IDC Innovators are emerging vendors with revenue <$100 million that have demonstrated either a groundbreaking business model or an innovative new technology — or both. This IDC Innovators study profiles Fairmarkit, LVRG, SirionLabs, tealbook, and Vizibl in the developing technology procurement areas of tail spend management, supplier relationship management, buyer and supplier innovation, procurement governance processes, and supply base management.
"The digital economy is changing business resource allocation and business processes significantly. Organizations are turning to innovative technology to bring more autonomy into the procurement workflows of spend management, buyer/supplier interactions, procurement governance processes, and supply base management. The more automated the workflows, the more the procurement professional increases productivity, achieves real-time visibility, and can improve business outcomes. Procurement vendors wanting to keep pace must bring in innovation accelerators such as artificial intelligence, cognitive, machine learning, deep learning, and big data and analytics into their products in the near term," says Mickey North Rizza, program VP, Enterprise Applications and Digital Commerce.