Expanded Integration and ESG Capabilities Help Transform Customers’ Data Chaos into Data-First Procurement Insights and Action
SpendHQ, the best-in-class Spend Intelligence and Procurement Performance Management solutions provider, is coming off a successful year with expanded product capabilities, healthy company growth, and industry and user accolades. More than 500 customers globally now rely on SpendHQ to apply a data-first approach to procurement so they can continuously discover and turn new insights from spend analysis and project progress into greater procurement impact and savings, all in one integrated data and workflow experience.
High-value spend analytics and actionable procurement performance management need to come from a solid data foundation. But according to the recent survey, From Insights to Impact: Driving High-Performance Procurement, 75% of respondents doubt the accuracy of their data, 73% of procurement teams still track metrics with spreadsheets and other inefficient tools, and 39% lack plans to use ESG data to improve non-financial performance metrics to comply with new regulatory policies and corporate commitments.
SpendHQ’s Strategic Procurement Platform helps organizations solve this data chaos challenge. In 2023, the company analyzed $1 trillion in spend data, accelerated with the power of AI and machine learning to categorize spend data using procurement best practices. Its solutions also tracked and measured the performance of 135,000 procurement projects representing more than $210 billion in spend initiatives for its customers.
SpendHQ added 50 new customers in 2023 and accelerated expansion in EMEA with 168% bookings growth. Organizations across the world – including Technicolor Creative Studios, American Red Cross, Floor & Decor, FirstGroup plc, and Contentsquare – are using SpendHQ’s platform to make more informed decisions, optimize business processes, and drive financial and non-financial performance across the wider organization.
SpendHQ’s product and customer success is fueled by its people and their shared commitment to deliver strong results. In 2023, SpendHQ was recognized with several best places to work and industry accolades, including the 'Deal of the Year' recognition by the Atlanta Business Chronicle signifying SpendHQ’s strategic integration of a shared vision between two companies across continents. SpendHQ’s award-winning workplace led to 92% employee retention in 2023.
Additionally, the company’s innovative, industry-leading procurement solution garnered widespread acclaim last year, having added environmental, social and governance (ESG) capabilities as customers turn spend analytics into new procurement initiatives to support strategic business objectives, and supporting new integrations with Supplier.io, Corcentric, and Archlet to further expand its interoperability in the procurement landscape. SpendHQ earned recognition as a 2023 Provider to Know by Spend Matters, was designated as a ‘High-Performer’ in the Winter 2023 edition by G2, featured in AT Kearney’s Modern Procurement Platform Stack as a notable Platform Player for ‘intel’, and listed in the 2023 Procuretech 100 as an analytics, data and intelligence pioneer.
“Last year marked an exciting milestone for SpendHQ in which we brought an integrated platform to the market that empowers procurement to quickly convert new spend insights into their next initiatives for value creation,” said Scott Macfee, CEO at SpendHQ. “Our success starts with our people who work diligently through shared goals and mutual support to deliver solutions that make our customers’ lives easier. We look forward to this new year to further help our customers as they transform to use data-first procurement approaches and drive towards greater agility.”
As part of its commitment to customer satisfaction, SpendHQ held two regional customer events in New York and Paris last year, with more planned in 2024. Customers attending these events represented more than 15 different industries, including retail, media, transportation, pharma, as well as from SpendHQ’s growing private equity sector, to learn how to make the most out of the spend intelligence and procurement performance management solutions based on their specific needs.
For more insights on how strategic procurement management can positively impact and accelerate core business objectives, visit www.spendhq.com/resources.
About SpendHQ
SpendHQ is the leading best-in-class provider of enterprise Spend Intelligence and Procurement Performance Management solutions. The company’s SaaS products help customers move faster from the challenges of disparate spend and project data to clear value creation in one integrated experience, by producing actionable spend analytics insights that drive new initiatives, goals, and reporting of Procurement’s impact. Backed by nearly 20 years of procurement expertise and with more than 500 customers worldwide, SpendHQ’s solutions drive better financial and non-financial outcomes, advance procurement maturity, and demonstrate impact with data. www.spendhq.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206567816/en/
Contacts
Lane Kearney
Corporate Ink for SpendHQ
Spendhq@corporateink.com
