Scoutbee Recognized Across Three Categories in 2023 Gartner Hype Cycle for Procurement and Sourcing Solutions

• Scoutbee has been named a Sample Vendor in the Supplier Discovery, Supplier Diversity and Supplier Information Management categories

• This is the second year in a row that Scoutbee has been included in the Gartner Hype Cycle

Scoutbee, the leading AI-powered supplier intelligence and discovery platform, announced that it has been recognized as a Sample Vendor in the Gartner Hype Cycle for Procurement and Sourcing Solutions 2023. The technology provider is included in three categories: Supplier Discovery, Supplier Diversity and Supplier Information Management.

“We’re thrilled to be named by Gartner as a Sample Vendor in these three categories. We’ve heavily invested in our Scoutbee Intelligence Platform and capabilities to help organizations drive better business outcomes with actionable insights and 360° supplier visibility,” said Gregor Stühler, CEO and Co-founder of Scoutbee. “We believe that our inclusion in two additional categories this year is a testament to Scoutbee’s evolution from a discovery-only platform to a true intelligence solution that drives efficiency and competitiveness for organizations.”

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“data is the single biggest key to a successful supplier diversity program. It serves as the foundation of a program upon which it can evolve and mature.”

The Scoutbee Intelligence Platform (SIP) delivers an accurate picture of an organization’s supply base and where there’s room for improvement in terms of risk reduction, ESG, supplier diversity, innovation and more. Organizations can then leverage the platform and its insights to find the right suppliers to close the gaps.

Gartner states that “interest in establishing and growing supplier diversity programs remains high despite economic uncertainty as organizations face pressure from the C-suite, employees and customers to make more conscious business decisions.” Gartner also shares that “data is the single biggest key to a successful supplier diversity program. It serves as the foundation of a program upon which it can evolve and mature.”

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Scoutbee’s platform draws from practically any data point and source relevant to organizations’ decision making, including customer and third-party data, supplier websites, Scoutbee data and more. SIP then uses web crawlers to scour the internet to extract any additional relevant data using machine learning (ML) models, then classifies and enriches the data before connecting it to a knowledge graph that uncovers contextual relationships between entities. Predictive and prescriptive analytics run on top of the knowledge graph to help procurement draw actionable conclusions and make strategic decisions about their supply base.

Scoutbee’s platform centralizes and organizes companies’ supplier information in a meaningful way. As Gartner describes, “Supplier Information Management (SIM) tools support other procurement solutions, serving as the single source of truth for supplier information.”

Scoutbee recently announced new generative AI-powered features to the SIP. The chat features are built on top of Scoutbee’s data foundation and enable customers to get immediate answers to specific and strategic questions about their supply base to drive better business outcomes.