Agile, Insightful & Complaint
Covid and Ukraine war has brought unprecedented disruptions in the supply chain leading to compulsive need to transform the Procurement function to prevent supply disruptions & withstand cost pressures without compromising compliance needs.
Procurement professionals are required to rise on this critical juncture to ensure highest level of Agility to most effectively address their organizational needs for timely supplies of goods and services at optimum costs.
Going Digital is the key component for determining consistent efficiency in the procurement function. Procurement function demands decisions on every step every day. It warrants design of strategies to minimize risks pertaining to supplies.
It is not that the business leaders have not realized the need for digitization. Businesses have spent millions of dollars on their e-procurement suites, finding them ultimately lacking. Bad user experiences, incomplete functionality, and a lack of capabilities to address business critical niche functions were just a few of their many issues.
To address the above critical founding blocks of efficient and effective procurement, Digitization is the solution. It is "VENDX", The Future of Procurement.
"VENDX", The Future of Procurement
Manage your end-to-end procurement through Vendx and get more visibility, control and productivity than ever before
Have clearly defined Objectives what you wish to achieve post Digitization
Prioritize importance of Processes desired to be Digitized and define expectations post Digitization of these processes
Set up dedicated team of domain stake holders who are passionate to pursue the initiatives
Share your vision with potential partners and ask them to reflect how they would assist you to achieve the same
Take small step at a time instead of a big bang, as Digitization is the journey & you learn through every step to further refine subsequent steps. Besides it also helps in effectively manage the change.
Once you have your digital landscape for any processes, think to leverage technologies like Robotic Process Automation (RPA) to ensure routine workflows are automatically executed
Align Processes which are required to be Digitized to achieve your objectives
Ensure Organizational commitment to the initiative
Define clearly pre – implementation `To Do’ list (for e.g. master data cleansing, categorization of spend,etc)
Short list your partner
Measure every step periodically and bring correction where ever desired
This is the time when you would have created certain patterns of data across all processes. Leverage on top of this domain insight to start your journey on Machine Learning (ML) / Artificial Intelligence (AI) to get insightful suggestions / decisions across processes. This is where your advance journey to `The Future of Procurement’ will commence.
"VENDX", is a digital procurement platform which make decisions, improves processes, proposes actions, and automates repeatable activities.
Global research reveals organizations with highly mature operations are considered “future ready” and are, on average, 1.7 times more efficient and 2.8 times more profitable
The role of procurement organization goes beyond cost, it is about driving business value.
*** Key considerations for selection of your Technology Partner for building & sustaining your journey to `The Future of Procurement’
Ensure your partner understands your pain areas and has good understanding of procurement domain
Check the success track record of the partner by meeting few customers and seeing what is delivered and the value which is created by the partner
Evaluate security practices and scalability capabilities of the solution offered by the partner
Determine willingness to accommodate desired niche customization
Understand future landscape of partner and how it can benefit your organization in the context of specific needs
Don’t get carried away by technology jargon. Contextualize future landscape of the potential partner with processes to determine usefulness
Determine long term sustainability of the partner
VIMP - Take POC (Proof of concept) of the platform
Ensure that immediate & long-term cost is rational
All said & Done, Finally its people.
The organizations will need people with right kind of attitude to foster innovation, category standard of integrity & professionalism, great team managers and highest level of agility.
With all Digital frameworks the executors are still going to be people. Ensure that you have the best quality performers to leverage most innovative your digital landscape to deliver best value on sustainable basis to your organization.
Procurement can enable organization to weather any financial crisis most effectively.
Most manufacturing companies spend 45% to 85% of their revenue in procurement. Considering their bottom line ranging from 7% to 15%, every 1% decrease in procurement cost can lead to 5% to 10% improvement to their bottom line
Agile Procurement reduces TAT (Turnaround time) there by reducing lead time & reduce inventories to generate additional cashflow & reduced inventory cost
Procurement can significantly contribute to ESG (Environment, Social and Governance) compliance there by ensuring organization compliance to the social commitments
Procurement has direct contribution to speed up new product launch. An efficient procurement organization is equipped with information & network to identify new material and services to reduce time for new products there by significantly increasing competitive edge of an organization
With reduction in cost procurement can provide unparalleled edge to with stand competitive pressure on prices
According to Deloitte CPO Survey 2021, 48% CPOs report digital transformation
"MavenVista Technologies Pvt Ltd "(www.mavenvista.com) comprises of highly proficient domain & technology professionals with unparalleled commitment to transform procurement function of their clients to, create positive impact on their bottom line and create Board Room Value.
MavenVista has built the state of art procurement platform, "VENDX" which digitizes end to end procurement processes most efficiently
Easy to implement and adopt
Configurable to address end to end of an organization
Flexible for niche Customization to address business critical needs
Robust APIs to seamlessly integrate with legacy systems
End to end visibility on every spend
Unique analytical engine which automatically offers effortlessly contextual analytics to improve quality of decisions
Powered by Audit engine to establish strong accountability
Leverages power of AI to provide insights on vendor behavior and performance
Assists to determine vendor risk on ESG score
Suited for all categories of purchases to ensure central repository of knowledge of the entire Procurement function
Track record of 100% success of implementation with every customer