All refined purchasing organisations produce annual (forward) procurement plans. This lists all procurements which need to be undertaken over the course of the coming financial year in order to enable the organisation to achieve it's savings targets.
Currently there is no platform available which is specifically designed to help organisations track, monitor and manage the delivery of this plan. COVID-19 has contributed to an increased lack of visibility as most procurement teams are now being asked to work from home.
Procurement project delivery slippage is the largest inhibitor of savings performance within buying operations, often poorly addressed by internal management due to poor visibility of its financial impacts.
The technology was developed by a team with over 40 collective years in procurement and supply chain functional development. While the director has a technology company development background, the partner has a background operating at senior procurement roles as a consultant.
The technology is a digital platform that enables procurement teams to work smarter, more effectively and efficiently, and prevent savings slippage. The platform has 3 core modules:
- Dashboard reporting: will provide real-time visibility over which contracts need to be i) extended or ii) re-procured
- Drill down reporting
- System Alerts: Contract expiry
- Alerts issued at 12, 9, 6 and 3-month intervals before contract expiry
- Upload and store contract documents
- Contracts not added to register until contract documents have been uploaded
- Financials: Estimated vs. Actual contract savings comparison
The company is currently targeting the UK Public Sector including: local authorities, housing associations, NHS trusts and universities. The platform can also be used by private sector procurement teams, and is ideally suited for large organisations with multiple procurement teams across different locations.
The company is interested in collaborating with partners with technical skills who are well positioned in the market to take further the development needed in the platform, and supporting its commercialization. The collaboration sought involves pooling resources and knowledge to achieve market success through a joint venture or a commercial agreement with technical assistance.