**London**: Omnea, a procurement platform simplifying fragmented processes using AI, has won the Best Overall eProcurement Software award at the 9th annual FinTech Breakthrough Awards, recognised for enhancing automation, transparency, and control in procurement.
Omnea, a procurement intake and orchestration platform, has been awarded the “Best Overall eProcurement Software” title at the 9th annual FinTech Breakthrough Awards. The awards, organised by FinTech Breakthrough — an independent market intelligence organisation focusing on the global financial technology sector — aim to recognise leading companies and innovations within the industry.
Omnea’s platform seeks to simplify procurement processes that are often fragmented and manual, relying heavily on email threads, spreadsheets, and multiple disconnected tools. It enables employees to submit procurement requests via common channels like Slack, Microsoft Teams, or its own web portal. The system uses artificial intelligence to identify duplicate requests and steer users towards existing tools, preferred suppliers, and policy-compliant options, thereby helping reduce unnecessary expenditure.
Central to Omnea’s system are features that enhance transparency, automation, and control. Approvers receive AI-generated summaries tailored to their specific roles, facilitating quicker and more informed decision-making. The platform also automates key procurement steps such as third-party risk management, supplier onboarding, and contract initiation. Additionally, it incorporates a no-code workflow builder that lets procurement managers customise processes without needing developer assistance.
Omnea integrates with enterprise resource planning (ERP) software, spend management platforms, contract lifecycle management (CLM) systems, and ticketing tools to eliminate manual data entry and cut down on human intervention in procurement tasks. It centralises contracts and supplier data, manages renewal schedules, and provides automated sentiment surveys to keep teams updated and prepared for negotiations.
Steve Johansson, Managing Director of FinTech Breakthrough, highlighted the challenges of modern procurement. Speaking to GlobeNewswire, he said: “Omnea streamlines the procurement process, providing every user with a tailored experience that highlights the critical information they need.” Johansson noted that existing procurement technologies have struggled to keep pace with increasingly complex workflows involving multiple stakeholders and specialised requirements.
Sam Kempner, Vice President of Omnea, commented on the company’s mission: “Procurement complexity is costing businesses from overpaying suppliers to countless hours spent on manual processes. Omnea was founded with a simple mission: to transform the reputation of procurement.” He added that the firm is committed to empowering businesses to better manage their procurement, reduce third-party risks, and meet evolving regulatory demands.
Last year, Omnea completed a $20 million Series A funding round led by Accel, with participation from First Round Capital and Point Nine. Since then, it has announced new clients including Spotify, Wise, Pleo, Hargreaves Lansdown, Voi, and Adecco.
The FinTech Breakthrough Awards programme covers a wide range of financial technology sectors, including payments, personal finance, cryptocurrency, wealth management, fraud protection, banking, lending, regulatory technology (RegTech), and insurance technology (InsurTech). While the programme provides recognition for industry innovations, its organisers do not endorse any specific vendors or products.
Source: Noah Wire Services
