Spend analytics software would be the first tech investment I’d make in a greenfield Head of Procurement role.
You have to know what you’re spending your money on before you can start to transform your procurement operations. To do this quickly and efficiently, spend analytics software is your best friend.
Can you do spend analysis in an Excel spreadsheet?
Sure, but it won’t be very efficient and it’s prone to human error. It’s only really a viable option if you’re an SME with a spend landscape that is low in complexity.
Once you get into mid-market territory, you usually have some complexity in your spend. Whether that’s multiple legacy ERP systems, or a number of different production sites and conflicting taxonomies.
This usually justifies the business case to invest in spend analytics software to categorise this quickly and more easily.
However, spend analytics – or data analytics software in general – is generally seen to be the preserve of enterprise organisations. In this article, we’re here to show you that it’s not. There are plenty of affordable spend analytics solutions on the market who cater to mid-market businesses.
We look at 7 of them who offer spend analytics software solutions tailored towards the mid-market.
7 Spend Analytics solutions for mid-market businesses
Before we give you the list, we should briefly touch on what we’ve defined as a mid-market business.
Here at ProcurementSoftware.site, we define the mid-market as typically having one or more of these characteristics:
- Annual revenues from $50 million to $1 billion;
- Companies with 1,000 to 5,000 employees;
- Usually engaged internationally and operating beyond their domestic market;
- Or high-growth scale-up companies in the tech sector who are not achieving these revenues yet but are on the trajectory to do so.
If you want to search the whole range of procurement tech companies out there beyond just spend analytics solutions, then check our our free software directory.
If you’re a consultancy, an investor, or a solution provider and need to do deeper analysis of the market, we also offer subscriptions to our back end database, with all data points searchable.
1. Mithra-Ai
Mithra-AI Solutions B.V., established in 2020, is a pioneer in the field of spend analysis automation. Located in Amsterdam, Netherlands, the company leverages advanced AI technologies to enhance procurement processes, focusing on efficiency and data visibility.
The company offers a comprehensive suite of tools that enable procurement teams to collect and merge spend data, maintain an accurate spend taxonomy, and generate actionable insights for strategic decision-making. Their platform is particularly noted for its capabilities in spend data classification, risk and opportunity identification, and supplier data enrichment.
What sets Mithra-AI apart is its real-time, continuous visibility of spend data, coupled with proactive alerts for opportunities and risks. This functionality ensures that procurement teams can respond swiftly and effectively to changing market conditions, enhancing their strategic impact.
Mithra-AI’s innovative approach was recognised in 2023 when Spend Matters included them in their Future 5 list, highlighting the startup as one of the top five global innovative procurement startups. This accolade underscores their significant potential to influence the future of procurement technology.
Key Data for Mithra-AI:
- Founder / CEO: Christophe Frère
- Date Founded: 2021
- Visit Mithra Ai profile in our Software Finder
2. Scalue
Scalue GmbH, based in Dusseldorf, Germany, was founded to enhance procurement analytics through its next-generation SaaS platform.
Launched to help organisations achieve total spend transparency, the platform facilitates deep analysis of procurement data, covering the entire purchase-to-pay cycle.
Scalue simplifies data integration via APIs and offers automated ETL processes, ensuring ease of use with minimal IT involvement. The service aims to significantly reduce process costs and improve decision-making, leading to enhanced performance metrics across procurement functions.
Key Data:
- Founder / CEO: Samir Kharkan
- Date Founded: 2017
- Visit Scalue profile in our Software Finder
3. Spendata
Spendata, a pioneering U.S.-based company, offers a self-service spend analysis software that revolutionises the way businesses manage and analyse their spending.
Launched to make high-end spend analysis tools accessible and budget-friendly, Spendata’s platform empowers users to directly manipulate spend data without the need for IT assistance, facilitating quick and effective decision-making.
Ideal for those seeking immediate insights into their procurement processes, Spendata provides a robust yet user-friendly solution that enhances spending visibility and operational efficiency. Spendata caters to both mid-market and enterprise customers. Its affordable pricing makes it a great choice for mid-market businesses who want to get started with spend analytics without a large budget.
Key Data:
- Founder / CEO: Eric Strovink
- Date Founded: 2015
- Visit Spendata profile in our Software Finder
4. Spendkey
Spendkey, headquartered in London, UK, is a transformative spend strategy platform launched to help businesses streamline their procurement processes. Utilising AI, particularly through their Cassian AI system, Spendkey automates spend and contract analytics, providing comprehensive insights that enable cost reductions and efficient supplier negotiations.
The platform is tailored for finance, procurement, and technology leaders, offering features like real-time data analysis, category management, and budget forecasting to drive strategic decisions across various industries.
Key Data:
- Founder / CEO: Alex Grundy
- Date Founded: 2019
- Visit Spendkey profile in our Software Finder
5. Ignite
Ignite, based in Norway, offers a comprehensive platform designed to enhance supplier management and procurement processes.
Their suite includes modules for supplier management, contract management, procurement analytics, and carbon accounting, all aimed at improving efficiency and compliance. Ignite’s tools help organisations gain a holistic view of their suppliers, manage risks, and achieve sustainability goals.
Their commitment to integrating advanced technology ensures that businesses can optimize their procurement strategies effectively.
Key Data:
- Founder / CEO: Sigbjørn Nome
- Date Founded: 2017
- Visit Ignite Procurement profile in our Software Finder
6. ivoflow
ivoflow is a growing data analytics software solution based in Germany. It offers a sophisticated procurement intelligence platform that leverages deep industry knowledge and artificial intelligence technology.
Their founding team come from the automotive industry. This shows with some of the dashboards and analytics available within their platform.
ivoflow’s platform merges both internal and external data to pinpoint opportunities for cost savings and identify procurement risks, thereby enhancing the ability to management strategic procurement activities.
The AI-powered tools provided by ivoflow support real-time analytics, strategy development, and preparation for negotiations. These enable businesses to efficiently refine their procurement operations.
Key Data:
- Founder / CEO: Daniel Demuth
- Date Founded: 2020
- Visit ivoflow profile in our Software Finder
7. Anvil Analytical
Anvil Analytical, based in London, is a SaaS provider that specialises in strategic sourcing and supplier management.
Their extensive offerings include Spend Analytics, Carbon Management, Market & Inflation Analytics, Contract Analytics, Risk Management, and Project Management, all aimed at enhancing procurement and supply chain operations.
The company distinguishes itself through a comprehensive suite of analytics tools that not only support procurement management but also assess carbon footprints and manage risks. This integration of diverse functionalities into one platform sets Anvil Analytical apart from competitors.
Anvil Analytical has been recognised for its innovative approach to procurement analytics, notably being rated as the top Procurement Analytics platform by Gartner Peer Insights, highlighting their leadership in the sector.
Offering a comprehensive solution to mid-market businesses, as well as a competitively priced “lite” version to smaller organisations.
Key Data:
- Founder / CEO: Steve Harrison
- Date Founded: 2021
- Visit Anvil Analytical profile in our Software Finder
