VENDX

The Future of Procurement

Think Beyond Normal, be well informed, be aware on compliance needs, act fast & extensively leverage technology

Agile, Insightful & Complaint

The Future of Procurement

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

Steps to plan your successful Digitization Journey

  • 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

The Future of Procurement

"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.

Where Procurement contributes?

Procurement can enable organization to weather any financial crisis most effectively.

Improve Bottom line

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

Reduces TAT (Turnaround time)

Agile Procurement reduces TAT (Turnaround time) there by reducing lead time & reduce inventories to generate additional cashflow & reduced inventory cost

Achieve Organization Compliance

Procurement can significantly contribute to ESG (Environment, Social and Governance) compliance there by ensuring organization compliance to the social commitments

Increase Competitive Edge

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

Withstand Competitive Pressure

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

How we assist to transform your Procurement function?

"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

The Successful digital transformation of procurement will optimize costs, reduce risk, drive innovation, and advance ESG initiatives at scale

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