Top Innovative Procurement Products Chosen by SIG Innovation Accelerator

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First acceleration event to take place at the SIG Global Executive Summit in March

The four winning products demonstrated exceptionally innovative thinking and top-quality performance.

The SIG Innovation Accelerator (SIA), which empowers the leaders of major buy-side companies and providers of innovative products to create the future of procurement, and SIG, the premier membership organization for sourcing, procurement and outsourcing executives, today announce the four products selected for presentation to buy-side organizations. These products are to be presented to F500 procurement executives at the inaugural SIA acceleration event to be held as part of SIG’s Global Executive Summit March 26-29, 2018 in Washington, D.C. The selected products achieved the highest ratings for creativity and positive impacts on the procurement and Source through Supply Chain (SSC) functions during SIA’s emerging products evaluation process.

Each winning company will present the features of their product to an audience of procurement executives who have expressed interest in working with earlier stage products, assisting companies in product refinements and potentially being early adopters of products that are of significant interest to them.

With a mission of helping procurement executives create the future of procurement, SIA works with SIG’s hundreds of member companies to identify the areas and product categories that aren’t sufficiently fulfilled and then matches these gaps with innovative, emerging products to meet these needs. For products selected for implementation, SIA facilitates buyer-provider teamwork to reduce risks, decrease expenses and potentially improve these products.

The products that have been chosen for the inaugural acceleration event are (in alphabetical order):

FairMarkIT’s Tail Spend Solution provides a creative and highly actionable product to mitigate risks and drive business value by gathering insights from unstructured tail spend data and applying machine learning to automate RFQs.  Companies benefit by obtaining the best price from the optimal supplier, with much less time and effort.

Seal Software’s Enterprise Analytics merges two of your company’s greatest assets – spend and contract data – using machine learning and natural language processing technologies to identify actionable insights hidden in your data, including gaps between contract terms and real life execution, resulting in high dollar savings opportunities. 

Suplari provides an AI-driven insights platform that enables enterprises to achieve what’s not humanly possible. Customers realize hard dollar cost savings and effectively manage supplier risk that is today hidden within millions of data points in the enterprise. Suplari’s products are on the cutting edge of AI and cloud computing.

tealbook increases the speed, trust and quality of supplier related decisions through the application of proprietary AI. Procurement teams can easily rationalize their supplier base and accelerate the discovery of relevant new, innovative and diverse suppliers, while capturing the insights needed to completely transform their ability to enable the business.

“We’re very excited about the quality of products that were nominated as candidates for SIA’s inaugural acceleration event,” says Barry Wiegler CEO of SIA. “The four winning products demonstrated exceptionally innovative thinking and top-quality performance. The selected companies were primarily nominated by a procurement executive of a SIG member company that is an early adopter of that product.” Adds Dawn Tiura, SIG president and CEO, “We look forward to helping SIG’s members benefit from these products. We are excited by the opportunities they present to our members to change the face of procurement in innovative and forward-thinking ways.”

“Partnering with SIG provides an enormous benefit to the provider companies as we seek to assist them in reaching their potential in a faster and more cost-efficient manner,” says Wiegler. “Congratulations to the first SIA acceleration event candidates!”

Procurement executives interested in participating in SIG’s March Summit should register on the SIG Summit website.

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