In the fast-evolving landscape of AI-driven supplier discovery, Matchory has positioned itself as a prominent player focused on empowering companies to simplify and accelerate their supplier sourcing process.

However, depending on your organization’s specific needs, industry focus, and budget, Matchory might not always be the optimal choice.

So, if you’re interested in exploring which solutions are the best alternatives for Matchory, read on.

Veridion

We’ll start with our own AI-powered supply discovery tool, Veridion.

In a nutshell, Veridion is intended for companies that want to enable their procurement teams to:

• reduce supplier discovery time from months to hours,
• mitigate supply chain risks by quickly identifying alternative suppliers, and
• expand their supplier network to foster sustainability and diversification.

In terms of technology, Veridion uses proprietary machine-learning models—data acquisition champions—that search billions of websites every week to create and maintain a global database of company data.

Source: Veridion

At the moment of writing this article, Veridion’s database includes over 125 million companies worldwide. 

These companies operate in more than 203 million locations and offer over 872 million products and 166 million services.

Along with access to this vast database of suppliers, you get advanced search functions.

To find potential suppliers, you can use our search APIs that are easily integrated with your other procurement management tools.

Source: Veridion

Our Complex Search API can be used to enter the criteria you want potential suppliers to meet, ranging from detailed product specifications to facility locations and production capacities.

On the other hand, Match & Enrich API allows you to enrich your supplier profiles with the freshest data for spend analysis and risk assessment purposes.

When searching for suppliers, your team can use natural language input and receive a list of potential candidates in a matter of seconds.

You can see how our supplier discovery works in this short video:

Source: Veridion on YouTube

Armed with the list of eligible suppliers, you can proceed to refine our search and evaluate them against a range of more specific supplier parameters.

This can include suppliers’ historical performance, financial stability, or compliance with fair labor and sustainability commitments.

On that note, Veridion allows you to filter suppliers according to their environmental, social, and governance (ESG) policies and actions, enabling you to make sustainable sourcing decisions.

Source: Veridion

Another Veridion’s feature refers to supplier risk monitoring.

Namely, you can use Veridion’s risk management functions to define various risk factors you want to be monitored automatically.

When such risk events are detected, you’ll receive real-time alerts, allowing you to take strategic actions if necessary.

Source: Veridion

Having covered what Veridion provides in terms of supplier discovery, supplier data enrichment, and risk management, let’s see why it’s a great alternative to Matchory.

On the surface, Matchory and Veridion may seem alike.

After all, both solutions use advanced machine-learning models to create and maintain a comprehensive database of company data. 

However, the first difference is that Matchory’s database contains 14+ million supplier profiles while Veridion’s database covers 125+ million company profiles.

Another difference is related to how companies can use the database and search functions.

While Matchory offers users an online portal for supplier discovery, Veridion provides the advanced search APIs we described. 

These APIs enable different software solutions to communicate, giving you access to Veridion’s database and search functions within your existing systems.

This enables you to use Veridion’s data across your company for purposes beyond quick and easy supplier discovery, such as ESG compliance, risk monitoring, and market intelligence.

Source: Veridion

Given these differences, Veridion is a powerful alternative to Matchory, particularly for organizations that want to:

• integrate discovered supplier data into existing systems,
• enrich their supplier profiles with the freshest data, and
• continuously monitor supplier risks.

With Veridion, you benefit from fast and accurate supplier discovery, along with data enrichment and risk management features—all seamlessly embedded into your procurement processes.  

Concurrently, Veridion’s proprietary AI-driven algorithms ensure that your sourcing decisions are informed by the most comprehensive and up-to-date data available.

Scoutbee

Scoutbee has been recognized as a leader in AI-driven supplier discovery with a strong client base, including major companies like Audi, Airbus, and Unilever.

Scoutbee operates as a standalone online platform that combines machine learning (ML) models and user-friendly interfaces to help you find new suppliers and generate comprehensive supplier profiles.

Scoutbee’s supplier discovery works on two levels.

The first level refers to suppliers who registered on the Scoutbee platform to create their free company profile that will be presented to interested buyers.

Source: Scoutbee

During registration, suppliers are asked to provide detailed information about their company, products or services, capacities, certifications, financial data, and contact details.

Therefore, when a business searches for new suppliers, the search results will include Scoutbee-registered supplier profiles, helping companies assess their suitability.

However, the search doesn’t stop there.

Scoutbee employs advanced ML algorithms (web crawlers) and AI-driven analysis to extend the search results to a broader pool of potential suppliers beyond those actively registered on the platform.

Source: Scoutbee

In any case, organizations using Scoutbee will get tailored search results with a list of all suitable suppliers that match their search criteria.

From there, they can organize the received supplier list by country/region, product type, certificates, revenue, and more.

If the potential suppliers you shortlisted are registered with Scoutbee, you can use its direct communication features to contact them and securely exchange documents (like NDAs).

So, why is Scoutbee considered a strong alternative to Matchory?

Simply put, if your sourcing needs go beyond AI-assisted supplier discovery, Scoutbee offers a more comprehensive supplier intelligence and discovery platform.

However, while both companies keep their pricing undisclosed, Scoutbee is likely positioned at a higher price point, catering primarily to large enterprises with extensive supplier sourcing requirements.

Craft

Craft is a supply chain resilience company that provides organizations with an online platform that has everything they need to anticipate and mitigate supply chain risks.

As such, Craft is primarily focused on proactive risk mitigation, i.e., providing real-time insights and alerts that enable companies to detect and address risks before they become serious disruptions.

Of course, finding new, reliable suppliers is an essential part of mitigating risks and improving supply chain resilience.

For this purpose, Craft Compare, a tool within their supplier intelligence platform, allows users to search for specific suppliers and then automatically generates a list of similar ones.

Source: Craft

This feature helps procurement teams speed up their supplier discovery process by providing relevant suggestions for alternative suppliers.

More precisely, they can view side-by-side comparisons between different suppliers across crucial metrics like financials, operations, compliance, ESG, and more.

When collecting and verifying data for accuracy, Craft utilizes more than 1,300 data sources that cover major risk categories.

Beyond facilitating supplier discovery and comparison, Craft provides a centralized risk monitoring hub with aggregated supplier health scores and real-time alerts.

Source: Craft

It’s also worth mentioning that Craft offers an API that can send data and alerts to other enterprise software systems. 

So, how does Craft compare as an alternative to Matchory?

While Matchory primarily focuses on efficient supplier discovery, Craft delivers a more comprehensive solution that also includes supplier intelligence and risk management.

Additionally, Craft provides a supplier comparison tool as well as an API, both of which can further streamline the supplier discovery process.

DeepStream 

DeepStream is another all-in-one procurement solution that includes an AI-powered supplier discovery tool as one of its features.

More precisely, the Supplier Discovery AI Tool is designed to support DeepStream’s existing procurement technology suite that includes functionalities such as:

• RFx management,
• contract management,
• supplier prequalification,
• management reporting, and
• integrations.

Therefore, DeepStream’s supplier discovery tool is not sold as a standalone product but as part of its overall procurement management platform.

The tool itself is powered by DeepAI, which enables procurement teams to easily find suppliers based on different criteria, including product or service specifications, location, and “suppliers similar to X”.

Once the search criteria are defined, clicking on “Find Suppliers” will produce a list of new, eligible suppliers in just minutes.

Source: DeepStream

From there, you can utilize DeepStream’s RFx management features to invite shortlisted suppliers to respond to your request.

Additionally, DeepStream provides supplier analysis and evaluation tools that can aggregate their responses into user-friendly scorecards, thus speeding up the selection process.

As an alternative to Matchory, DeepStream clearly focuses on integrating and automating the entire procurement process, including supplier discovery, within a single cloud-based platform.

So, if you’re looking for an easy-to-use supplier discovery AI tool integrated into an all-in-one procurement platform that covers all your sourcing needs, DeepStream might be a good choice.

Beroe

Beroe is a cloud-based procurement intelligence solution that excels in supplier discovery through its AI-driven tools and extensive supplier database.

This platform essentially consists of two interconnected components: Beroe LiVE.Ai and Abi.

Beroe LiVE.Ai is an AI-powered platform that collects, analyzes, and delivers procurement-relevant data, insights, and intelligence to enable better-informed decision-making.

Source: Beroe

According to their website, Beroe’s database brings together and curates data from various sources to cover over 222 million business entities.

The second component, Abi, is a conversational AI digital analyst that acts as the primary interface through which users interact with the Beroe LiVE.Ai platform.

As a result, Abi powers various features in addition to supplier discovery, such as:

• supplier risk assessment and monitoring,
• category cost and pricing,
• supply chain visibility,
• market analysis, and
• real-time alerts.

Moreover, Abi has recently been integrated with a ChatGPT4 engine.

Source: Beroe

As you can see above, Abi allows procurement teams to get quick answers to any sourcing queries while enjoying the ease of a ChatGPT experience.

As for Beroe’s supplier database, it should be noted that, among its many features and filtering options, it supports multi-tier supplier mapping. 

This means you can trace the suppliers of your suppliers, enabling you to better understand your supply chain and mitigate risks.

Compared to Matchory, Beroe is a strong alternative, offering a more extensive database and enhanced risk management features, all accessible through an easy-to-use AI assistant.

Gainfront

Another Matchory alternative worth considering is Gainfront.

This is a cloud-based, AI/ML-powered platform focused on automating various supplier management processes. 

This includes supplier discovery, risk assessment, and RFx management, with a strong focus on diversity and ESG compliance.

Gainfront highlights the modularity of its solutions, meaning that you can pick and choose what fits your organization’s needs and budget, and scale those solutions as needed.

As for supplier discovery, Gainfront provides the Discovery Database and a search function, namely the AI-powered RFX Concierge.

Source: Gainfront

In addition to finding new suppliers, this Concierge can be used for guiding purchasing decisions according to your company’s diversity and ESG policies.

Gainfront also helps its clients discover new suppliers by inviting companies to register with their Supplier Portal. 

Beyond supplier discovery, Gainfront enables clients to automate the entire procure-to-pay process and customize workflows related to their ESG/diversity requirements.

As an alternative to Matchory, Gainfront offers a supplier discovery function that can be enhanced with additional features such as RFx management, workflow automation, diversity management, and ESG compliance.

Conclusion 

So, we’ve covered six solid alternatives to Matchory, focusing on what these solutions can do for your supplier discovery and beyond.

Now it’s time to conduct further research, request price quotes, and take advantage of free demos or data samples offered by these AI-driven supplier discovery tools.

Remember, the goal is to find a solution that provides the most comprehensive, accurate, and up-to-date supplier data in the most user-friendly way.

Ultimately, the right tool should minimize the time needed for supplier sourcing and maximize the efficiency and quality of your procurement decisions.