Archlet named Future 5 start-up of 2021 by Spend Matters
Archlet has been selected one of the most innovative Procurement start-ups of 2021 as it makes advanced sourcing analytics and scenario optimization capabilities available to Procurement teams of all sizes across spend categories.
News
Zürich, 12.10.2021 - Spend Matters, the leading source for Procurement solution intelligence, declared Archlet a ‘Future 5’ Procurement software vendor for 2021. For the 8th year in a row, Spend Matters has released its annual “50 Procurement Providers to Know” and “50 Procurement Providers to Watch” lists - plus the 3rd annual “Future 5” list of noted start-ups. Each year, their technology analysts assess the capabilities for an array of companies across 10 procurement technology market sectors to determine the lists totaling 105 vendors in the industry. These represent the best-in-class companies you need to know about as well as the up-and-coming, growing firms to keep your eye on. The announcement took place at the SIG Executive Summit in Carlsbad, California, USA, yesterday.
The recognition as ‘Future 5’ Procurement software provider highlights Archlet's innovative approach to democratizing advanced features like optimization in sourcing and making them accessible to a larger audience. Optimization and scenario-based analysis are usually only used in highly complex events and high spend categories like transportation, where it is used by extensively trained power users with a background in mathematics. Archlet is making these capabilities available to every Procurement manager in every sourcing event, independent of spend category or complexity and therefore unlocks new savings opportunities for organizations.
Archlet allows Procurement teams to:
- Increase their sourcing data quality through autoomated error and outlier detection
- Reduce tender cycle times by eliminating manual Excel-based analysis
- Quickly identify negotiation opportunities on a supplier level for improved savings delivery
- Make holistic decisions that reflect business constraints and other requirements
“Archlet’s sourcing analytics & optimization capabilities are designed to be used by all sourcing managers across company sizes, spend categories, and event complexities. We want to provide access to best-in-class capabilities that historically were only available to highly trained power users. With Archlet, all users can easily analyze and model sourcing scenarios that include sustainability, risk, or supplier diversity scores, and make holistic sourcing decisions that unlock savings”, says Lukas Wawrla, Co-Founder and Managing Director at Archlet.
The Series A funding round announced September 30th, 2021 enables Archlet to continue building out their end-to-end sourcing capabilities, which will be released in Q1/2022, and to further grow their market presence beyond Europe and North America.
