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Our client is a market leader in providing subsea systems. It offers advanced engineering solutions for offshore oil and gas extraction, renewable energy installations, and deep-sea exploration. The company has experience of more than 25 years with a global presence in 30 countries. It supports complex, multimillion-dollar marine projects.
The client’s main aim was to transform its procurement and sourcing functions digitally, which involved gathering bid quotes for its air freight, ocean freight, and land freight globally. They basically wanted to enhance efficiency, increase transparency, and streamline decision-making in its procurement process. Other goals of the client were to reduce sourcing cycle times, boost supplier competitiveness, and maintain procurement compliance across global operations.
The client was managing procurement process manually. It was, however, time-consuming and prone to inconsistencies across different regions. There was no centralized platform for handling RFIs, RFQs, and auction processes. This results in delays, reduced supplier engagement, and minimal visibility into supplier performance.
The client was operating in a highly regulated industry, so even minor delays in procurement can cause huge losses.
Not all of its global supplier base were conversant in using digital tools, which hampered communication.
The internal stakeholders were hesitant to adopt a new system who were accustomed to the legacy procurement method.
The client needed to implement a new tool without disrupting its existing ERP system for smooth operational flow.
Procure Suite RFP-RFI-RFQ software manages your procurement processes efficiently, to ensure a timely project completion. It helps companies reduce operational costs while improving the quality of services and products. Additionally, the software minimizes the chances of bias while providing consistent and fair supplier selection every time.
– Digitized RFI and RFQ workflows replace manual emails and spreadsheets for increasing accuracy and speed
– Built-in scoring mechanisms offered objective and transparent supplier evaluations
– Real-time e-Auctions for competitive bidding reduce costs and improved sourcing cycles
– Predefined templates and workflows ensure consistency and better documentation
– A user-friendly portal simplifies the onboarding process for new and existing suppliers
– Analytics dashboards increase the visibility of performance and response rates of suppliers
– Notifications and real-time communication can improve supplier participation and engagement
– Onboarding tools and digital interfaces reduce delays and help the client expand the base
There was a 35% reduction in overall procurement cycle times and a 20% increase in supplier response rates because of the e-RFI and e-RFQ processes. Competition among suppliers increased because of e-Auction functionality. This led to an average cost saving of 12% across key procurement categories for more than 50 sourcing events.
The onboarding portal streamlined supplier engagement and reduced onboarding time by 40%. This helped the client to expand its qualified supplier base globally across 600 lanes, spanning 32 countries and across 35 global suppliers.
Procure Suite is a comprehensive solution that includes cloud-powered E-Procurement solutions and strategic sourcing services. The Procure Suite Procurement Solution offers a user-friendly, robust, and advanced E-Sourcing toolkit to companies of any size.
Our Consulting services and flexible deployment options enable companies, irrespective of industry sectors, to improve spend management, automate procurement processes, and achieve excellence.
Our cloud-based, on-demand E-Procurement solutions provide companies with the highest level of data security and confidentiality as they are hosted in a robust and compliant data center.