Posted:
July 31, 2024
Updated:
August 28, 2024
Zip has been recognized as a Sample Vendor in the Gartner® ‘Hype Cycle™ for Procurement and Sourcing Solutions, 2024’, in both the Intake Management and Procurement Orchestration Platforms categories.
We believe this recognition marks a significant milestone for the source-to-pay space, validating the transformational impact our intake and orchestration platform is projected to have in the market of procurement technology.
This Hype Cycle includes a variety of solutions that differ in terms of adoption, maturity and benefit. Organizations looking for operational advantages need to balance investments that offer short-term, incremental improvements with those that offer high, and even transformational, benefits in the longer term.
What is procurement orchestration?
Gartner defines procurement orchestration platforms as “tools that prescribe and execute end-to-end source-to-pay process workflows to fulfill specific business outcomes.”
‘’They can aggregate procurement data from multiple sources, enrich it with network insights, and simulate the impact of procurement decisions on target business outcomes.’’
Orchestration enables procurement leaders to make more informed, strategic decisions and seamlessly implement these decisions for strategic impact.
Insights from Gartner on ‘Procurement Orchestration Platforms’ as a category
Gartner has given this category a “transformational” benefit rating. This means procurement orchestration platforms ‘’enable new ways of doing business across industries that will result in major shifts in industry dynamics.’’
Currently, the Market Penetration for procurement orchestration platforms is less than 1% of the target audience, placing it in the “embryonic” maturity stage.
Why this recognition matters
Procurement technology leaders should use this Hype Cycle to understand the maturity, adoption and benefit of sourcing and procurement technologies. Procurement orchestration platforms augment operational decisions by aggregating and enriching the data required to make such decisions with enterprise and network insights.
They simulate the impact of such decisions on key procurement outcomes and prescribe decisions that are most likely to achieve target business outcomes. These platforms execute the relevant end-to-end source-to-pay workflows through existing applications to implement decisions.
Gartner is a company that delivers actionable, objective insight to its executive and their teams, and we believe that our recognition as a Sample Vendor is an important milestone for Zip.
Zip is driving the evolution of procurement orchestration, and with our platform you can leverage these innovations to achieve your own strategic procurement excellence.
Read the full report
We invite you to read the full Gartner® ‘Hype Cycle™ for Procurement and Sourcing Solutions, 2024’ report to gain deeper insights into the emerging trends and technologies shaping the future of procurement.
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2024, Kaitlynn Sommers, Micky Keck, 20 June 2024
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from ZIP.
GARTNER is a registered trademark and service mark of Gartner and Hype Cycle is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
