Tonkean Named One of the Top “50 Procurement Providers to Watch” By Spend Matters

Tonkean
Tonkean
October 17, 2023
October 17, 2023
5
min read
Tonkean Named One of the Top “50 Procurement Providers to Watch” By Spend Matters

Spend Matters, a leading solution intelligence source for procurement and supply chain professionals, included Tonkean on its coveted “50 Providers to Watch” list for 2023. 

The 50 Providers to Watch list recognizes organizations in the procurement and supply chain market whose best-in-class products are setting new industry standards in performance and innovation—and who are, in the process, moving procurement forward both as a discipline and as a function. 

According to Spend Matters research analyst and associate Nikhil Gaur, Tonkean—the first of its kind process orchestration platform—was included on the list for what it offers procurement teams in the way of more seamless “stakeholder collaboration, ChatGPT-like intake request support, and highly customizable workflows for intake and process orchestration.”

The importance and potential of workflow automation and process orchestration within procurement has been a hot topic this year. A few months ago, Dr. Elouise Epstein, in her highly anticipated "Modern Procurement Tech Stack" briefing, called “Intake/UX/Process Orchestration” a “critically important innovation,” with the potential to emerge in time as "the 1 app to rule them all… or at least the single smart interface to all the capabilities” featured in modern procurement tech stacks.

The modern procurement platform stack

One reason for this is how process orchestration tools enable procurement teams to create guided internal buying experiences that reduce risk, increase efficiency, and create net-new business value. 

Process orchestration platforms like Tonkean help procurement teams orchestrate entire business processes across teams and existing systems—from intake to resolution. 

Tonkean wraps around every piece of technology your organization might use. That means procurement teams can use Tonkean to create processes that allow requesters to do things like submit purchase orders from the systems they already typically work in, such as Slack, Teams, and Outlook—all while providing every stakeholder full visibility into the status of the request as it’s resolved. 

As Tonkean co-founder and CEO Sagi Eliyahu recently told Procurement Magazine, “We wrap around the things that you already have—your P2P system, your finance system, your sales systems and your legal systems—to create that orchestration layer” above your existing policies and systems.

This helps procurement teams more strategically leverage the functionality of innovative technologies—be they the communication apps their employees prefer using or AI-powered intake solutions—to create powerful, personalized process experiences that facilitate higher process adoption. That in turn helps procurement teams not only increase their own efficiency, but lower risk and reduce costs across the organization. 

It’s an honor being included on the 50 Providers to Watch list. Spend Matters is deeply respected by procurement practitioners, trusted by CPOs and solution providers alike as a procurement technology intelligence partner. And as Gaur points out, Spend Matters’s selection process is uniquely meticulous. “In conjunction with criteria added in previous years such as mindshare in the market and customer reference requirements,” Guar says, “the process behind these lists has become more programmatic and objective. The market can be confident that the providers chosen for these lists are truly the most impressive in the industry.”

The 50 Procurement Providers to Watch list is being released in conjunction with the SIG Global Executive Summit, taking place Oct. 17 through 19 in Scottsdale, AZ. 

We’ll be there, too! If you want to learn more about what Tonkean is or how your procurement team can start benefiting from Tonkean’s AI-powered process orchestration and workflow automation technology, come say hi. Or, read more about why folks like Dr. Epstein, and organizations like Spend Matters, have singled out Tonkean as a procurement technology provider procurement professionals need to watch. 

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