Olive, a tech evaluation program, and Procurify, a spend management software, are partnering to offer a new solution for streamlining vendor sourcing, selection, and procurement processes for businesses worldwide. Through the partnership, the companies aim to simplify the vendor selection process for IT managers.
The companies hope to remedy key challenges faced by business decision-makers: inefficiencies, gaps between shareholders, and limited context, TechCouver reported. Olive CEO and Co-founder Chris Heard said that software purchasing decisions should be driven by the users, not procurement teams. Procurement should concentrate on negotiating the best deals and return on investment for the business.
“Olive and Procurify will help businesses make informed, data-driven decisions and smoothly execute procurement transactions,” Heard said.
Procurify offers real-time spend visibility to companies that want to make data-informed spending decisions, according to its website. Procurify has worked with companies across many industry sectors including technology, healthcare, manufacturing, and education.
Olive is an AI-powered software vendor selection tool that allows stakeholders to collaborate on a streamlined software selection process, enabling companies to find the tech solutions that best fit their needs, according to its website. Olive offers tailored solutions that have resulted in an average of 60% cost savings on solution evaluations.
Over the past year and a half, Olive has experienced significant growth, securing $3 million in funding and expanding its client base across various industries, alongside integrating AI to further enhance the software selection process for enterprises.