Procurement is an ever-evolving industry, with expectations of CPOs constantly developing. Synertrade is reinventing itself ahead of the launch of the next generation of its source-to-pay (S2P) procurement software platform, version 5.0.
This new version is focused on improving the user experience and making the software more intuitive and easier to use, while also maintaining the depth of functionality that Synertrade's customers value.
Despite having offices across Europe and the US, as well as long-established partners in Brazil, China and India, Synertrade is a relatively ‘modest’ operation with only 200 employees, yet it has a large global footprint and is described as a "warm company" by CEO Olivier Berrouiguet.
But right now, all its energy is being focused on delivering the next generation of S2P to the world next January. Described as its evolution, it marks the next phase from the current offering.
"We're very excited to bring this new product to the market," says Olivier.
In 2023, Synertrade decided to undertake a bold transformation of its product, aiming to create something with a friendly and easy-to-use interface, allowing users to take on complex tasks and empowering anyone with the ability to complete them.
While in the midst of an ongoing revolution, Synertrade refuses to change the way it operates – dampening concerns raised by users, as Olivier reveals: "We hosted some of our German customers at a behind-closed-doors presentation on what we’re bringing to market. They said, 'I hope you don't change what makes me like your product; it's very rich and we can do a lot with it'.
"Updating our software system has been challenging because we need to balance two key factors. First, we want to preserve the valuable knowledge we've accumulated over 20 years in developing robust systems for error-free auctions, source-to-pay processes and risk management.
“Second, we aim to transition to a modern, easily-integrated solution – what we call 'plug-and-play' software. We're looking for reliability and immediate functionality upon installation, not a 'plug-and-pray' situation where you’re left hoping the new system works correctly. The challenge lies in finding a solution that combines our decades of specialised expertise with the ease of use and integration that modern software offers."
The quality of Synertrade is widely recognised, as evidenced by numerous accolades from industry analysts. Notable honours include being named in Quadrant Knowledge Solutions' SPARK Matrix for Supplier Relationship and Risk Management, as well as achieving Leader status in the 2024 Hackett Digital World Class Matrix for Contract Lifecycle Management and Intelligence. Furthermore, the service was highlighted as a Notable Vendor in Forrester's Contract Lifecycle Management Platforms Landscape Q3 Report.
In addition to demonstrating strong capabilities in addressing the needs of global clients, particularly in the European and North American markets, Synertrade is determined to continue earning recognition after its new offering is launched.
Tackling the major challenges facing procurement teams
Olivier believes the task of digitalisation is always a challenge. Throughout every stage of his career – from his time running a business to his work in manufacturing – he has witnessed first-hand the difficulties associated with transitioning from analogue.
"Digitalisation is not just making paper, digital,” he says. “You have another way to work, another thing you can get benefits from – and some drawbacks.
"We understand that the next generation of digital utilisation is here. The first step was executing, controlling the spend. Over the past two decades, as businesses have evolved, there has been a real effort to simplify this complex process. More innovative or organised approaches have been adopted by both large companies and SMEs (small and medium-sized enterprises).
Olivier also highlights the importance of analysing end-to-end processes, with CPOs reporting a lack of satisfaction with digital tools due to a lack of continuity, according to research from Synertrade.
"Linking the tools together or having a central platform is not that easy,” he continues. “On a standard day of a category or contract manager or buyer, you may have to use different solutions.
"So, as a consequence, it has to be easy to use, plug-and-play – not simply a nice user experience and interface. We’re taking one of the best technologies on the market, changing the front-end and you have something easy to use, guiding you and taking benefit of our business rules learned over 25 years and making them obvious."
Olivier references the iPhone, an incredibly complex and intuitive piece of technology put into the hands of millions of people, who get exactly what they want from the product. This was his exact intention when creating Synertrade’s latest offering: "In software design, a sleek interface is just the beginning. The real magic lies in seamlessly integrated, reliable data.
“Without it, users struggle to navigate between tasks, losing time and trust in the process. Our obsession is to create a data-driven ecosystem where every action flows naturally into the next, enabling users to perform their jobs efficiently and effectively.
“Just as the iPhone needed great apps to be truly revolutionary, our software needs great data integration to transform procurement processes."
What Synertrade has added is the data fabric, putting together a solution that will enable and benefit new and existing users, creating a programme where people can gather data, analyse it and present it to the world.
Olivier explains: "Our approach to next-generation procurement software is twofold: first, we're integrating best practices with an intuitive user interface, ensuring the right data is available at the right moment.
“Second, the introduction of data fabric provides a comprehensive solution that allows CPOs to gather, analyse and present diverse data effortlessly. This data fabric addresses a critical pain point: the time-consuming, manual data handling that currently burdens procurement officers.
“By automating these processes, we're not just providing a tool; we're giving CPOs the power to transform raw data into actionable insights, freeing them to focus on strategic decision-making."
The use of data fabric is also vital for CPOs to fully harness the tool. Olivier adds that leaders are finding their time affected by compliance risk analysis data questions, which he says are “poisoning” the day-to-day work of CPOs and their teams. He believes the rise of AI and advanced analytics in procurement will be transformative, but cautions that successful implementation requires careful integration with underlying data and processes.
He notes: "To provide a great AI service, you need the right set of data which is consistent. It has to be prepared and you need to have an engine or an AI agent that has learned what kind of questions to ask and what kind of answers are expected."
Synertrade is focused on providing a platform that seamlessly integrates data management, analytics and workflow automation to empower procurement teams. The firm looks set to capitalise on the evolving needs of the procurement market by delivering a renewed, user-friendly software platform backed by robust data management capabilities.
AI’s role in shaping procurement
Olivier likens the ongoing AI surge to the web revolution of the past.
While AI isn't a novel concept for industry insiders, its recent acceleration and mainstream breakthrough — epitomised by platforms like ChatGPT — is unprecedented.
AI encompasses a diverse array of technologies, all engineered with a common goal: empowering businesses to streamline operations, boost efficiency and enhance accuracy. This technological leap is not just an incremental improvement; it's a transformative force reshaping how companies approach tasks and decision-making processes.
But Synertrade’s leader believes the biggest change for CPOs concerns what is expected of them: "The expectations are going to rise big time. As a CEO, I expect that, in two months, we are going to be able to have a much more accurate understanding of the way the software works and that is through the use of AI for developing the code.
“AI will help CPOs tremendously, but only if the maturity is there. You need to understand how processes should be optimised, think about processes in new ways using AI, understand the minimum data required to execute tasks and achieve KPIs and have a basic grasp of AI itself.
“It's not going to be another vertical, best-of-breed AI solution you simply insert into your team that magically provides all the answers. It needs to be organised and integrated properly.
“There will be much higher demand for meaningful data and rapid responses from CPOs. This presents many opportunities, but only if you structure your team for this new era.”
He adds: "Tools such as large language models are going to change the way you design software.
“The logic of a multi-agent solution based on an AI agent is definitely different from the algorithmic sequential way of work that has been on the market for 70 years. That's why it's a revolution. Even if we don't know exactly where it's going to go, it's going to be fantastic to observe. It's going to change the game a lot."
Why does Synertrade think this will work?
Synertrade is taking 25 years of experience in best practices and S2P and reinventing it for the modern era.
"That's what we're going to bring to the market – a very modern and renewed S2P approach,” says Olivier.
"We need to help CPOs drive the bus, because it's complex. To build, rebuild or evolve a platform, you need more than just the latest software. Everybody knows that, but people very often forget because they don't have time to really dig into it.”
Syndertrade’s ongoing investment of time and resources to relaunch its product represents a big swing, but Olivier has every confidence that the platform will find success in a "very dynamic market."
He explains: "When I entered the world of procurement three years ago, the image I had is now totally different from what I was thinking – it's a lot more complex.
"The current market turbulence and evolving product challenges faced by CPOs and their teams are driving demand for innovative solutions. This presents a significant opportunity for our offerings. Our company stands out with its team and proven track record, now complemented by our next-generation product, version five.
“This latest iteration retains the core strengths our clients have always valued while introducing cutting-edge features that address emerging industry needs. It represents a substantial leap forward in functionality and user experience, yet remains familiar to our existing customer base.
“We're confident that as version five enters the market, it will not only meet the increased demands of today's product teams but exceed their expectations. While we anticipate it will challenge users to elevate their processes, the resulting efficiency and capability gains position it as a potential game-changer in our industry.
Given our stable foundation, our deep understanding of customer needs and the transformative nature of this update, we're well-positioned for significant success with the launch of version five."
All eyes are on the January launch, which will lay the foundations for Synertrade to enable CPOs to move towards what many have been dreaming of: autonomous procurement.
"Everybody knows it has to be nice software that's very rich in terms of innovation," Olivier concludes.
"Our vision is to integrate seamlessly into the core systems of any company. Innovation is in our DNA and we've invested early in developing the next generation of procurement platforms.
“We're not just creating products; we're reimagining the entire procurement process. This positions us to be one of the most innovative players in the industry over the next five years and that prospect excites us tremendously."
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