The Future of Procurement: 80% of the Value at 10% of the Cost

Today’s procurement leaders face an ongoing dilemma — they're responsible for managing company spend, but their own budgets are often overlooked.

Meanwhile, the procurement tech landscape is heating up. With new solutions ranging from intake and approval platforms to data analysis tools and negotiation services, the global procurement software market is projected to grow from $6.67 billion in 2022 to $13.80 billion by 2029, according to Fortune Business Insights. Yet, while procurement software is on the rise, cost remains a major barrier to adoption.

Recently, Chamath Palihapitiya made waves announcing the 8090 Incubator, which promises to build software products with 80% feature parity to software incumbents at a 90% discount. The idea? With AI, you can build great software products faster and pass cost savings onto the customer. 

Today, we’re taking a look at how Vendr is putting this principle into action for the procurement industry.

The High Cost of Disparate Tools

In today’s procurement landscape, essential services often come with substantial costs. For instance:

• Engaging with research and advisory teams, such as Gartner or Forrester, for actionable insights can exceed $100,000.
• Implementing leading approval workflows tools, such as Zip or Coupa, typically comes with a $100,000+ price tag.
• SaaS Management Platforms that purportedly give insight into usage, utilization, and access can tack on an additional $80,000+ (and miss a lot of important details).

When you add it all up, these tools and services cost more than $250,000. In most cases, this total represents the majority of a procurement team’s budget, if there was even a budget for a procurement team in the first place. 

Vendr’s Approach: 80% of the Value, for 10% of the Cost

Procurement leaders shouldn’t have to drain budgets to access the technology they need. Opting for a free procurement platform is your ticket to making the most out of today’s new procurement technology while also slashing costs.

Vendr offers free access to pricing benchmarks, negotiation support, and procurement automation together on an integrated platform, for free. And, Vendr offers premium add-ons to solve for more complex procurement use cases at—you guessed it—approximately 10% of the cost of the other providers. With 80% of the features, and plenty more on the way, and 10% of the cost, it’s a no-brainer. 

Stop overpaying. Join us in embracing the future of procurement, where strategic value and operational excellence are within reach for every team and budget.

Get Vendr free.

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