Bedrock––the world’s leading provider of supplier management and supplier enablement technology–– spearheads a new era of optimization that features realtime supplier onboarding, risk verification, master data cleansing, revenue recovery, and simplified supplier payments.
Formerly known as XPRO, the company recently completed a comprehensive rebrand to align with significant growth and investment across their technology, sales, and marketing. Perfectly blending simplicity with functionality and efficiency, Bedrock looks to capitalize on exponential growth on its way to becoming the next unicorn in the industry.
With a commitment to delivering innovative, world-class procurement technology, the Bedrock team recognized a unique opportunity to usher in the next phase of the company’s evolution. As the saying goes, “Words have meaning and names have power,” Bedrock symbolizes the firm foundation upon which procurement success is built for their clients.
With a goal to reduce complexity and risk in supplier management, the Bedrock team has developed a robust technology rooted in speed and transparency. Bedrock is a cost-effective, cloud-based solution for automating the relationship between the buyer and the supplier, from onboarding and verifying suppliers to generating revenue and making hassle-free payments.
A game-changer in the procurement space, Bedrock allows businesses of any size, type, and industry to get their supplier management and enablement processes up and running within minutes. Procurement leaders can log in to Bedrock’s cloud-based platform to achieve all of their supplier management goals, rather than relying on disparate systems and manual processes to manage suppliers. Bedrock acts as a single source of truth by providing users with visibility into all of their supplier data across their entire supplier network, even cleansing and enriching supplier master data as a foundational best practice. Enterprise organizations, including numerous Fortune 500 companies, use Bedrock to streamline supplier data management, onboarding and risk verification on a global scale.
“At our core, we thrive in the supplier management and supplier enablement arena by making the procurement ecosystem technology-centric and simplifying the way organizations handle their supplier management operations,” says Osama Sabbah, founder and CEO of Bedrock.
Acing the Supplier Management Game
Dedicated to improving procurement and accounts payable processes and controls, Bedrock offers two core product suites of real-time, highly flexible solutions––Cornerstone and Keystone–– that are holistic in design and can be modular in implementation.
The Cornerstone suite comprises onboarding, cleansing, and verification solutions to help procurement leaders operate significantly faster and more efficiently. The procurement portal provides clients with a truly zero-touch supplier onboarding capability. Using a URL provided by clients, suppliers can selfregister and update their information in real time. New and existing suppliers can easily upload documents and update information within the portal. It gives clients access to a full record of supplier documentation in a matter of minutes, as opposed to ERP and procure-to-pay solutions that take months to implement.
Bedrock safeguards clients from working with nefarious actors with its completely automated solution, Verify, which utilizes realtime banking and risk verification technology. Prebuilt APIs to over 60 global agency checkpoints identify if a supplier is fraudulent or non-compliant in real-time to protect businesses from hefty fines and reputational risks.
Bedrock has successfully implemented zero-touch onboarding and real-time risk verification for numerous Fortune 500 companies and is expected to introduce global banking verification in 2023 to further advance their ability to support global organizations.
Bedrock experts believe that clean data is critical to procurement success, and the Cleanse solution enables an intuitive master data cleansing process to continually deliver accurate, enriched, and upto- date supplier data. Incomplete supplier records and messy master data lists can become a productivity bottleneck for businesses. Cleanse consolidates and stores the supplier data in a homogenous source of truth, allowing clients to quickly communicate with the right individuals at the right time.
The Keystone suite helps finance leaders solidify the AP and payment process. This supports Bedrock’s Pay, Recovery, and prevent modules. Keystone was designed to help AP teams overcome challenges associated with manual data entry, physical payments, and navigation of disparate systems.
Pay helps AP leaders digitize and accelerate payments, improve terms, and save money on every supplier transaction with fully managed payment operations. With Bedrock’s intelligent electronic payments network, clients bring visibility back to AP while gaining superior control over cash flow and spend.
Equally impressive is Recovery, which runs disbursement and statement audits on hundreds of thousands of transactions to instantly identify erroneous vendor overpayments and revenue leaks. Bedrock’s Recovery solution comes with no upfront costs and utilizes over 40 custom algorithms to provide tech-centric audits and ensure accuracy. Although there are technology solutions available for audit recovery, most industry leaders are still relying on lengthy, manual processes that require significant bandwidth from their clients. Bedrock’s Recovery can be configured in minutes to automatically and autonomously identify, validate, approve, and recover lost profit. As an added benefit, the Bedrock team provides an extensive root cause analysis at the end of the audit to provide recommendations on process and control improvements for their clients.
The newest solution in the Keystone suite is Prevent, a proactive, real-time tool that stops duplicate and erroneous payments at the point of issuance. The vast majority of solutions today focus exclusively on post-audit recovery, but Bedrock views proactive prevention as the next wave of technology advancement for AP leaders. That means better visibility into cash flow while keeping working capital in the hands of their clients.
Excellence at the Core
Bedrock began its journey in the industry by harnessing the power of technology in the right way to lead the audit and recovery process.
With over a decade of experience as a consultant for Fortune 500 companies, transforming their shared services into centers of excellence, Sabbah noticed that the solutions in the market were not delivering real value.
“The audit process was lengthy, manual, and erroneous,” says Sabbah. “This manifested as an opportunity for us to build a techdriven, low-risk, high-impact audit recovery solution to automate the process and improve accuracy.”
Sabbah built his team with performance-driven individuals focused on three core values––a strong appetite for innovation, emotional intelligence to resolve conflicts, and humility.
From then to now, Bedrock has been at the forefront of offering low-risk, high-impact solutions for supplier enablement, helping clients accurately accomplish tasks without the need to hire third-party expertise.
Bedrock solutions leverage cutting-edge API integration to be fully compatible with any ERP or P2P system. This makes the Bedrock modules turnkey and user-friendly and helps them seamlessly align with clients’ internal infrastructure and existing procurement workflows.
Bedrock has the ability to build and turn on custom fields for clients, and their support team helps to analyze client processes and define the necessary data fields to collect relevant supplier information. For instance, if a client has 50 data fields in their ERP system, Bedrock provides a consultative breakdown to help them understand which fields are really required to collect relevant data to streamline their supplier management program.
“At our core, we thrive in the supplier management and supplier enablement arena by making the procurement ecosystem technology-centric and simplifying the way organizations handle their supplier management operations”
"We roll up our sleeves and do it all for our clients so that we can relieve them of as much of the burden as possible. The foundation of our business rests in being a truly consultative partner for clients, showcasing what best-in-class looks like and guiding them along their procurement journey. Our ultimate focus is on providing clients with better controls, processes, and precision,” says Devin Noonan, chief revenue officer, Bedrock.
This customer-centricity translates to around 95 percent customer loyalty. Impressed by its elite customer service and having seen a positive difference in their supplier management outcomes, clients who sought Bedrock’s expertise at inception are continuing that partnership.
Powered by Continuous Innovation
Our ultimate focus is on providing clients with better controls, processes, and precision
Bedrock’s journey over the years has been nothing short of inspirational, and the company is pushing new boundaries with the same vigor. With the thought leadership of Sabbah and Noonan, the company is geared to scale up and extend its plug-and-play offerings to small and mid-size organizations. “Our solutions are foundational to the success of our clients, from large enterprises down to the midmarket. As we continue to expand our footprint on a global scale, we saw this as an optimal time to introduce a brand that was just as strong as our evolving product suite,” says Noonan.
Bedrock is also planning to create a global supplier database that will allow clients to source new suppliers within the Bedrock portal. By running banking and risk verification and exhaustive master data cleansing, Bedrock will validate suppliers in the database, rate them intuitively, and foster unmatched transparency. Clients can add suppliers with a Bedrock-verified stamp to their ecosystem for an enhanced business experience. Bedrock is also releasing a new feature to allow suppliers to login and view the status of their payments and invoices without ever leaving the platform.
These new endeavors are the future chapters to be written at Bedrock, acting as a strong bridge between suppliers and buyers.
“We drive our product roadmap based on customer requirements to deliver more value. This is the hallmark of our success and the secret of high client retention rates. While continuing to innovate on our path, we focus on connecting clients to proficient suppliers and helping them make business-critical decisions as fast as possible,” says Sabbah.
While Bedrock recently relocated their headquarters to St. Petersburg, the team is augmenting its presence in Miami and envisions being a staple of the Florida tech community. The company is targeting the close of its Series A and is poised to double its size in 2023 as it continues their rapid growth in procurement and AP sectors.