CPO Rising’s Technology Round-Up returns today with fresh supply management technology news and updates from the past month. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Scout RFP Partners with Suplari to Drive Visibility for Procurement and Finance
Last month, Scout RFP, a Workday company and leading cloud-based platform for strategic sourcing and supplier engagement, announced a new integration with Suplari, the AI-driven analytics and insights platform for procurement. With this partnership, joint customers will have the ability to integrate Suplari’s spend visibility and analytics data with the Scout RFP platform. Strategic sourcing through Scout RFP now coupled with the technology integration with Suplari, which is based in Seattle, will allow joint customers to combine sourcing, contract, vendor management and pipeline with industry-leading spend analytics and sourcing insights. Procurement teams will be able to analyze sourcing information from Scout RFP against spend, contract and procurement data in the Suplari platform to rapidly discover cost reduction and cash-flow opportunities.
Google Completes Transition to SAP Ariba Network
In a press release released last month, Google announced it has completed its transition to SAP Ariba’s cloud-based services. The transition began last October, happening in multiple waves. This change in its supplier management process aims to simplify business transactions and further strengthen Alphabet Inc. and Google’s existing and new relationships through improved communication methods. With Alphabet Inc. and Google now live on the SAP Ariba Network, suppliers will get better visibility into the status of their orders and invoices. The centralized platform will allow suppliers to access and update their information and take action on business transactions. The change also allows both enterprise and standard suppliers in the Asia-Pacific Region to easily manage their account information with Alphabet/Google from the SAP Ariba Network platform. SAP and Google began their strategic partnership in 2017. The two companies have been working together to help customers adopt a cloud strategy and build robust, flexible, and innovative IT systems that will help them in their short and long term goals.
Tradeshift Partners Launches Supply Chain Initiative in Africa with Raindew Trade
Last month, Tradeshift, the San Francisco-based provider of B2B marketplaces and supply chain payment solutions, launched a $1.5 billion COVID-19 Instant Supplier payment scheme for businesses in South Africa and selected African markets in partnership with Raindew Trade, a trade and supply chain financing platform providing supply chain solutions to corporations in Africa and other selected markets. Tradeshift will utilize the recently launched Tradeshift Engage, its seller engagement platform designed to build digital collaboration between suppliers and buyers by delivering value on both sides from day one. This Instant Supplier Payment initiative in Africa will help address the cash flow and liquidity challenges in African supply chains. Utilizing the Tradeshift platform, the Instant Supplier Payment scheme will inject liquidity into the market and accelerate digitization in supply chains at scale and with speed building a digital collaboration between suppliers, buyers, and financing institutions. Through upfront and early payments to suppliers, corporate buyers can request payments in advance to pre-qualified suppliers to be made on their behalf, with credit payment terms of 21 to 360 days.
Sievo Posts H1 Earnings, New Hirings
Sievo, the Helsinki-based provider of procurement analytics, this week reported record revenue in January-July 2020, as well as the addition of new customers including Citrix, Delivery Hero and Refresco. Sievo’s new sales grew by 59% year-over-year during January-July, with July new sales hitting an all-time record. Sievo first opened is US office in Chicago in 2017, and this year the company saw the majority of its growth come from the US market. The company also strengthened their team with new hires including a new CFO, Crisitan Arias. Arias joins them from Nokia, where he worked in several finance roles, most recently as Head of Transformation, leading financial and operational transformation.
Veem Secures $31 Million in New Funding
Veem, a global payments provider with headquarters in San Francisco, this week announced the closing of a $31M capital raise, led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation. The company stated that the investment will go towards the development of a more robust channel partner program that will help widen Veem’s geographic footprint. As the company focuses on its scaling efforts, Veem is also committed to further improving and expanding its product suite and capabilities. Other new participants in this round include: MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank in Japan, as well as AB Ventures, the venture arm of Arab Bank, one of the leading financial institutions in the Middle East and North Africa, Paper Excellence and Myer Family Investments.
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