The introduction of technology into procurement operations makes strategic sourcing and supplier management more proactive and effective. This is done with the intention of reducing costs and increasing the profitability of an organisation. In 2021, the global market for procurement as a service was valued at $5.94 billion, and it is anticipated that it will increase at a compound annual growth rate of 10.4 percent from 2022 to 2030.
Both the growing need for procurement solutions and the requirement to optimise the supply chain are significant industry drivers that are contributing to the expansion of the market. The expansion of this industry has resulted in the emergence of a number of new companies that offer services that show promise. Source.One, the largest polymer distribution company in India, is a technology-driven behemoth that is revolutionising the petrochemical distribution market.
Customers in the polymer industry face their own set of challenges which include insufficient digitisation along the supply chain, lack of transparency and inefficiency. “We at Source.One have developed a robust network encompassing data, processes, and technology.
This powerful combination enables us to quickly identify and address business gaps across various regions, ensuring a smoother, more efficient supply chain. Through a technology-first and democratic approach, we’re bridging the demand-supply gap between SMEs and suppliers. Our deep insight and forward-thinking vision are set to meet and simplify these challenges, making scalability and efficiency a reality for our users”, says Arun Singhal, Founder and CEO.
The company is known for its smooth services in this sector. Their platform has transformed from a simple buying application into a comprehensive ecosystem tailored for the manufacturing sector. Users can now not only purchase what they need but also sell surplus inventory, access valuable insights and news, and even secure credit—all through one application.
“Our onboarding process is thorough and personalized. We gather detailed information on each manufacturer beforehand, ensuring we understand their unique needs from the get-go. This process blends human insight with digital efficiency. Our approach goes beyond typical supply solutions; we also focus on educating our clients about the advantages of our technology”, speaks Arun.
In the polymer and chemicals industry, the team of the company is formed of individuals who come from a variety of professions, ranging from finance and technology to education. This may appear to be an uncommon approach. However, this diversity is the most valuable asset that they possess. It brings new points of view, original ideas, and a one-of-a-kind approach to resolving difficulties, which distinguishes them from others and is the driving force behind its success.
On a national level, the company has a presence in the entirety of India. The business has established relationships with a number of well-known customers, including Studds, Jindal Poly Films, Neelkamal, and others. With operations spread across 300+ districts of India, Source.One has been selling 1000+ grades of polymers to over 5000+ active buyers every month.
Future Roadmap
Over the course of time, the company has developed in terms of the expansion of its customer base and the rise of its revenue. It is very obvious that the company's objective is to provide value that is unmatched and to advance the trade industry by using the power of technology and efficiency. It is this forward-thinking strategy that has allowed Source.One to become the most successful polymer distribution company in India. According to the source, one would gradually but certainly touch every facet of the chemical industry by utilising a balanced combination of human-led management, automation, and digitization.
.jpg "Overcoming the Hurdles of Scaling a Startup")
