Success in business often hinges on the strength of connections and relationships, especially the one between a company and its suppliers. Open communication, complete transparency, and mutual support are not just the hallmarks of a healthy personal relationship but also form the bedrock of a robust supplier relationship management (SRM) strategy.
In today's ever-shifting global supply chain landscape, the imperative for companies to cultivate and maintain strong bonds with their suppliers has never been more pressing. However, compliance, qualification, and other critical parameters play a pivotal role in ensuring that the relationship is not only fruitful but also sustainable in the long term. Delhi-based SOURCE2T helps organizations navigate a complex web of factors to identify and engage with suppliers who align with their values, goals, and operational standards.
SOURCE2T’s proprietary cloud-based solutions redefine the way businesses manage their supplier relationships and procurement processes. From supplier onboarding and prequalification to ongoing compliance monitoring and performance evaluation, the company’s automated solutions streamline the entire process, ensuring organizations can mitigate risks and optimize their supply chain operation.
"SOURCE2T acknowledges this fundamental transformation, aspiring to elevate procurement from an emerging function to a pivotal strategic pillar within organizations"
Flagship Product: Know Your Supplier (KYS)
SOURCE2T's offerings are designed to address the core challenges of modern procurement, emphasizing agility, integration, and user-friendliness. With a commitment to breaking down silos and fostering collaboration among stakeholders, the firm aims to create a seamless procurement experience where everyone operates on the same platform, enabling greater transparency and efficiency.
Central to SOURCE2T's solutions is the KYS Network, an off-the-shelf product that evolutionizes SRM. By providing comprehensive insights into supplier compliance, performance, and qualifications, KYS ensures organizations can onboard and evaluate suppliers effectively, maintaining regulatory compliance and minimizing risks. Integrable with leading ERPs such as SAP and Oracle, KYS offers organizations a centralized repository of validated supplier information, facilitating smoother procurement processes and enhancing auditability.
Stay up-to-date with Vendor Information
KYS automates and updates critical vendor information seamlessly. Over time, organizations accumulate extensive vendor databases, often leading to redundant or outdated data. KYS addresses this challenge by leveraging key identification criteria like PAN numbers to validate and update vendor details directly from government repositories. By integrating with various governmental platforms, KYS ensures that organizations maintain accurate and up-to-date information on their suppliers, including GST status & filings, MSME certification, and corporate registration details, thereby enhancing compliance and reducing operational risks.
Furthermore, KYS offers proactive risk management features, alerting organizations to potential compliance issues such as missed tax filings or MSME vendors. The SRM software also facilitates seamless communication between stakeholders, including suppliers and government entities, ensuring transparency and regulatory compliance. By centralizing critical documents and automating compliance checks, KYS empowers organizations to mitigate risks and optimize supplier relationships, ultimately driving operational efficiency and business growth. KYS provides stakeholders with real-time insights into their supplier ecosystem through intuitive dashboards and customizable reporting tools, enabling informed decision-making and strategic planning.
Procurement Beyond Supplier Management
Besides SRM, SOURCE2T's suite of solutions emphasizes budget control and procurement automation. With the Valproc procurement tool, organizations gain greater control over spending, ensuring purchases align with budgetary constraints and eliminating the need for manual approvals. Valproc streamlines the entire procurement process, from purchase requisition to approval workflow, contract management, and PO generation, providing organizations with a comprehensive solution for procure-to-pay operations. By integrating seamlessly with existing ERP systems, SOURCE2T empowers organizations to optimize their procurement processes, drive cost savings, and achieve greater operational efficiency.
Charting the Course of Procurement Software in India
To comprehend the significance of SOURCE2T's endeavors, one must first navigate the intricate landscape of the procurement software industry. “According to recent estimates, the global procurement software market stands at approximately $7.5B. While India serves as a major service provider, handling 50-60 percent of outsourced procurement business, the procurement software sector remains predominantly outside its borders. And yet, India's growing economy could soon foster a huge procurement software market” explains Majid Ali Khan, Founder and COO.
As the procurement landscape evolves, the importance of technology in driving organizational transformation cannot be overstated. SOURCE2T recognizes this paradigm shift, aiming to elevate procurement from a nascent function to a strategic cornerstone within organizations. With a focus on integrating people, processes, and technology, the company positions itself at the forefront of innovation, leveraging AI and blockchain to redefine traditional procurement practices.
Streamlining Supplier Partnerships, Spearheading Procurement Pre-eminence for Business Triumph
The Value of Procurement Software in SCM
Twenty years ago, procurement was a manual affair involving phone calls and sealed quotes. Today, digital procurement platforms streamline operations, fostering transparency and efficiency while curbing potential malpractices. This shift towards digitalization has also facilitated smoother workflows and enhanced oversight. With SOURCE2T’s procurement software, each requisition undergoes a rigorous approval process, replacing the inefficiencies of email-based approvals. Once approved, requisitions seamlessly transition to procurement, where the solution engages vendors through digital request for quotation (RFQ) processes, eliminating manual correspondence and expediting purchase order issuance and invoice management.
"Historically, procurement focused solely on securing the lowest-cost materials. However, with evolving government regulations and heightened awareness, there's a growing emphasis on vendor authenticity and compliance", notes Khan. This shift underscores the importance of vetting suppliers for both product authenticity and financial stability, a concept encapsulated in its KYS.
Pioneering the Future: Solutions Tailored to SME Needs
SOURCE2T's vision revolves around its commitment to addressing critical challenges faced by small and mediumsized enterprises (SMEs). "Our goal is to provide solutions tailored to SMEs, focusing on resolving key yet often overlooked operational issues”, adds Sanjul Gupta, Founder and CEO of SOURCE2T. The company aims to complement existing ERP systems with agile, over-the-top (OTT) solutions that seamlessly integrate with the organization's infrastructure.
Highlighting the practicality of their approach, Gupta says, "Consider a scenario where a client manages 15000 suppliers. Granting access to the main ERP system for all these suppliers is impractical and costly. Our solution bridges this gap by offering an integrated software accessible to key stakeholders, including suppliers, users, operations, project, and finance teams." This approach ensures efficient information flow while safeguarding the integrity of the ERP system. Looking ahead, SOURCE2T plans to introduce a comprehensive suite of such products, in addition to KYS and Valproc, designed to address specific pain points encountered by businesses. These four solutions include Auctions, RFX Factory, Accounts Payable, Accounts Receivables and Spend Analytics.
Auctions - Reverse and Forward streamlines the bidding process, facilitating real-time negotiations and driving cost savings. By providing a platform for both buyers and suppliers to participate in competitive bidding, Auctions fosters transparency and efficiency in procurement and disposal transactions. Further simplifying the procurement processes is RFX Factory, a user-friendly interface that simplifies the request for proposal (RFP), request for quote (RFQ), and request for information (RFI) processes. With RFX Factory, organizations can effortlessly manage vendor interactions, generate RFX documents, and evaluate supplier responses.
SOURCE2T’s Accounts Payable solution transforms financial operations and enhances supplier relationships by providing organizations with greater visibility and control over their financial transactions. With Accounts Payable, organizations can automate invoice processing, track payment statuses, and reconcile vendor accounts seamlessly. Furthermore, the Spend Analytics solution empowers organizations with comprehensive insights into their spending patterns and procurement trends. Spend Analytics leverages advanced data analytics techniques to analyze and visualize historical spending data, identify cost-saving opportunities, and mitigate risks. This helps organizations make informed decisions, negotiate favorable contracts, and optimize their procurement budgets effectively.
With its innovative suite of products, SOURCE2T is poised to lead the charge toward a new era of SRM and procurement excellence. The company plans to continue developing customizable, integrable automation solutions that cater to every organization’s unique needs, thus empowering businesses to thrive in their respective industries.