Global P&SC Awards: Spendkey Wins Start-Up Award

Spendkey has won the Start-Up Award at The Global Procurement & Supply Chain Awards.

"It feels fantastic [to win the Start-Up Award]. First and foremost, I would like to say thank you to all the effort of everybody working within Spendkey, we have been working on this for some time. Thanks to all of our customers who also share the same vision and passion for data and AI," said Alex Grundy, CEO and Co-Founder of Spendkey. 

In a rapidly evolving procurement landscape, London-based start-up Spendkey is making waves with its innovative AI-powered spend strategy platform. Founded in 2020 by former strategic consultants Alex Grundy and Akshay Upadhye, Spendkey has quickly established itself as a formidable player in the spend analytics market.

The company's platform leverages advanced AI technology to transform raw financial data into actionable insights, enabling businesses to make more informed spending decisions. Spendkey's solution suite covers a comprehensive range of procurement functions, including spend management, budgeting and forecasting, category management, contract analytics, and risk management.

What sets Spendkey apart is its ability to process and analyse vast amounts of data with remarkable speed and accuracy. The platform can categorise spend data at the line-item level with 99.9% accuracy, significantly outperforming manual processes. This level of granularity allows businesses to uncover hidden cost-saving opportunities and optimise their procurement strategies.

Spendkey's impact on its clients has been substantial. The company reports that its solutions have helped businesses optimise costs by an average of $19 million in the first year of implementation, with savings ranging from $1.3 million to $63 million depending on the organisation's size. Moreover, Spendkey's automation capabilities have reduced the time spent on manual tasks by 95%, freeing up procurement teams to focus on more strategic initiatives.

The start-up's innovative approach has not gone unnoticed in the industry. Spendkey was recently recognised among the top 10 new Spend Analytics vendors by Spend Matters in their Spring 2023 Solution Map. The company is also a finalist for the 'Equity-Backed Start-up of the Year in London' award by UK Start-Up Awards.

As Spendkey continues to grow, it is developing Cassian, an AI-powered spend co-pilot designed to further automate procurement tasks and enhance decision-making capabilities. With its cutting-edge technology and commitment to continuous improvement, Spendkey is well-positioned to reshape the future of procurement and spend management.

The awards

Launched in 2024, The Global  Procurement & Supply Chain Awards 2024 debuted at Procurement & Supply Chain LIVE London on 24, September. 

The comprehensive programme acknowledges companies, professionals and projects that have demonstrated exceptional performance, innovation and strategic thinking in a multitude of categories.

The awards celebrate the best companies, professionals and projects in procurement and supply chain, and offer free entry for charities and NGOs.

“It was an honour to spotlight such a wide range of incredible companies at the inaugural Global Procurement & Supply Chain Awards,” said Glen White, CEO of BizClik, Procurement Magazine and Supply Chain Digital.

“At a time where it is crucial that companies are getting their global sourcing, risk & resilience and technology strategies right, it's important to celebrate the successes of those who have implemented and developed the key supply chain, procurement and logistics programs, especially when it has a positive impact on sustainable supply chains in the future.

“To host the awards during Procurement & Supply Chain LIVE London is an incredible moment for the sector to celebrate, we encourage many more companies to enter our Awards for 2025. 

“Thanks to every company that entered - it's important that you stay focused, motivated and continuously innovative and I am excited to see so much more of Generative AI when we meet again in a year.

“And a Big Congratulations to every company who entered, those that are highly commended and of course to our 14 winners – we appreciate your input more than you know.”

The Start-Up Award

Recognising start-ups with innovative solutions and a commitment to making a positive impact in the procurement and supply chain industry.

• How does the start-up provide unique solutions or services to meet the needs of the industry?
• To what extent does the start-up enable other companies to improve their operations and processes?
• In what ways does the start-up demonstrate positive impact through its services?
• How does the start-up collaborate with and support other companies in achieving their goals through innovation and partnership?

The shortlisted companies included-

• aiOla
• DepoDone
• Qalara
• Spendkey Limited
• Tonkean

Highly Commended: Tonkean & Qalara

In the rapidly evolving landscape of procurement and supply chain management, two innovative start-ups are making waves with their unique solutions. Tonkean's ProcurementWorks and Qalara are addressing critical industry challenges through cutting-edge technology and user-centric approaches.

Tonkean's ProcurementWorks is revolutionising the procurement process with its AI-powered platform. The company's focus on creating intuitive, user-friendly workflows has resulted in higher adoption rates and more efficient, policy-aligned processes. By automating routine tasks and providing real-time updates, ProcurementWorks significantly reduces procurement cycles and enhances operational efficiency. The platform's no-code environment empowers procurement professionals to customise workflows without technical expertise, enabling rapid adaptation to changing business needs.

A standout feature of ProcurementWorks is its seamless integration with existing enterprise systems, including over 100 best-in-class applications. This integration, coupled with strong partnerships with industry leaders like Coupa and SAP, allows organisations to maximise their existing investments while improving procurement processes.

Qalara, on the other hand, is transforming global sourcing with its B2B platform for responsibly produced goods. The company boasts an extensive catalogue of over 100,000 curated products from verified vendors across India and Southeast Asia, all adhering to ethical and environmental standards. Qalara's unique approach integrates heritage craft techniques with contemporary design, appealing to a global market while supporting traditional artisans.

As a subsidiary of Reliance Industries, Qalara leverages its parent company's extensive network to offer highly competitive freight rates, often 25-30% below market rates. The platform's comprehensive services include production monitoring, quality inspections, and packaging consultation, ensuring that every product meets the highest standards.

Both start-ups demonstrate a commitment to improving industry processes and fostering innovation. Tonkean's ProcurementWorks has helped companies like Claroty automate guided buying experiences, saving over 100 hours in vendor onboarding and providing complete visibility into request statuses. Qalara's impact extends to 125,000 artisans from diverse backgrounds, promoting economic empowerment and sustainability.

In a world where efficiency, compliance, and responsible sourcing are paramount, Tonkean and Qalara are setting new standards in procurement and supply chain management. Their innovative solutions not only streamline operations but also create tangible value for businesses and communities alike.

The Global Procurement & Supply Chain Awards 2024

Thanks to our esteemed panel of industry leaders who judged the awards:

• Jim Townsend, VP of Property & Procurement at Asda
• Alisa Bornstein, Chief Procurement Officer at Visa
• Daniel Weise, Managing Director and Senior Partner at Boston Consulting Group
• Benn Godfrey, Vice President of Procurement at Rolls Royce
• Roger Waring, Head of Procurement at UK Power Networks
• Jacqui Rock, Chief Commerical Officer at NHS England
• David Loseby, Professor of Research Impact in Supply Chain Management at Leeds University Business School
• Sheri Hinish, Principal/Senior Partner, Global Consulting Sustainability Technology and Ecosystems Leader at EY
• Brooke DiNatale, SVP of Global Treasury Solutions at Mastercard

The full list of awards categories for 2024 is:

• Procurement Transformation Award
• Digital Supply Chain
• Global Logistics Award
• Supplier Diversity Award
• Supply Chain Innovation
• Supply Chain Sustainability
• Procurement Technology
• Procurement Consultancy
• Future Leader
• Executive of the Year
• Project of the Year
• Lifetime Achievement
• Social Enterprise
• Start-Up

Essential diary dates for 2024 and 2025…

Procurement & Supply Chain LIVE continues to expand its repertoire of events, with more to come in 2024 and 2025. Discover our essential diary dates below.

2024 diary dates:

• Manufacturing & Mobility LIVE | 6 November 2024

2025 diary dates: 

• Procurement & Supply Chain LIVE Singapore | 11 February 2025
• Procurement & Supply Chain LIVE: Scope 3 | 5-6 March 2025
• Manufacturing & Mobility LIVE | 5-6 March 2025
• Procurement & Supply Chain LIVE Dubai | 29 April 2025
• Procurement & Supply Chain LIVE Chicago | 4-5 June 2025
• Procurement & Supply Chain LIVE London | 23-24 September 2025
• Procurement & Supply Chain Awards | 24 September 2025
• Manufacturing & Mobility LIVE Chicago | 4 November 2025

​​​******

Make sure you check out the latest edition of Supply Chain Digital and also sign up to our global conference series - Procurement & Supply Chain 2024

******

Supply Chain Digital is a BizClik brand