Zip named a Leader in IDC MarketScape

We’re excited to announce a major milestone for Zip—our recognition as a Leader in the first-ever IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration Vendor Assessment (doc #US51795424e, September 2024).

We believe this achievement validates our commitment to transforming spend management for modern enterprises and highlights the growing importance of spend orchestration platforms in supporting today’s increasingly distributed workflows and business operations.

Patrick Reymann, IDC’s Research Director for Procurement and Enterprise Applications, stated, “Zip has earned its position as a Leader in spend orchestration platforms, setting the tone and driving the agenda for this rapidly growing space.”

Why Zip is a Leader in this IDC MarketScape

Unlike traditional spend management solutions that aim to consolidate all procurement processes into one system-of-record, spend orchestration offers a more flexible and integrated approach. It accounts for the complexity of the modern business spending process, orchestrating multiple distributed systems and stakeholders.

Zip’s platform provides a single unified layer that coordinates procurement workflows across departments, allowing businesses to maintain specialized best-of-breed systems while gaining centralized control and visibility over all spend.

The IDC MarketScape report highlight’s Zip’s strengths: “Today's Zip has progressed to an enterprise-grade spend orchestration platform, offering a set of 50+ prebuilt integrations for cross-functional platforms, a proprietary integration platform, and a library of workflow templates segmented by spend category, use case, and industry vertical. Zip's focus remains as it was when founded—provide a user-friendly and an intuitive platform that yields spend control, risk mitigation, and improved operation efficiency.”

Nick Heinzmann, Head of Research at Zip, contextualizes the rise of spend orchestration for procurement operations:

“Traditional spend management has hit its natural ceiling. Compliance mandates have struggled to drive the adoption and value procurement teams expect. Spend orchestration changes that by prioritizing usability, flexibility, and a stakeholder-centric approach. We believe the IDC MarketScape confirms this shift: procurement leaders now have access to a solution that breaks from outdated methods. Spend orchestration isn’t just a trend; it’s the future of procurement.”

Zip sets the tone in spend orchestration

As the IDC MarketScape report noted, “Zip was born out of the frustration that its founders encountered when tasked with conducting the renewal of a supplier agreement. Faced with a cumbersome procurement process and a siloed set of tools across functions that created an opaque approval process, they decided there must be a better way. After conducting extensive due diligence, aided by interviews with numerous executives across finance, procurement, and IT, they launched Zip. The initial iteration was the market's first standalone intake solution, which rapidly evolved into a full spend orchestration platform.” Our focus remains unchanged: to deliver a user-friendly, intuitive platform that empowers our customers to procure faster, with less risk, and the best value.

The IDC MarketScape suggests that procurement and finance leaders should “consider Zip when entities seek a proven and trusted spend orchestration platform that provides a comprehensive spend orchestration experience, one that is designed to support the growth of its clients, and with a reasonable assurance of additional spend management capabilities in the future.”

We are deeply thankful to our customers, partners, and team members for their trust and support.

We believe this recognition from the IDC MarketScape affirms our mission and strengthens our resolve to continue innovating and driving the new era of spend orchestration for our customers.

You can read the IDC MarketScape excerpt here.