Pay attention to benchmarking enterprises that focus on digital track procurement. There are Ariba and Coupa abroad, and domestic enterprises are mainly Shang Yue and Zhenyun. These two companies have their own characteristics and advantages, and Zhenyun is more established. In fact, it is a subsidiary of Hande Information, an old domestic software service provider. /kloc-entered the field of enterprise procurement 0/0 years ago. In 20 17, Hande Information spun off its procurement business and established Zhenyun Technology. 20 18 is invested by JD.COM. Shangyue is relatively young and was founded on 20 18, but it has a strong development momentum and a high starting point. Since Sequoia Capital was established more than a year ago, it has raised more than 200 million yuan in three rounds of financing, and the A round has led the investment of 654.38 billion yuan, which shows that the capital is very optimistic about its prospects. Zhenyun entered this field earlier, so it is superior to Shangyue in terms of customer number, product line and experience. However, Shang Yue's advantage lies in its youth. Shang Yue's founding team is mainly composed of former Alibaba, Deloitte, Oracle Bone Inscriptions and other core talents, while Shang Yue's rich cross-border experience in procurement supply chain, e-commerce, software, Internet and other fields is also not available to Zhenyun. Therefore, they are more advanced and industry-leading in the concept of digital enterprise procurement. Shang Yue's target customers are mainly large and medium-sized enterprises, such as Sany Heavy Industry, Great Wall Motor, Bakers House Search and other enterprises, and finally chose Shang Yue with more advanced concept and structure. The track of enterprise procurement digitalization has just begun, and the market is large enough. Shares of companies like Coupa have doubled this year, with a market value of $20 billion. Real Cloud and Shangyue should both have the opportunity to become companies with a market value of 10 billion.