This Focal Point press release was originally published on PRWeb.
Focal Point, provider of an end-to-end enterprise procurement management platform, today announced it received two industry awards from Food Logistics, the only publication exclusively covering the movement of product through the global cold food supply chain, and Supply & Demand Chain Executive, the only publication covering the entire global supply chain.
For the second consecutive year, Focal Point received the 2023 Top Tech Startup award, which spotlights top software and technology startups in the supply chain and logistics space. Additionally, Focal Point received the 2023 Top Software & Tech award, which spotlights the top software and technology solutions in the supply chain space, for the Procurement/ERP category.
Focal Point began as a custom solution to the challenges I faced as a Chief Procurement Officer. My team lacked the proper tools to effectively execute unified spend management.
Focal Point was selected for these awards based on its all-in-one procurement solution that centralizes processes, automates workflows, connects people, and integrates data all in one place. The updated platform was launched alongside Focal Point’s Summer 2023 rebrand.
“Focal Point began as a custom solution to the challenges I faced as a Chief Procurement Officer. My team lacked the proper tools to effectively execute unified spend management,” said Anders Lillevik, founder and CEO of Focal Point. “Being named as a Top Tech Startup for the second year in a row and being presented the Top Software and Tech award demonstrates the growing recognition of procurement as a key business function with the potential to improve how every organization looks at its procurement data, and we are honored that our solution is contributing to procurement’s larger value.”
The Top Software & Tech award featured two main categories: Small Business (less than $50 million) and Enterprise (greater than $49 million) and then five sub-categories within each main category: Procurement/ERP Software, WMS/TMS Software, Warehouse Automation; Robotics; and Supply Chain Visibility Solutions. Close to 58% of submissions pertained to supply chain visibility solutions, followed by WMS/TMS software, warehouse automation and procurement/ERP software at 18% each, and robotics at just 9% of the submissions. Fifty-eight percent of the entries came from small businesses, under $50 million, and 56% of the nominations focused on new-to-market solutions, with 44% focused on an enhancement to an already existing technology.
“From robotics and warehouse automation to procurement and ERP software, WMS, TMS and supply chain visibility solutions, the supply chain software and technology sector continues to boom. These solutions (and many more) are designed to streamline, optimize and innovate the supply chain and logistics space, and do so by incorporating emerging technologies and a path to efficiency,” says Marina Mayer, Editor-in-Chief of Food Logistics and Supply & Demand Chain Executive.
For the Top Tech Startups, AI-powered automation retains its top spot from a majority of the winners (46% vs. last year’s 35%), with AI, smart data capture and real-time transportation management trailing behind (41%, 33% and 29%, respectively). And, winners range in revenue from $1 million to $20 million-plus, with startups beginning operation as early as 2000.
“Many of today’s startups are poised to disrupt the supply chain space. Whether it’s raising money to improve sustainability, visibility and food safety or empowering companies to enhance the last mile, these startups are putting innovation at the forefront. They’re introducing real-time tracking and carbon footprint solutions and developing robotics and wearables to better move product from Point A to Point B in the safest, most efficient manner,” added Mayer. The future of the supply chain industry is now. And, now is the time to shine a spotlight on these startups’ initiatives.”
Three winners of the Top Tech Startup Award have been selected to present on Manifest’s Innovation Stage, scheduled for Feb. 5-7, 2024, and a number of the other winners will be featured in the Education Program. Recipients of this year’s awards will also be profiled on FoodLogistics.com and SDCExec.com.