Alicorn backs AI-powered vendor management platform Entrio
We are very happy to announce our recent investment into Entrio. The funds raised will enable Entrio to continue to expand their global reach and offer the best in class IT asset management services. We are excited to join Avi Cohen and the team on their journey, and look forward to working with them.
The financial industry is a vast and intricate ecosystem, and behind the scenes, it relies on an extensive network of vendors to keep its operations running smoothly. According to McKinsey, major financial institutions (FIs) now engage with more than 50,000 vendors to optimize their processes. While this decentralization of decision-making to lower levels of management has sped up vendor-related choices, it has also introduced complexity and reduced visibility into the mix.
The result? A tangled web of disjointed and inconsistent technology foundations that are causing inefficiencies across the board. Inefficiencies that, in the world of finance, can translate into significant costs.
The demand for technology solutions is surging, with Statista reporting approximately 15,000 Software as a Service (SaaS) companies in the United States alone in 2021, and the U.S. SaaS market reaching a value of US$166 billion in the same year. However, with this rapid growth comes a challenge: how to effectively manage and determine which of these solutions align best with a business and its customers.
Presently, the vendor management process is a manual and fragmented endeavour. Businesses rely on multiple internal units and external consultants to navigate the maze of vendor discovery, qualification, onboarding, management, optimization, and monitoring. As the number of technology vendors continues to surge, there’s an urgent need for a centralized platform that can handle the sheer volume of data involved in vendor management.
This is where Entrio steps in as a game-changer. Entrio has developed an AI-powered platform tailored to help financial institutions streamline and manage their vendor stack. The platform features a vendor browser that simplifies the process of searching and comparing offerings, making it more efficient and effective. It also excels at identifying solution duplication, a common challenge where different vendors offer similar services.
Vendor Optimisation
What truly sets Entrio apart is its capacity to automate the vendor discovery process, eliminating the need for third-party consultants. Thanks to its advanced machine learning engine, Entrio can analyse and monitor more than 50,000 solutions, providing FIs with real-time insights to optimize business risks and costs. Customers can effortlessly monitor their vendors within this centralized platform, streamlining workflows and establishing efficient vendor and information management practices.
Vendor Comparisons
Alicorn’s involvement with Entrio began with a secondary investment from an early investor and was further strengthened with primary capital during the Series A round. This partnership underscores our confidence in Entrio’s mission to redefine vendor management in the financial sector.