Quadrant Knowledge Solutions announced that it has named ELCOM Systems Ltd as a 2021 technology leader in the SPARK Matrix analysis of the global Procure-to-Pay (P2P) market.
The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global P2P market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading P2P vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
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A Procure to Pay (P2P) platform enables organizations to manage and streamline end-to-end procurement lifecycle processes, from requisitioning, purchasing, payment processing, and accounting for goods and services. A P2P system integrates with various cross-functional departments, including purchase, inventory, account payable, finance and others to provide a single source of truth and allow organizations to track end-to-end processes for improving operational efficiency, as well as supplier communication, and relationship management.
There is a growing focus on transforming manual processes to digital, automating P2P processes (such as requesting, purchasing, invoicing, and more), and providing a collaborative environment for supplier compliance validation and approvals, many organizations are increasingly investing in emerging technologies such as AI/ML, blockchain, NLP, and RPA. Many P2P vendors are focusing on addressing customer needs by offering various configurable workflow processes for approval workflow, invoice matching workflow, supplier & employee review workflow, and others. Vendors are also offering robust integration capabilities to provide real-time visibility into spend and procurement activities. Organizations are looking at P2P solutions that offer an AI-based guided buying user experience that will enable them to select the right solution or product and simplify the decision-making process through an intuitive interface.
ELCOM Systems Ltd. specializes in developing technologies to assist businesses in streamlining and optimizing procurement processes. The company offers EVOLVE S2P platform that enables unified integration across various organisations. The EVOLVE S2P platform offers modules such as MultiQuote (Marketplace), eSourcing, contract management, Catalogue management, P2P, inventory, and analytics. ELCOM EVOLVE P2P System from ELCOM is an end-to-end procure-to-pay platform that allows users to request products and services, routing them for approval and transforming requisitions into purchase orders. The EVOLVE P2P platform facilitates integration with third-party ERP, finance, and other systems during the process, enabling a seamless transfer of buying data into other systems for further processing. The platform’s EVOLVE P2P module offers various features and functionalities, including Catalogue management & presentation, requisition creation, financial tracking management, punchout, approval routing & workflow, purchase order transmission, goods receipting, invoice matching & processing, and others through capabilities such as e-purchasing, Catalogue management, e-invoicing, among others.
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According to Akshaysingh Chandel, Analyst, Quadrant Knowledge Solutions, “ELCOM’s EVOLVE P2P system offers end-to-end procure-to-pay capabilities that allow users to request products and services, route them for approval, and transform requisitions into purchase orders.” Akshaysingh adds, “The platform’s key technology differentiators – including an effective configurable workflow process, modular platform interface ability with finance or ERP system, easy setup, and cost-effectiveness, enables the company to deliver a robust technology value proposition and strong customer ownership experience. ELCOM’s ability to cater to diverse use cases, strong integration support, robust product strategy, comprehensive roadmap and constant focus towards offering enhanced procure-to-pay solutions by leveraging AI and data analytics capabilities, has received a strong rating across parameters of technology excellence and customer impact and the company has been positioned as the emerging leader in SPARK Matrix: Procure-to-Pay (P2P),2021.
William Lock, Chairman of Elcom, said: “We’re delighted that ELCOM has been recognised as a Leader in the SPARK Matrix analysis of the global Procure-to-Pay (P2P) market. Since we partnered with the Massachusetts Institute of Technology (MIT) to create a unique cloud-based data-driven P2P technology, we have continued to invest in our unique architecture and intelligent data foundation. Our mission is to make eProcurement smarter focusing on Artificial Intelligence (AI), Machine Learning (ML) and Data Analytics. Our solutions are capable of integrating with multiples systems and covering the entire end-to-end source to pay process capturing data from multiple data points, thus enabling our customers to transform that valuable information into informed and strategic business decisions.”