Spend analysis softwares are advanced analytical tools that help companies to identify, gather, cleanse, categorize, and analyze expenditure data with the aim of reducing procurement cost, improving efficiency and continuously updating an organization’s data to ensure that all contract terms and compliance requirements are being adhered to. Spend analysis softwares can also be leveraged in other business areas such as inventory management, budgeting and planning, and product and process development.


The vendors have been placed in four categories, based on their performance in each criterion under spend analysis softwares quadrant: “vaisionary,” “innovators,” “emerging,” and “dynamic.” The top 25 players have been evaluated in this section of the report. The analysis has been carried out based on specific parameters related to spend analysis softwares, and the scores have been assigned accordingly.


Vendors who fall into this MicroQuadrant receive high scores for most of the evaluation criterion. The vendors in this section have a strong and established product portfolio, and a very strong market presence. They provide mature and reputable spend analysis softwares that cater to a wide range of verticals, globally. They also have strong business strategies.


These are established vendors with very strong business strategies. However, they score low in their product portfolios. They generally focus on a specific type of technology related to the spend analysis softwares. The vendors included in this section of the MicroQuadrant have a good customer base and are providers of software and services catering to other technologies as well.


Innovators grouped in this category have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolios. However, they do not have very strong growth strategies for their overall businesses.


These are vendors with niche product offerings and are just beginning to gain recognition in the market. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and could require some more time before gaining significant traction. There have been significant transformations in the functioning of businesses with the expansive penetration of IT infrastructure among organizations. The extensive IT environment of an organization not only enhances flexibility in business functionalities, but also adds to its overall productivity. This results in an increased amount of data, thus forcing industry players to analyze its aspects and gather insights into driving their business growth. In the areas of strategic sourcing and procurement, spend analysis softwares help to improve processes and operational efficiency. Moreover, these solutions help to perform financial analysis, contract management, and risk and compliance management. Based on vertical, the spend analysis softwares market is segmented into BFSI, telecommunications and IT, retail and eCommerce, healthcare and life sciences, government and defense, manufacturing, energy and utilities, and others.

The manufacturing sector includes facilities required for manufacturing heavy construction equipment, farm equipment, rail cars and engines, airplanes and airplane parts, shipbuilding, turbines and generators, lawn and garden equipment, compressors, pumps, conveyors, military equipment, household and commercial appliances, mining equipment, oil and gas field equipment, and transformers among others. Spend analysis softwares play a crucial role in improving operational efficiency and financial performance as sourcing accounts for almost up to 75% of the overall cost in a typical manufacturing organization. Spend analysis softwares also provide inputs for planning, budgeting, and product strategies with global spend visibility across enterprises and assists in making informed business decisions. Additionally, spend analysis softwares are proving beneficial for organizations in supplier performance management, working capital performance, parts standardization, and sourcing strategy development, among others. Industry players are striving to offer sophisticated spend analysis softwares to meet customer demand.

The retail industry is undergoing significant transformation with the rapid economic and income growth in the emerging nations. Big data has emerged as a pivotal element in building business development strategies. The industry is facing various challenges, such as long-term uptrend in commodity and raw material prices, changing supply chain architecture, and cost-trend dynamics. In such a scenario, the role of retail sourcing and procurement departments becomes crucial for boosting brand equity and operating margin, driving differentiation, and harvesting insights from big data as much as possible. Spend analysis softwares help to design and develop cost-competitive global business strategies for enhancing business productivity, lowering costs, and optimizing transportation and logistics networks.
The telecommunications and IT sector has witnessed rapid growth in the past decade and is undergoing significant transformation. With its large size, the industry exhibits complex contracts, inter-dependency of services, disparate spends, and minimal resources and time. This has resulted in the slower adoption of sophisticated spend management solutions and supplier contract renewables. Strategic sourcing and spend analysis softwares empower organizations to analyze telecom spends and prepare comprehensive reports detailing the current state of a supplier, carrier service, equipment, contract terms, and utilization rates. These reports allow organizations to perform gap analysis between technology adoption and market objectives, which in turn, helps to understand spending trends and make informed decisions. Apart from industry vendors who offer spend analysis softwares to telecommunications and IT organizations, various managed services providers such as Source One also offer spend and procurement analytics solutions.

Financial management applications help companies of all sizes to automate and transform planning, reporting, and analysis processes. Financial management applications also allow companies to anticipate performance differences, analyze root causes, assess alternatives, and enable effective decision making and execution. They allow companies to monitor the differences between the anticipated and achieved performance. An organization’s analytical capabilities are incomplete without financial analytics, which needs to be implemented as per its goals and objectives. By implementing spend analysis softwares along with financial management applications, companies can bridge the gap between their financial and operational performances. Spend analysis softwares help companies to perform the most accurate cash flow analysis, receive real-time view of their financial situation, enhance operational alignment, identify variances with corrective actions, and track differences between actual and planned financial performances. When all these processes are linked with operations, an overall increase in enterprise sales and profitability can be witnessed.


Risk management applications mainly cover enterprise risks associated with financial and operations processes. Organizations use risk management applications to enhance risk intelligence capabilities and fight and tackle every risk they are exposed to, including network, financial, and operational risks. By using advanced analytical frameworks, companies can avoid, address, or quickly recover from major risk events. Risk management has become a necessity for seamless business functioning. Taking timely inputs from incidents and registered risks; analyzing, identifying, monitoring, and controlling the risks; implementing risk impact analysis; and prioritizing the risks are some of the major functionalities of a risk management application. Enterprises that do not implement risk management programs properly are prone to risks such as paying large penalties for failing to conform to regulatory requirements, and reeling under financial crises due to mismanagement of financial controls or from natural calamities, such as earthquakes, fire, and floods. Implementing financial management in line with organizational goals can also help enterprises to meet the regulatory requirements of different regions and sectors. Highly interactive and graphically rich tools help enterprise users to make risk calculations in advance along with providing a better understanding of business and financial data. The market players offer a range of visualization analytics, data management, and deployment options for their clients.


Governance and compliance management applications assist companies in developing a framework to ensure that all GRC issues increasingly pervading the IT space are covered and adhered to. Governance and compliance management has become an integral part of successful and large organizations as it has been observed that many companies fall prey to heavy penalties due to non-compliance or exploitation of confidential information by an internal or external threat source. The implementation of governance and compliance management applications may cost a substantial amount of time and money in the initial phase, but provides a great value proposition for organizations and their clients in the long run. It is necessary for governance and compliance to work together and remain aligned toward a common set of goals and objectives which an organization plans to achieve. Governance policies provide strategic oversight for organizations to help align their business processes and compliance in line with a common goal; risk management performs the task of safeguarding enterprises from internal and external threats, and creates a value proposition for stakeholders. The compliance part provides a certain set of rules and regulations that need to be followed in order to protect public and organization interests.


Supplier sourcing and performance management applications assist companies in effective spend analysis and savings opportunity identification, category and supplier intelligence, e-auctions and competitive bids, negotiations, contract management, invoice management, sole-source buying, spot buys, and tail spend management. Supplier sourcing and performance management applications help companies to gain deeper insights into their supply base, find sourcing opportunities within existing relationships, lend more purchasing clout during negotiations, and identify risks in their supply base. Enterprises across the globe are under increasing pressure to improve efficiencies across their sourcing analysis and procurement value chain for supplier performance optimization, supplier performance management, operations cost management, savings maximization, productivity increase, end-to-end visibility, and compliance adherence. Supplier sourcing and performance management applications help organizations to achieve these objectives and facilitate total cost of ownership approach for supply chain functions.


Demand and supply forecasting applications allow companies to access reliable forecasts for their enterprise operational and supply chain management. They enable users to improve business productivity. Demand and supply forecasting refers to the process of predicting future demand and equally matching supply to meet the demand for enterprise products. The process helps in managing inventory levels during the peaks and troughs in customer demand, and enhances product/channel profitability by ensuring the required balance between the resources needed. Demand and supply forecasting applications help boost service levels, shorten cycle times, reduce inventory investment, and minimize obsolescence. Advanced forecasting provides benefits such as optimum resource utilization, increased product availability, and improved profitability by managing supply and demand variabilities. Demand and supply applications analyze demand signals from forecasts, consumption data, and syndicated industry information. The cloud solution addresses the commonly-faced problems such as relationship management, real-time access to inventory levels, and visibility and control by accurate demand planning and forecasting. Relationship management can be achieved by providing linkages among all network participants to share enterprise data. Visibility and control allow enterprises to monitor short and long-term performance goals, and share information across enterprises to ensure that the goals are achieved.

Best Spend Analysis Softwares

Comparing 38 vendors in Spend Analytics Software across 129 criteria.
All vendors(30)
Oracle Spend Analysis Software allows the executives to effectively manage the procurement process with quick scan of direct as well as indirect spending across the entire value chain and tap the saving opportunities. The software includes pre-built data models and more than 100 metrics, which facilitates faster implementation at reduced risks as compared to traditional BI applications. Oracle Spend Analysis Software is available to use in conjunction with Oracle Exalytics, the company's in-memory platform, which further improves the speed of data analysis and provide the insights within a fraction of time. The support for large number of concurrent users in an enterprise with competence on mobile and tablet of procurement and spend analytics solution positions the company among the leading solution providers in the market. Oracle Spend Analysis Software offers solution as a complete package with inclusion of associated services.
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SAS Institute offers SAS Spend Analysis as its product offering to the spend and procurement analytics market. SAS Spend analysis is one of the integral components of SAS SRM, an integrated set of data management and analytic applications that help organizations gain greater insights into all aspects of the procurement activity, leading to more effective strategic sourcing decisions. Difficulties reducing the procurement spend can often be traced to a lack of visibility across suppliers and commodities. SAS Spend Analysis provides a lower and upper boundary criterion for each evaluation, which can be adjusted dynamically unlike the fixed weights used in a traditional weighted averages method. This helps reduce the total spend and supplier risk, and allows organizations to determine which suppliers are best suited for their company's needs. Procuring data visibility, maintaining data quality, best practice reports for identifying cost-saving opportunities, and supplier rankings based on user-specific criterion are some of the features of the SAS Spend Analysis. SAS Sourcing Strategy is available as an add-on to SAS Spend Analysis, enabling users to create user-defined business rules for narrowing down the ordered list of suppliers and recommending the best way to achieve the procurement goals. SAS provides a single-user license or mid-sized business solutions for its client's organization.
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With SAP SE, businesses of all sizes can benefit and improve their operations. SAP SE originally began as a tool to plan entrepreneurship and leadership operations. Now, it has grown as software which encompasses all essential data analytics and procedures for an organization. With SAP SE, over 200 million users have been able to ensure that their business has an advantage. Now, you can get better and faster insights into your data which helps you adapt your business operations.

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IBM Spend Analysis Software are under its flagship Emptoris product category. In 2012, IBM acquired Emptoris, a sourcing and spend management solutions developer, to add spend analysis, contract management and procurement solutions to its product portfolio. Today, IBM recognized as one of the leading players in the global spend analytics market. IBM Spend Analysis Software - Emptoris helps to consolidate, cleanse and classify spend data captured from dispersed systems. The enterprise-wide visibility helps to gain a full and accurate view of spending with the identification of broad spending trends with the help of real-time dashboards. This allows the users to view spending across wide parameters such as a commodity, cost center, payment terms and geography among others. Moreover, the risk prioritization feature enables the users to manage procurement in a better manner considering factors such as price fluctuations, supplier terms among others.
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Jaggaer is a cloud-based business automation solutions provider for spend management. Jaggaer Spend Analysis technology acts as an online broker to help customers obtain goods and services from suppliers. The company mainly caters to the verticals of manufacturing, life sciences, education, and government. Jaggaer Spend Analysis is a cloud-based business automation solutions. The company mainly caters to the verticals of manufacturing, life sciences, education, and government.
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Coupa Spend Analysis Software provides a cloud-based spend management platform, comprising the procurement, invoicing, and expense management modules, which together form the transactional engine and help capture the company's spend, under management. The platform also includes supporting modules, such as sourcing, analytics, contract management, supplier management, inventory management, and storefront, which help companies manage their spend transactions efficiently. Coupa Spend Analysis is highly integrated, with a broad range of capabilities, which would otherwise require the purchase of various applications. Moreover, it is user-friendly and reduces the complexity by providing a mobile-enabled internet-like experience to the consumer, by which, users across the entire organization as well as suppliers can use it. Dashboards and reports can be delivered in real-time, thus helping companies identify problems and making better spend decisions. Coupa provides professional services, such as implementation, which helps organizations in using Coupa's spend management platform more efficiently. Coupa Spend Analysis Software also provides supplier enablement service, by which, companies can get suppliers onboard, without much effort.
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PROACTIS is globally recognised for its spend control and eProcurement solutions, catering the solutions to both SMEs and large enterprises. The company constantly aims to improve its product offerings and expand its customer base. Its product Rethink Spend is integrated suite of source to pay solutions that streamline every aspect of buying and paying for all types of goods and services while eliminating risk.
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Zycus, which purely deals with strategic sourcing and procurement solutions, has garnered its position among leading vendors in the spend and procurement analytics market. The broad range of offerings under strategic sourcing and procure-to-pay suites has enabled the company to expand its client list across the globe. Especially the strategic sourcing suite, which encompasses spend analysis, contract management, supplier management and project management solutions, is highly adopted among customers. Zycus Spend Analysis solution comprised of AutoClass, iCost, iMine and iAnalyze modules empowers the users to easily monitor trends across enterprise wide spend data with the help of advanced visualization. These solutions provide complete package for procurement issues with built with notable features such as AI based automated spend data classification, multi-language support and supplier information regarding commodity prices. To strengthen its position and better serve the customers, the company provides world class customer support through various regional consulting service providers. Some of the major partners of the company in this domain include Current Consulting, ITC Infotech and OPTIS Consulting.
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Rosslyn Data Technologies plc provides a single platform to conduct detailed spend analysis, manage contracts, monitor supplier performance, and identify supply chain risks. Rosslyn Spend Analysis makes use of patent pending technologies built into the RAPid platform, to integrate, cleanse, and enrich raw data, so that it is always ready for analysis. 
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Ivalua Procurement Solution comprised of spend management, contract management, sourcing, supplier management, invoicing and spend analytics software to organizations in large companies. These solutions are offered into a single package which enable the company to meet the diverse procurement requirements of the customers with faster speed and simplicity through centralized platform.Its strong and differentiated product offer flexibility and faster vertical integration, which attributed well client retention rate in the market.
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Wax Digital provides eProcurement and AP automation solutions that bring process efficiency, cost saving opportunities and greater financial control throughout the entire purchasing lifecycle. It offers WEB3 Procurement Software Suite which is cloud based. It streamlines buying process and revolutionize procurement and finance work.

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BravoSolution offers integrated strategic procurement platform to better manage their supply management and reduce risks. The BravoAdvantage Spend Analytics Software enables the business users to extract actionable intelligence based on data BravoAdvantage platform and ERP and other systems.
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Basware provides networked source-to-pay solutions, e-invoicing and value added services. It removes the need for paper invoicing with e-invoicing and help streamline the procurement process. It offers Source to pay solution which is the collection and aggregation of financial data across entire operations in one single platform.

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Having a visual account is very important, and the procurement and spend analytics software from Visual BI is helpful towards all businesses. The software helps to consolidate and track the General Ledger account and categorize it by region, gender and other criteria. The platform has been loved by many because of its usability and easy-handling. The finances can be tracked in one of the best ways possible, and the accounts team will be happy to have the software.
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ProcurePort is a purchasing system that is hosted by Cloud. The software offers companies a secure and single platform, which helps control various spend operations. The software also provides multiple functions like incorporating invoicing, budgeting modules, sourcing modules, contract compliance functionality, expense functionality, and much more.

With the help of the online vendor catalogue, the users can also manage and onboard the vendor details with utmost convenience.
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Determine Inc. acquired by Corcentric is a company that has dealt with the spend analytics of several industries, and they are eager to help out those businesses that want to find out the spend and risk factors. They have a unique platform Source-to-Pay and Enterprise Contract Lifecycle Management  which combines best practices and best-in-class functionality on a single platform. It is one of the best platforms for spend management efforts. They also provide secure solutions, and one can flip the switch whenever they need to.
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Corbus LLC is a known name in the world of spend analytics, and their platform does a great job of assimilating the crucial data to classify it and securely present the data. The company excels at leading process improvements. They take care of the whole supply chain so that the price can be reduced accordingly. The company also focuses on action-oriented insights which are helpful to the business to set their future goals.
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Empronc’s product, BAZ, is an enterprise spend process management product, comprising 20 modules, which help enhance productivity, compliance, and cost-saving, across organizations. Budget management, vendor management, contract management, catalogue management, and travel management are a few modules provided on BAZ.
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SPENDHQ is spend analysis software that provides accurate and detailed visibility into spend data. It is full-service SaaS spend visibility solution that delivers actionable insight for sourcing and procurement professionals.

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Sievo provides SaaS procurement analytics solutions which include Spend Analysis, Savings Lifecycle, Spend Forecasting and Contract Management. It specialises in transforming heterogeneous procurement data from any source to business value that hits the bottom line. Sievo's proprietary data extraction, classification and enrichment software provide total spend visibility for some of the world's largest and most complex procurement organizations.

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Synertrade is an eProcurement software solution used for business acceleration. This solution provides a complete purchasing process automation to make business easy. Synertrade accelerate is a fully customizable software solution which can be tailor-made according to your business requirement. Available in more than 20 languages with native global support, it the most trusted eProcurement software solution in the industry. Synertrade accelerate helps to minimize the risk of unwanted procurement and reduces your substantial operational cost.
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Qlik Technologies Inc aims to empower its clients with data analysis. With Qlik, there is no preconceived data that this analytics software is looking for. Qlik believes that you shouldn’t have to analyse data to satisfy a query. Instead, you can notice a pattern and swoop in to see where it leads. Hence, they allow greater flexibility to their clients.
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Palette Software solutions automate connecting and matching of purchase orders, invoices and contracts, on-premise or in the cloud. Palette’s Purchase to Pay Automation controls, regulates and automates company’s purchasing policies. It enables automated purchase requisitions with complete visibility to the expenditure request and reduces indirect spend.

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market The main USP of PRECORO in the Spend Analytics Software market is its simplified and intuitive integrated software that provides ease of use while allowing users to gain comprehensive visibility into their spending data across various channels and insights into budgeting and forecasting processes. Additionally, the platform provides automated approval routing, versatile supplier networks, and efficient payment cycles. The software also offers automated insights and data-driven recommendations on spending budgets and patterns, and the implementation of sophisticated analytics tools to provide better visibility into spending patterns.
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ElectrifAi’s Procurement Ai Suite is a cloud-based solution that combines the power of artificial intelligence with deep domain expertise to enable procurement and contracting leaders to quickly and efficiently capture new savings opportunities and uncover hidden risk that would otherwise be impossible.

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ANGOSS Software Corporation is predictive analytics software that helps business users in finding solutions primarily for insurance services, financial services, health care, retail, and information communications and technology organizations. The software is embedded with analytic modelling capabilities that will help the users in instantly generating actionable insight from the available data. It is a highly flexible data analytics platform created for data scientists.

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Greenwave Systems Inc. is a company that has become a necessity for businesses in the modern world. They are based on the Internet of Things technology which helps businesses to remain connected, and they also provide a spend analysis software in their AXON platform. Their idea was to build a wholesome platform for companies where they will get to know about the problems and also find the solutions in some of the simplest ways.
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Domino is a data science platform that enables data science teams to rapidly develop and deploy models. Domino provides Data Science Platform which enables automatic tracking of work for reproducibility, reusability, and collaboration.

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The inbuilt ETL interface of Exago Inc spend analytics software does not need the construction of cubes to absorb data from disparate sources and writes directly to the SQL database. Exago INC software is a hundred per cent web-based and end-to-end business analytics solution that is designed to be installed in web-based applications. . Exago Inc software is able to run around six thousand ad hoc reports daily.

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In today's developing world, powering decisions always prosper that works for the betterment of the individuals. Fair ISSAC Corporation is a spend analytics software that helps businesses to foster, automate and connect decisions. This software helps businesses in more than ninety countries to make better decisions. This helps them in driving higher levels of growth, profitability and excellent customer satisfaction. FICO extensively uses one of the best analytics software that helps in preventing financial crime by using advanced Artificial Intelligence and Machine Learning methods.

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Frequently Asked Questions (FAQs)
The demand for Spend Analytics Software is growing as organizations are looking for solutions to obey strict governance and compliance policies related to their accounts and spend data, increasing adoption of market intelligence by suppliers, and the necessity to keep company’s expenditure to the minimum without affecting its operations. Apart from this there is increasing need for supplier and market intelligence, predictive analytics for businesses, need to better manage internal compliance policies and external contracts.
The spend analytics market is expected to grow to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%
The challenges faced by the spend analytics market are issues in achieving consistency in business semantics and interpretations, data privacy and security concerns, and concerns about positive Return on Investment (RoI). Difficulty in migrating from legacy systems might restrain the market growth.
Major vendors that offer spend analytics solutions include SAP SE (Germany), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Coupa Software Inc. (US), Zycus Inc. (US), Proactis (UK), Empronc Solutions Pvt. Ltd. (India), JAGGAER (US), Rosslyn Analytics, Ltd. (UK), Ivalua Inc. (US), and BravoSolution SPA (US).
Major vendors have adopted couple of growth strategies such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the market.
Industries that use Spend Analytics Software includes Manufacturing, Retail & E-Commerce, Government & Defence, Healthcare & Life Sciences, Telecommunications & IT, Energy & Utility, BFSI, Construction, Retail and Education.