis of the global Procure-to-Pay (P2P) market. Since we partnered with the Massachusetts Institute of Technology (MIT) to create data-driven, cloud-based P2P technology, we continued to invest in our unique architecture and intelligent database. Our mission is to make eProcurement smarter by focusing on artificial intelligence (AI), machine learning (ML) and data analytics. Our solutions are able to integrate with multiple systems and cover the entire end-to-end source-payment process by capturing data from multiple data points, enabling our customers to turn this valuable information into informed and strategic business decisions. “
- For more information on ELCOM, click here
- Free download, “SPARK Matrix: Procure-to-Pay (P2P), 2021”: download link
Founded in 1993, Elcom Systems Limited is a global software company and a recognized market leader. The company partners with its customers to simplify, optimize and energize their supply chain through flexible and easy-to-connect technologies for e-procurement, e-commerce, e-finance and e-inventory. ELCOM helps businesses better analyze how to make purchasing smarter, more connected and more transparent.
For more information on our sourcing solutions, visit elcom.com or contact [email protected]
About Quadrant Knowledge Solutions:
Quadrant Knowledge Solutions is a global consulting and advisory firm focused on helping clients achieve their business transformation goals through strategic and growing business advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights to help clients formulate growth strategies to survive and thrive in ever-changing business environments.
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