IDC MarketScape Names Tipalti a Worldwide Leader in Midmarket Accounts Payable Applications
Tipalti has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket Accounts Payable Applications 2020-2021 Vendor Assessment (doc #US47032620, December 2020) report.
The IDC MarketScape’s assessment was based on an evaluation of eleven SaaS and cloud-enabled AP vendors in the market. The IDC MarketScape used a wide range of criteria for evaluation, including product functionality, range of services, customer satisfaction, service delivery, cloud capabilities, technical architecture, innovation, and growth.
Tipalti, a leading global payables automation solution, helps more than 1,000+ hyper-growth companies transform their back-end payables operations and run their mission-critical business processes in the cloud. With Tipalti, companies can eliminate 80 percent of their payables workload and accelerate their financial close by more than 25 percent—allowing them to focus more on mission-critical initiatives. Tipalti’s customers include Amazon Twitch, Amplitude, Roku, Zumba, Medium, Seeking Alpha, ClassPass, Toast, Automattic, Twitter, GoDaddy, Zola, Headspace, Discord, Canva, and Foursquare.
A Leader, a Major Player, a Contender, and a Participant
After a thorough evaluation of Tipalti’s strategies and capabilities, IDC placed Tipalti in the Leaders Category of the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation Applications for Midmarket 2020–2021 Vendor Assessment. The IDC MarketScape cited Tipalti’s Cross-Border Capabilities, Self-Service Supplier Management and Onboarding, and Tax Compliance as strengths in its report—noting the solution supports all phases of the AP and payment management workflow in one cloud platform.
The IDC MarketScape also highlighted Tipalti’s advanced AP capabilities like Early Payments, PO Matching, FX Solutions, and Multi-Entity AP, which benefit midmarket companies doing business around the globe.
The IDC MarketScape notes that companies should consider Tipalti when looking for an AP automation platform with robust payments capabilities from a provider with deep experience in various industries.
“The ground underneath the feet of today’s AP professional is rapidly shifting to digital. Software vendors that prioritize features that provide enhanced visibility, flexibility, and agility in these uncertain times will find themselves well-positioned for future growth,” says Kevin Permenter, research manager, Enterprise Applications at IDC.
“The accounts payable function can be complex and fraught with inefficiencies for companies of all sizes. Automating AP is an essential element of any CFO’s strategy to modernize the finance organization and focus on enabling business success. Tipalti prioritizes efficiency across an end-to-end global payables workflow and supports AP and payment management in one cloud platform—helping finance scale and adapt to their business’ changing needs”, added Kevin.
According to the IDC MarketScape, many companies struggle with managing spending complexity, including dealing with multiple business units, spend types, and countries. Many organizations we speak with are also dealing with disparate data sources feeding into their ERP systems. Also, to make matters worse, 64% of respondents in IDC’s March 2020 SaaSPath Survey were still using spreadsheets to support payment processes.
It’s no wonder that, during the height of the pandemic crisis in early 2020, many organizations did not have visibility into their current spending profile. To put it simply, if you don’t have the tools, you can’t have a holistic view of accounts payable.
IDC MarketScape Methodology
IDC MarketScape criteria selection, weightings, and vendor scores represent well-researched IDC judgment about the market and specific vendors. IDC analysts tailor the range of standard characteristics by which vendors are measured through structured discussions, surveys, and interviews with market leaders, participants, and end-users. Market weightings are based on user interviews, buyer surveys, and the input of IDC experts in each market. IDC analysts base individual vendor scores, and ultimately vendor positions on the IDC MarketScape, on detailed surveys and interviews with the vendors, publicly available information, and end-user experiences to provide an accurate and consistent assessment of each vendor’s characteristics, behavior, and capabilities.
IDC MarketScape Names Tipalti a Worldwide Leader
Download the report excerpt to learn more about IDC MarketScape’s guidance for mid-market businesses looking for an AP solution.