Spend Matters conducted a thorough review of Canopy SRM, providing valuable insights into it and commenting, "an affordable and scalable pricing model… a rich, intuitive, and very configurable solution.."
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In the competitive landscape of Supplier Relationship Management (SRM) platforms, Canopy SRM has garnered attention for its unique approach to managing supplier data and relationships. Recently, Spend Matters conducted a thorough review of Canopy SRM, providing valuable insights into its features, functionality, and value to businesses, particularly small to mid-sized enterprises. This blog post delves into a few of the key findings from Spend Matters' review.
Quick facts about Canopy SRM
Founded: 2013 (Standardised solution launched in 2021)
Headquarters: UK, with a team spread across Europe
Customers: 100, including prominent names like CBRE, Caterpillar, and EDF
Global Reach: Over 100,000 active users across multiple industries
Industries Covered: Construction, Real Estate, Technology Infrastructure, Hospitality, and Financial Services
Integrations: ERP (Oracle, SAP, Sage, etc.), Data Providers (D&B, CreditSafe, Avetta, etc.)
Solution Overview
Canopy SRM is designed to centralise and streamline the supplier management process, making it easier for procurement and finance teams to manage supplier data, contracts, banking details, and compliance information. The platform is particularly well-suited for small to mid-sized businesses, offering tools that simplify the often complex and time-consuming supplier information management process.
“The functional scope of the solution is very robust. It enables companies to enhance their supplier information management processes at an impressive price point, making certain features and capabilities available to customers who would have to spend way more otherwise.” https://spendmatters.com
Platform and Services
Canopy SRM is hosted on AWS and is built using Java, ensuring a robust and secure cloud-based solution. The platform is ISAE3402 SOC1 Type II compliant, adheres to WCAG 2.1 AA standards, and supports 28 languages and global currencies. Canopy offers flexible data import options, integrates seamlessly with a wide range of ERP systems, and provides a straightforward implementation process designed to minimise disruption for small teams.
“The team has experience integrating with Oracle, Vista, Sage, SAP, Netsuite, IFS, iScala, PeopleSoft, and Workday. The API also allows integration with financial tools and BI solutions. It is also used for integration with the 3rd party data providers that a customer has a contract with. Data providers include D&B, CreditSafe, Avetta, SafeContractor, SafeSupplier, and Exiger.”
Tiered Pricing Structure
Canopy SRM is available in three tiers, each designed to meet different levels of supplier management maturity:
Tier 1: Canopy Collect - Ideal for consolidating all supplier data in one place. Priced at £99 per month for up to five admin users, it offers an entry-level solution for businesses starting their SRM journey.
Tier 2: Canopy Connect - Focuses on supplier onboarding, allowing suppliers to manage their data via a portal. This tier costs £999 per month and supports up to ten admin users.
Tier 3: Canopy Control - Extends functionality to include risk and performance management, with pricing tailored to the customer's needs.
“Canopy’s vision is to make procurement software accessible (as easy to use as consumer-oriented technologies) and affordable for all companies, prioritizing the needs of small teams and SMEs” > https://spendmatters.com
Spend Matters' Analyst Summary
Robust Functional Scope: Canopy SRM offers a comprehensive range of features usually found in more expensive solutions. Spend Matters highlights, "Canopy's combined data framework, ability to report on any data element, and the solution's overall configurability are usually found in pricier solutions dedicated to large organisations."
User Experience: The platform is user-friendly, reducing the need for extensive training and facilitating quick adoption. Spend Matters notes, "The user experience is polished and ensures that users don't need to spend hours training to get started." This is particularly beneficial for small teams with limited resources.
Flexible Pricing: The tiered pricing model allows businesses to choose a package that fits their needs and budget, making advanced SRM capabilities available to smaller companies. Spend Matters says, "Canopy is changing the game with its affordable and scalable pricing model."
“Canopy SRM presents a compelling solution for small to mid-sized businesses looking to improve their supplier management processes. With its robust feature set, flexible pricing, and user-friendly interface, Canopy SRM stands out as an affordable yet powerful tool in the SRM market. As it continues to evolve, incorporating more advanced features and community-based approaches, Canopy SRM is well-positioned to meet the growing needs of businesses worldwide.” > https://spendmatters.com
If you're interested in the full Spend Matters review of Team-Canopy, please contact us for more details: hello@team-canopy.com
To find out more about Canopy SRM contact one of the team today.
Visit: www.team-canopy.com
Email: hello@team-canopy.com
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Post by Doug McLean
Doug is an experienced business leader and the Founder of Canopy (OCG Software), the rules-based Supplier Relationship Management platform. OCG Software is a technology company with over twenty years of experience in procurement. Leveraging our expertise and customer-focused approach, OCG Software developed Canopy as a SaaS solution for supplier management.
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