Sourceezy: Enabling Digital Procurement Transformation

CIO Vendor A digital revolution is here, and everything the industry touches is transformed or in the process of transformation. In a highly competitive environment, supply chains around the world are modernizing processes to ensure productivity and enhance business operations. The awareness about the procurement process among organizations has increased over the past years. With the advent of customized offerings, service providers are making continuous efforts to shift their business offerings to the ‘as-a-service’ model. As consumers become more aware of advanced procurement functions in their respective business, they are anticipated to look for providers that offer robust procurement service model.

The search ends here with Based out of Bengaluru and having operations in India, Dubai and Romania and serving clients in over 126 cities in 26 countries, SourceEzy Technologies is a Procurement As-A-Service platform offering a unique blend of services comprising Requirement-to-Buy Business Process Automation, Assisted Remote Services and a curated supplier network. Established in 2014 with a vision to bring a lean, easy to use and a cost-effective procurement optimization platform, SourceEzy is a pure play SaaS offering, delivering secure and stable digital sourcing platform through a multi-tenanted architecture hosted on Azure data centres.

The vision the Founders of SourceEzy had was to fulfil a large gap in the market that existed for providing a robust collaborative platform to bring together Suppliers and Buyers and provide a competitive platform for making an optimized match to the supply and demand – at very economical prices. Particularly, SourceEzy, brings an average of 5% of Annual savings on Procurement costs for its customers. SourceEzy is able to onboard customers within 3 days of subscription activation to commence their source to contract operations. And obviously, this enables the customers to get rid of the complexity of Procurement and allows them to focus on their core business.

SourceEzy provides 5 key business benefits to customers namely - Greater Process Efficiency, Guaranteed Savings, More Transparency, Actionable Insight and Improved Quality.

Greater Process Efficiency
Corporate Procurement is often a fruit of long bureaucratic processes, accompanied by lengthy chain of documents right from requirements, product data sheets, design and schematic drawings, to multiple versions of quotations from multiple suppliers to internal vendor comparison reports, contract management and approval tracking from all internal stakeholders.

All that trail of physical documents and signature processes associated with procurement contracts and purchase orders can be quite cumbersome especially with the number communication channels around unstructured e-mail systems. As part of its ability to offer greater process efficiency, SourceEzy provides a unified always available platform integrating all the stakeholders on the same page greatly optimizing the efficiency around communication and data interchange. Companies have greatly reduced their procurement cycle times by over 70% in several successful cases. SourceEzy’s intuitive Web-based cloud hosted platform is securely available to all stakeholders at all times.

SourceEzy imbibes the principles of information sharing, incentive alignment, decision synchronization and collaborative communication into its product and operational strategy to introduce an agile supply chain leading to greater process efficiencies. Irrespective of it being an employee travel or leave, or office hours and holidays, SourceEzy provides the flexibility to get the work done efficiently from anywhere. Procurement does not have to stop for anyone.

Transparency is the Key
SourceEzy has addressed one of the most sensitive topics of procurement in an extremely cautious and process compliant manner. SourceEzy’s product and operational design are built around the key fundamental building blocks of maintaining transparency which include non-discrimination, principle of freedom, diversity, objectivity, accessibility and equal treatment in procurement system.

SourceEzy’s secure platform provides a complete audit trail on the source-to-contract and Procure-to-pay process with secure work flows designed according to organizations delegation of authority to ensure that organizations are able to maintain full transparency and reduce the effort on internal audits documentary monitoring and controls. SourceEzy’s marketplace Suppliers integrate into the organizations preferred suppliers to bid for contracts, thereby improving authenticity to the prices and other procurement terms and conditions in the final bid.

The entire processes are overseen by SourceEzy’s expert sourcing team. More so, at the end of every procurement cycle, SourceEzy provides a comprehensive report covering all stages of procurement cycle right across requirement, supplier outreach, pre-bidding, Auction bidding and to generating Purchase Orders. In the event of any discrepancy in the process during a bid cycle management, SourceEzy’s Sourcing team leads will reach out to the Management in organizations.

Only the Top Notch Supply Chain Quality
The one thing that is often jeopardized more often than not, is the Delivery quality. One of the established reasons for the drop in quality over time is the continuous procurement with preferred vendors.

There are 6 major factors that determine supply chain quality - Leadership, strategic planning, human resource planning, supplier quality management, customer focus and process management. SourceEzy monitors the entire chain of these 6 factors through a Supply Chain Quality Index to ensure that its customers derive the most optimal quality of goods procured. SourceEzy platform offers an exceptional value proposition to involve customers’ leadership teams through work flow notifications and approvals to ensure that there is complete visibility in the full process.

SourceEzy’s Sourcing Teams involve clients’ management, internal buying organizations and all other internal stakeholders to derive a strategic procurement calendar and road map to ensure that is medium term visibility in the requirements. At the same time, SourceEzy ensures that the customers are best positioned to leverage the marketplace for optimal supply chain performance.
SourceEzy’s expert sourcing team completely strengthens the human resource factor during the supplier outreach while ensuring that SourceEzy’s collaborative platform unifies all communication to achieve best results. SourceEzy’s Learning Management Process, ensures that all stakeholders including the buyers and suppliers are fully trained and geared to exploit the platform. The sourcing team at SourceEzy builds effective professional relationships with the suppliers to ensure they are culturally aligned with clients’ requirements and their organization culture which is a significant factor in improving end quality. The sourcing team also does active in-process supplier ratings for every RFQ to ensure that the best suppliers in the marketplace are matched for ongoing requirements.

Two-fold approach for Better Spend Visibility
Paying heed to the much significant spend visibility, SourceEzy adopts a 2-Pronged approach to actionable insights. In the first part the company provides its customers with Event Based, Month-To-Date and Contract-to-Date and Full Life cycle reports on multiple attributes such as Business Unit, Cost center, Buyer, UNSPC Purchase Categories across product Family, Category, Class & Commodity and Currencies across Vendors.

In the second part of SourceEzy’s Insights portfolio, the company provides actionable insights on the categories that require focus to drive better savings, vendors and geographies to focus on to improve overall supply chain quality. Sourcing Team actively analyses the events, spend and savings patterns in the platform and historically in client’s organization to streamline procurement strategies better.

Sourceezy’s product and operational design are built around the key fundamental building blocks of maintaining transparency which include non-discrimination, principle of freedom, diversity, objectivity, accessibility and equal treatment in procurement system

SourceEzy’s customers benefit across all these areas though they may particularly benefit a larger proportion in some areas compared to the others. SourceEzy covers 2 key areas in sourcing - General Procurement and Vertical Procurement. The firm’s General Procurement Categories Cover over 72 Key Procurement Commodity Classes. On Verticalized Procurement SourceEzy focuses on all industries, but has specialized track record in Construction, Healthcare, Engineering, Agriculture, Food, Commodities and Fitouts amongst others.

More for Value, Less for the Sell
Besides the aforementioned plethora of advantages offered by SourceEzy, there are several other factors that set the firm ahead in its league of Procurement-As-A-Service platform. SourceEzy has a unique value proposition of providing a blended offering of a digital platform and assisted procurement services. SourceEzy is potentially one of the very few offerings globally that caters to the needs of the small business as well as the large enterprises.

“We are able to productize our service to meet the benefits of these businesses. We focus on providing value against selling software licenses or services”, says Deepak Ramesh, Founder and CEO, SourceEzy.

Deepak Ramesh, CEO, has over 25 years of experience in handling Marketing, Sales and Operations roles in large organizations. His stint in setting up E-procurement business for a large diversified organization in Dubai led him to come up with SourceEzy’s business model of being a lean, agile and functional platform to drive procurement savings for organizations. More so, his experience in running procurement events, onboarding vendors and driving revenues was instrumental in SourceEzy’s sustained operations and growth.

He further adds, “We are one of the very few players in the space of source-to-contract offering who offer dedicated support right from helping create requirements in our digital platform to sourcing vendors, evaluating them and conducting online reverse auctions to ensure that there is savings in every project that we handle”.

Deepak Ramesh is accompanied 2 other industry veterans, Shiv and Nixon Fernando. Shiv is the CTO carrying over 30 years of digital transformation experience across multiple industries and geographies. His extensive experience in building products and solutions for large enterprises and his consulting experience in delivering large SAP programs brings in the vision for SourceEzy’s technology roadmap. Having previously founded venture funded e-commerce businesses, Shiv contributes actively to business strategy and financial operations.

Nixon heads the Sourcing and Operations Consulting in SourceEzy. His experience with companies like Tesco and JP Morgan Chase in areas of Process Transition, Stakeholder Management, Data Analytics, Building process flows, Quality Control, Training & Development, Strategic Management and Brand Management brings the invaluable expertise required to exceed customer experience in all areas of Operations.

Promising Roadmap for the Future
Currently, SourceEzy is in planning to invest in key areas including technology, marketing and expanding the vendor footprint. Having achieved a sustainable business model and providing tremendous financial savings to several large enterprises consistently over 5 years, SourceEzy believes focused attention in these areas is critical for moving the organization into the next phase of rapid growth. The firm’s technology platform has functionally matured to cater to the needs of its customers. Moving the application into open-source platform, creating a more powerful user experience and adopting a mobile first approach are the key product goals.

“SourceEzy has been a great procurement partner, helping us achieve significant financial savings and gain operational efficiencies through their assisted services. SourceEzy has introduced several vendors from their marketplace which has improved the quality of goods that we source and delivery times to us. Their team is always available to us to support us to achieve our performance goals and to get all spend analytics instantly. We strongly recommend SourceEzy.” - Vipul Parekh – Founder and CMO Bigbasket