Businesses are paying greater attention to the potential advantages that can be achieved by adopting more strategic approach to the Procurement Outsourcing Services and Procurement Digital Transformation. Owing to the need to manage complex procurement contracts, the demand for procurement services is gaining traction among small and mediumsized businesses globally. Deals involving contracts requires technical and strategic domain expertise and time to deliver, and hence procurement as a service is a popular choice among SMEs. As per a report by ResearchAndMarkets.com, the global procurement as a service market is expected to reach $10.29 billion by 2028 and is anticipated to expand at a CAGR of 8.2 percent from 2021 to 2028. Today, seven of the Top 15 players in the Global Market of Procurement as a Service Industry are operating and delivering from India. Under the shared service model, procurement as a service is being delivered from India, Central America, Southeast Asia, China and many other countries.
The most significant share of business is held by India in Asia followed by Southeast Asia. Source2T is a Business Process Transformation, Automation and Digitization Company, with a specialized focus in the Procure-to-Pay segment. Set up initially by conceptualizing the IDEA in 2017, followed detailed Designing Thinking Process to create a prototype in 2018 and then the MVP in 2019. Commercialized in 2020 and named the SAAS based product as ValProc, the firm kept enhancing the capabilities of their technologies and services to add value to clients. In Source2T, we believe change is the only constant and we must continuously evolve and improve. “Being procurement SME, our deep domain knowledge and our technology expertise leverage us to do radical rethinking of how an organization uses technology, people and processes to fundamentally change business performance and create technological disruption. Exploiting digital technologies and supporting people capabilities we created robust new digital business ecosystem.
Further, our offerings are completely customizable as per the organizations need and completely integrate with any existing ERP or systems tools being used by the organizations, and this is what gives us an edge over our competitors in the industry”, speaks Sanjul Gupta, Co-Founder & CEO, Source2T.
Offering a Range of Products to Choose from
Digital Transformation at the highest disruption levels is eminent and today every business is aware of it. The trending AI, Data Science, Block Chain and finally with RPA and BOTs the whole Global Procurement as a Service industry is focused on Procurement Transformation or Procurement Digital Transformation. Now, Indian MNCs and even Indian Small and Medium
industries are following the footprint and opting for Procurement Process Transformation driven by amalgamation of Technology, People and Process. With a vision to bridge the industry gaps, Source2T has developed Valproc – the cloud based procure-to-pay platform. A Source to pay and Procure to Pay cloud based SAAS application, ValProc has every standard feature needed to run Source to Pay or Procure to Pay off any organization irrespective of industry or domain. Some of these unique features include Dynamic Budgeting, Integrated Inventory Management, Integrated Asset Management, Block Chain Driven Materials Master, RPA or BOT driven Invoice Processing, AI & Chat BOTs Driven Vendor Negotiations, Real Time Spend Analysis & Predictive Analysis. Years of experience of Procurement Technology Implementations and Procurement Transformation Projects, helps us to support our clients in their transformation journey”, speaks Majid Khan, Co-Founder & COO, Source2T.
Source2T has also developed KYS – a KNOW YOUR SUPPLIERS platform which empower organizations to know their suppliers with reference to Statutory Compliances, Legal Compliances, Suppliers Capability, Suppliers Expertise, Suppliers Financial Strength, Suppliers Experience, Suppliers Domain Knowledge, Suppliers Certifications, and Suppliers Banking Information.
Other than S2P or P2P offerings, Source2T is also known for offering standalone services for doing only RFP or Auctions without using complete end-to-end S2P platform. “We call it RFX Factory Services, where client can take subscriptions for only doing RFI/P/Q or Auction or both without implementing full blown P2P module. Under RFX Factory services, we offer RFQ and Auction (Reverse and Forward) services as well, where clients can share their mandates with us, and we can run the RFX event for them it can be RFQ or Auctions or a combination of both RFQ followed by Auctions. This helps the client to get immediate cost saving without any long-term investments. Our RFX Factory Portal is having the unique process where clients can create auction request and then their leadership can review and approve the auction request and then auction can happen. System generated auction reports with integrated analysis and dash boards are another unique selling proposition which also helps clients to do auctions single handed”, highlights Majid.
Source2T is known for creating radically thoughtful and innovative technologies which are easy to use at every level of the organization
Leveraging Technology to its Benefit
Current edge of digital transformation is the core of our vision and strategy. The eminent Disruptive Digital Transformation can only be achieved with the perfect combination of Technology Transformation, People Transformation and Process Transformation. “Source2T strives to be an End-to-End one-stop-shop for all the Business Digital Transformation needs. We offer perfect combination of Advisory, Technology and Outsourcing Services. We guide our clients to adopt the critical values for Digital Transformation such as Openness to Change, Willingness to Learn and Adopt, Continuous Innovation and Improvement, Agility and Flexibility, Adoption of Predictive Data Analytics and more”, says Sanjul Gupta, Founder & CEO, Source2T.
The firm creates adaptable Digital Transformation Eco System, with more and more visibility to analyzed data at different levels of process to different levels of organization to support the culture of making informed decisions, thus, exploring newer ways to help clients in adopting digital transformation, multiple level of trainings delivered through these advanced techniques.
"Some of our most strong levers are Access to Digital Talent, Access to Adequate Technology Architecture, Clear Vision & Strategy, Digital Culture (Agile and Risk seeking) and Nimble Org Structure and Bold Leadership”, shares Sanjul.
For the years to come, Source2T is vesting its focus on SMBs and is very bullish on MSME growth in India. The firm wished to continue focusing on enhancing its technology capabilities and service offerings to kill the hurdles or problems being faced by any industry segment in this domain. Also, Source2T is leaving no stone unturned when it comes to making its offerings available to all micro, small and medium business at an affordable cost (20 percent cost) with all the features available in any market leader offerings. Having spread its wings across US, in future Source2T is looking forward to entering African, European and Canadian markets as well.
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