At Esker we were really pleased to learn that we met the inclusion criteria for the 2022 Gartner® Magic Quadrant™ Report for Procure-to-Pay Suites the third year running. Providing companies across the globe with a solution that helps them better manage spending and financials is the reason why we go to work in the morning.
What makes us truly ecstatic, though, is the fact that 97% of our customers reviewing us on Gartner’s Peer Insight platform would recommend Esker. This is huge for us, because this means that actively listening and adapting to our customers’ needs results in their work being easier and more effective.
Why do we do what we do?
As the dust is settling on the COVID-19 pandemic years, it feels like it’s a good time to reflect and think about how we started and why.
A multitude of financial factors, such as economic volatility, supply chain disruptions, and peculiar labour market conditions, are, quite simply, the new reality. This means that CPOs and CFOs are under enormous pressure of managing spend and cashflow, monitor policies, and mitigate supplier risks. These broader responsibilities demand more far-reaching visibility and control, too. Operating in siloes is no longer an option.
This is the reason procure-to-pay suites exist in the first place. By automating every step of the process and providing transparency to the stakeholders along the way, they offer the scalability, agility, and flexibility necessary to get through rough economic conditions.
In the 2022 Gartner® Magic Quadrant™ Report for Procure-to-Pay Suites, we are listed as a strong niche player. This is not a coincidence. Esker does not aim to be a one-stop shop for every company out there. Instead, our capabilities align best with global companies that are looking for a solution to automate indirect materials procurement and APIA process workflows while simultaneously offering a great user experience.
Helping many medium and large companies from around the world with process automation since 2005, we have also been listening to what their needs and wants are. This has enabled us to successfully transition from accounts payable (AP) invoice automation to procure-to-pay (P2P) automation over the years. We have no intention of changing the way we do this, so that we can continue providing the best possible solutions that fit the user expectations.
Why do customers choose us?
Incorporating customer feedback in our solution development process has resulted in solutions that provide useability and efficiency. Esker’s focus on providing a unified, easy-to-use interface to users across the different processes has been a key factor in making businesses the world over choose our solutions.
Customers often mention the importance of good UI/UX design in their selection process. They appreciate the fact that they can easily modify the UI to match their corporate look and feel, as well as Esker’s intuitive interface that enables the solution to be up and running quickly with very little training. All P2P modules are built on one platform, which provides a unified interface as well as native data sharing across the board.
Esker Synergy AI is the combined force of capabilities such as machine learning, data extraction , and predictive coding that do the heavy lifting by removing repetitive tasks and reducing errors. Smarter data lets you make smarter decisions, thereby nurturing a foundation of lasting growth.
The process of choosing an automation solution is not simple, nor is it made for the short-term. Esker’s long-standing, worldwide experience and financial stability give our customers confidence in Esker’s resilience and that we will be around for many years to come.
How does Esker stay aligned with developing market trends?
Longer-term vision for automation is evolving to source-to-pay
In the report, the analysts highlight that companies are increasingly making investment decisions based on a wider source-to-pay (S2P) vision than solely P2P. Esker is well-positioned to offer such an expanded solution suite thanks to the acquisition of a majority stake in Market Dojo, a U.K.-based e-sourcing software start-up, in early 2022. The integration of Market Dojo into Esker’s solution suite is ongoing and will continue to allow us to offer a unified interface across all solutions to our customers.
Risk and ESG concerns
Managing risk and monitoring ESG performance has been and continues to be one of the main areas of focus on Esker’s roadmap. These topics have become increasingly important for employees as well as for investors. For example, third-party supplier risk indicators embedded in our solutions provide customers with the ability to check vendors before engaging with them. They can also receive alerts when there are any status changes so appropriate actions — such as switching to a more reliable provider — can be taken.
Smarter insights for better decision-making
Companies looking to buy a P2P solution are not only basing their selection on the ability to accelerate processing speed and efficiency. They are also looking for capabilities that leverage data to help them make informed business decisions. Esker Synergy AI is constantly evolving to provide advanced analytics — including benchmarks and predictions — to stay on top of insights about spend patterns and recognising savings opportunities.
AP automation is leading the adoption of P2P solutions
The automation of AP processes continues to be a top influencing factor for companies looking to deploy a P2P solution, since managing cashflow in economic downturns is a matter of survival.
AP invoice automation is where many of Esker’s customers started their digital transformation journey. But this transformation does not have to start with a big bang: starting small and expanding when they are ready is an excellent way to ensure that the solution brings the expected ROI.
And not infrequently do we receive feedback that the AP teams are able to look forward to their workday, rather than facing it with dread about what unpredictable issue they might encounter. One of our customers even told us that they can now get a full night’s sleep at month-end closing because they no longer need to be up by 5 am to get all the processing done.
With Esker, the entire financial cycle can be automated, including accounts receivable and collections. Contact us to find out more about working with Esker to make your business run smoothly and efficiently.
To read more about how Gartner assesses our work, read the full report.
Download here.
Gartner, “Magic Quadrant for Procure-to-Pay Suites”, Micky Keck, Patrick Connaughton, Lynne Phelan, Balaji Abbabatulla, November 28, 2022 .
Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Esker.
