Scoutbee Listed as A Sample Vendor in 2022 Gartner Hype Cycle

Scoutbee, the leading AI-powered supplier intelligence and discovery platform, announced it has been identified as a Sample Vendor in the Gartner Hype Cycle for Procurement and Sourcing Solutions 2022 for the very first time. Scoutbee was named in the Supplier Discovery category.

With the procurement and supply chain landscape under immense pressure in the aftermath of Brexit, COVID-19, and Russia’s war on Ukraine, procurement leaders are being urged to find alternative ways to drive greater efficiencies across their organization’s financial and operational strategies, rather than relying on existing suppliers during times of high market volatility and taking losses.

Scoutbee’s solutions are built on supplier data from customers, which enables our AI crawlers to search the internet for new information. AI algorithms then refine and process this information, presenting customers with a 360o view of their supplier base, and enabling them to find new suppliers they can work with.

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Scoutbee Co-founder and CEO, Gregor Stühler, said: “We couldn’t be prouder to be recognized as a Sample Vendor for our Supplier Discovery solution that we believe finds new suppliers 75% faster than traditional scouting approaches. Suppliers are a critical part of any organization in so many specific sectors – the amount one spends with third-party suppliers can account for up to 80% of the revenue of an organization, so it is critically important that money is well spent with the right suppliers – on the right products and services, at the right price.”

Gartner Hype Cycle for Procurement and Sourcing Solutions 2022, published on 1 August 2022, states: “As sourcing and procurement organizations face pressure to deliver on cost control and collaborate better with stakeholders, investing in emerging technologies can help increase automation, collaboration and agility. Application leaders can use this Hype Cycle to understand emerging technologies for sourcing and procurement and weigh their maturity and estimated benefit levels against more established solutions when making investment decisions.”

Commenting on Supplier Discovery, Gartner – notes: “Supplier Discovery solutions help organizations find, vet and include new sources of supply for goods and services into their sourcing processes. These solutions can build supply chain resiliency, increase market competition, and deliver risk mitigation, diversity and cost savings, while reducing the effort to identify and qualify new suppliers.”

Highlighting the importance of the new Supplier Discovery category, it received a ‘high’ benefit rating. “High benefit rating means that it enables new ways of performing horizontal or vertical processes that will result in significantly increased revenue or cost savings for an enterprise.”

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According to Gartner, the business impact of Supplier Discovery solutions is that they can “replace the manual channels procurement teams use to find new suppliers. They provide validated supplier information and can often suggest suppliers qualified on org-specific parameters for a certain category. By allowing procurement to find and qualify suitable suppliers efficiently, the technology ensures that the organization’s supply base is more resilient and agile, and that incumbent suppliers remain cost competitive while maintaining high levels of quality.”

“There is a lot of white space in supplier discovery, meaning there is opportunity for the existing sourcing and procurement vendors and new entrants to develop capabilities in this space. More options for customers will accelerate adoption,” Gartner adds.

The importance of the Gartner Hype Cycle report is to separate hype from the real drivers of a technology’s commercial promise and reduce the risk of your technology investment decisions.

Gartner Hype Cycle provides a graphic representation of the maturity and adoption of emerging technologies and applications, and how they are potentially relevant to solving real business challenges and exploiting new opportunities.