News Releases | August 25, 2020 Download

Corcentric was listed as a Representative Vendor in Gartner’s June 2020 Market Guide for E-Sourcing Applications

Cherry Hill, NJ – August 25, 2020Corcentric, a leading provider of business spend management and revenue management software and services, has been identified as a Representative Vendor in the Gartner June 2020 Market Guide for E-Sourcing Applications report. The report evaluates e-sourcing applications that help enterprises save money and boost productivity by streamlining negotiations.

According to the report, “E-sourcing is one of the first modules that organizations implement as part of their digital transformation in procurement. This is because the solution provides hard dollar ROI, is relatively quick to implement and impacts few stakeholders (primarily sourcing professionals)”.

The report continues to say that, “Beyond 2020, Gartner forecasts indicate a sharp recovery as enterprise leaders start investing in software projects that can deliver competitive advantages, such as strategic sourcing. Over the next five years both large and midsize organizations will increase their investment in business-critical software applications such as e-sourcing to improve their ability to survive future economic downturns”.1

“We’ve invested a lot of resources into successfully building and scaling our source-to-pay and order-to-cash solutions in recent years, including the acquisitions of SourceOne and Determine,” said Matt Clark, president and chief operating officer, Corcentric. “It’s a privilege to be recognized by Gartner, the world’s leading research and advisory company. We look forward to further educating the industry on how our solutions transform the way businesses purchase, pay and get paid.”

In addition to recent acquisitions to become the first end-to-end provider of sourcing, procure-to-pay and order-to-cash solutions, in May Corcentric secured a strategic investment round from private equity firm, Bregal Sagemount, to support global expansion efforts.

Corcentric e-sourcing provides standard e-sourcing capabilities as well as reverse auctions and supports sourcing of both direct and indirect spend categories. But, what makes Corcentric unique is the ability to also focus on supporting areas like Group Purchasing Organizations (GPOs) in conjunction with e-sourcing solutions and strategic sourcing services. In this regard, Corcentric is well positioned to provide better returns on investment by helping clients focus on areas like tactical sourcing and tail-spend management.

Corcentric also offers procurement transformation advisory, procurement help desk, outsourcing services, fleet procurement and capital equipment solutions, solutions focused on reducing costs that impact the bottom line and help maintain business continuity,

Corcentric’s combined solutions supports almost $500 billion of annual B2B commerce across more than 2,000 customers in manufacturing, transportation, wholesale/distribution, retail, healthcare, and financial services end markets.

[1] Gartner, “Market Guide for E-Sourcing Applications,” Kaitlynn Sommers, Patrick Connaughton, Micky Keck, Balaji Abbabatulla, 29 June 2020

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Gartner does not endorse any vendor, product or service depicted in our 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 and Advisory 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.

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Media Contact:
Andrew Jennings
andrew@theplunkettgroup.com

 

About Corcentric

Corcentric is a leading provider of source-to-pay and order-to-cash solutions for businesses in the United States and Europe. Corcentric’s procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Corcentric was named a 2019 ‘50 Providers to Know’ by Spend Matters and a leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation 2019. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.

Media Relations

Scott Cianciulli
The Plunkett Group
(212) 739-6753
media@corcentric.com

Corcentric Corporate Communications

Kate Freer
Senior Vice President of Marketing
(856) 382-4713
kfreer@corcentric.com