Based on its recent analysis of the strategic sourcing industry, Frost & Sullivan recognizes Iasta with the 2011 North American Frost & Sullivan Award for Product Line Strategy. Iasta's comprehensive product line strategy reflects the company's strong focus on changing customer needs, market variables and implied growth opportunities.
"The strategic sourcing market continues to mature with different products, such as spend analysis, supplier performance management and contract management at different stages in the adoption and growth life cycle," notes Frost & Sullivan Research Manager Raman Monga. "With developments in the e-sourcing industry providing advanced capabilities over the past five to seven years, vendors like Iasta that constantly innovate their solutions and reinvest in product development are able to differentiate themselves in the marketplace and expand into newer markets."
Iasta's robust product software as a service (SaaS) portfolio includes detailed spend analysis with the SmartAnalytics® solution and comprehensive sourcing functionality with RFx, auctions, decision analysis and contract and supplier management through the SmartSource SRM® platform. While the company's horizontal target market strategy has meant a highly standardized product line, this comes with customizable modules and components that can be aligned with individual customer bases and data profiles.
Recognizing that the role of strategic sourcing and procurement has expanded to ensure transformative changes that impact the competitive positioning of the customer and concentrates on long-term objectives, Iasta's CloudSourcing™ integrates consulting and technology solutions that address people, process and technology needs as they relate to a project or set of projects.
Customer centricity is also a key focus in Iasta's technology development. For instance, its SmartOptimization® platform has been designed to ensure customizable analysis capabilities and business risks are factored into such decision analysis used for the evaluation award scenarios. Client buyer teams are able to factor in critical issues, such as supplier risk and environmental compliance, into their decision-making tools.
"Focusing on procurement transformation and adopting a customer-centric approach to technology development are expected to strongly position Iasta as a leading contender for global large-scale engagements," says Monga. "The Iasta consulting group's sound sourcing experience, along with technical knowledge and high levels of customer service will also help companies maximize ROI on goods and services."
Iasta's consistent growth rates have been a strong indicator of its sound product and market strategies. The company's three-year growth rate since 2007 is at an impressive 134 percent. Financial growth has been complemented by a strong R&D focus, with almost 13 percent of the revenues being reinvested into product development during 2009.
Overall, Iasta's growing accomplishments and strong revenue growth are a result of its vision. In recognition of the comprehensive suite of products it offers, Frost & Sullivan is proud to present Iasta with the 2011 Frost & Sullivan Product Line Strategy Award in the strategic sourcing industry.
Each year, Frost & Sullivan presents this award to the company that has developed a comprehensive product line that caters to the breadth of the market it serves. The award recognizes the extent to which the product line meets customer base demands, the overall impact it has in terms of customer value as well as increased market share.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research in order to identify best practices in the industry.
Founded in 2000, Iasta equips sourcing and procurement teams with the tools to fortify their organizations' bottom-line results. Iasta's sourcing and spend management solutions help companies strengthen their supply bases, increase sourcing efficiency, manage compliance and drive hard-dollar savings. Iasta has more than 150 global clients that are cutting costs by running hundreds of sourcing projects through Iasta's SmartSource SRM®. Iasta's spend analysis solution, SmartAnalytics®, is the foundation for all sourcing projects, and provides users with comprehensive and detailed access to the entire organization's purchasing data. Tailored to meet our clients' unique and evolving business needs, both SmartSource SRM and SmartAnalytics help teams uncover and run more sourcing projects - often resulting in 30% overall cost reductions and compliance. In addition, clients working with the Iasta Consulting Group for Procurement Transformation engagements often realize an ROI of 15:1 or greater.
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