The ProcureTech Startups Your Procurement Manager Should Know About

A shift in priorities

Procurement teams face increased supply continuity issues, combat inflationary price increases, cut costs. Lately, improving insights and procurement agility rose drastically in importance as organizations realize the importance of being able to support more predictive, prescriptive, and intelligent decision-making to tackle challenges like inflation and supply continuity (source). 

So, Procurement leaders will rely on technology and digital transformation to close the gaps.

This has led to the rise of ProcureTech—a collection of technologies designed to streamline and optimize the procurement process. From automated negotiations to AI-driven contract analysis, innovative startups are transforming how procurement departments operate. In this article, we’ll explore some of the leading ProcureTech solutions and the groundbreaking innovations they bring to the table.

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1. Pactum: AI-Powered Autonomous Negotiations

Pactum is revolutionizing procurement with its AI-powered negotiation platform. This tool autonomously conducts negotiations with suppliers, freeing up procurement teams from time-consuming tasks and ensuring optimal outcomes. It is particularly effective for managing high-volume, low-value supplier contracts—those that often slip through the cracks in large organizations.

Case Study: Pactum’s impact is best exemplified in its partnership with Walmart. By using Pactum's automated negotiation software, Walmart saved valuable time and improved supplier terms. The AI conducted 1,500 supplier negotiations, creating an efficient and scalable solution that human teams could not have achieved as quickly. The retailer realized significant cost savings, with the tool managing negotiations more effectively across the board. Link to case study.

2. Keelvar: Optimizing Sourcing with AI

Keelvar brings AI-driven sourcing optimization to the forefront of procurement. Its software is designed to streamline the complex tendering processes through automation and machine learning, making it easy to optimize and evaluate supplier bids. For industries with complex supply chains, Keelvar simplifies sourcing decisions, minimizing risk and maximizing cost savings.

Case Study: Samsung is a prime example of how Keelvar can transform procurement. By replacing its manual Excel-based tendering processes with Keelvar’s AI tools, Samsung saved considerable time and money. The automation reduced the time required for tendering, and the optimization algorithms helped the company make more strategic supplier choices. Link to case study.

3. Procure.ai: Driving Autonomous Procurement Decisions

Procure.ai focuses on data-driven decision-making in procurement. By leveraging AI and analytics, Procure.ai provides procurement managers with intelligent insights into spending patterns, supplier performance, and negotiation opportunities. It automates repetitive tasks, enabling procurement teams to focus on high-value activities like strategy and supplier relationship management. Their latest feature, Generative Intake: AI understands the demand, does instant checks in catalogs and aids writing RFQs.

Case Study: Kärcher, a global leader in cleaning technology, utilized Procure.ai's autonomous negotiation tools to optimize its procurement. Kärcher saw a marked improvement in efficiency, with the AI handling repetitive negotiations and uncovering opportunities for cost savings. Link to case study.

4. Ap-solut: Automated Negotiation for Savings in Purchasing (Proven solution)

Ap-solut’s negotiation bot offers procurement teams a solution for driving down costs through automated supplier negotiations. By automating repetitive negotiation processes, Ap-solut helps companies secure better terms and pricing without requiring direct human intervention. From our experience, one of the main advantages of Ap-solut’s solutions is their seamless integration to SAP systems.

GlassDollar internal case study: A major German Manufacturing company utilized Apsolut's negotiation bot. Once connected to their SAP system, they achieved a success rate of 35% (% of deals where a discount was achieved), and an overall discount equivalent to 1.5% of total deals value in the course of 12 weeks.

5. Evisort: AI-Driven Contract Management

Evisort stands out in the ProcureTech landscape as a leading platform for AI-powered contract lifecycle management. Evisort uses machine learning to automatically review and analyze contracts, flagging risks, and ensuring compliance. This reduces the manual workload of legal and procurement teams, while improving the accuracy and speed of contract management.

Case Study: Evisort helped Jelly Belly, the famed jelly bean manufacturer, transform its contract management process. By adopting Evisort, Jelly Belly's procurement and legal teams could efficiently review, track, and manage contracts, saving hundreds of hours of manual labor. Link to case study.

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Future Perspectives: What’s Next for ProcureTech?

ProcureTech is rapidly evolving, with AI, automation, and machine learning shaping the future of procurement. The solutions discussed above highlight how cutting-edge technologies can drive efficiency, reduce costs, and unlock new opportunities for procurement teams. But what's next?

1. Increased Adoption of AI: AI's role in autonomous negotiations and contract management will only grow as organizations look to scale these capabilities across their operations. With ongoing advances in AI, procurement teams can expect even more intelligent decision-making tools that anticipate market trends and supplier risks.
2. Blockchain for Supply Chain Transparency: Blockchain technology could further enhance supplier management and contract transparency. By creating immutable records of transactions and contracts, procurement teams could achieve more secure, reliable, and transparent relationships with suppliers.
3. Sustainability-Driven Procurement: As sustainability becomes a critical factor in business decisions, ProcureTech tools will increasingly incorporate features for tracking and optimizing environmental and social metrics in the supply chain.
4. Predictive Procurement: With more data at their disposal, procurement teams will move toward predictive procurement, where they can anticipate price fluctuations, supplier risks, and demand surges before they occur, creating an even more agile and responsive procurement function.

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Conclusion: ProcureTech is much more than flashy promises

These solutions are more than just buzzworthy tech. They’re setting the standard for the future of procurement, and adopting them can give companies a competitive edge in their supply chain operations. Keep these tools on your radar—your procurement manager will thank you!

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