Irvine, CA – November 10, 2022 – Kofax®, a leading supplier of Intelligent Automation software for digital workflow transformation, is pleased to announce that Spend Matters has recognized Kofax’s Tungsten Network as one of 50 Providers to Know in 2023. Each year the 50 Providers to Know list names the best-in-class companies providing procurement and supply chain solutions. These are firms that lead the charge on new procurement technologies and services, setting the industry standard. Vendors listed are independently selected by the analyst team over multiple rounds of debate, focusing on factors such as innovation, market presence, tech competency, and solution delivery.
"Macro forces and shifting competitive dynamics are breathing new life into the procurement technology market — and some providers will ride the new wave better than others,” commented Nick Heinzmann, VP Research at Spend Matters. “From a volatile economic environment to geopolitical chaos and evolving regulatory frameworks, procurement is overwhelmed with issues it must keep on top of while delivering on its current portfolio of initiatives.”
He continues, “In this context, more vendors than ever are developing new concepts or stepping across the boundaries of adjacent markets. To help make sense of what's ‘real’ and how the next phase of this space will unfold, we're pleased to present Spend Matters' annual 50 Providers to Know and 50 Providers to Watch listees are sourced and calculated by the entire Spend Matters analyst team to represent the best of the technology providers that serve procurement, finance, and supply chain organizations.”
"This year's lists advance our methodology further, adding new criteria around mindshare in the market, expanded customer reference requirements and introducing new inclusion criteria to ensure the vendors on these lists are continuously earning the right for a seat at your negotiating table. In a market ripe with consolidation plays, plenty of new start-ups and big entrances from established (non-procurement) players, you need a data-based guide on where to focus your attention," concluded Heinzmann.
Kofax’s invoice processing and accounts payable solutions combined with Tungsten Network’s e-invoicing platform provide market leading capabilities to companies around the globe, including robust compliance with government imposed standards and tax regulations. The complementary solution supports organizations at any point along their journey from paper-based invoice processing to comprehensive e-invoicing automation.
“Kofax continues to add to a broad range of software and solutions that help customers digitally transform content-intensive workflows,” says Chris Huff, Chief Growth Officer at Kofax. “Recognition from Spend Matters is a testament to the tireless work our firm puts into building strong, trusted solutions.”
Kofax enables organizations to Work Like Tomorrow™—today. Our Intelligent Automation Platform and Solutions improve business critical operations through actionable insights and data-intensive workflow automation. Customers realize faster time-to-value and increased competitiveness, growth and profitability by combining Kofax’s cognitive capture, RPA, process orchestration, analytics and mobile capabilities while increasing business resiliency and mitigating compliance risk. For more information, visit www.kofax.com. Read more on the Kofax Blog and follow us on LinkedIn and Twitter.