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Procurement software solution is offered to monitor, measure and improve team’s performance in both public and private sector organizations.

Country of Origin: United Kingdom
Reference Number: TOUK20200908001
Publication Date: 8 September 2020

Summary

A UK based SME has developed a web-based platform that provides procurement departments with central and real-time visibility over all projects assigned to team members, the status/progress of each project, as well as highlighting which projects are at risk of slipping. The company seeks collaboration with international partners to further develop, improve and scale the solution. The collaboration sought might be through a joint venture or commercial agreement with technical assistance.

Description

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:
- Contracts
- Projects
- Performance

System Features:
- 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.

Advantages and Innovations

Whilst there are a range of other platforms available to procurement professionals including e-tendering systems, contract management systems and data/spend analytics platforms, none of these systems aim to solve the same problem as the new platform – to measure and enhance procurement team efficiency and outputs.

The web-based platform uses internal coding with Angular and Microsoft web based experience.

The main advantages are :
- Real time capability to address project slippage and enhance savings programmes value outputs
- Remote working capabilities enabling the allocation and acceptance of programmes work
- Clear and real time value performance visibility
- Capable of capturing and monitoring multiple organisations procurement performances with one account
- 3 level visibility: Enterprise, team and individual performance visibility.

Stage Of Development

Already on the market

Stage Of Development Comment

The technology is operational with customers and undergoing refinement, bug fixing and platform stabilisation to enhance scaleability. The solution is currently working with local authorities in the UK.

Requested partner

The company seeks partners with technical capabilities and market reach to collaborate in the further developments of the platform aiming to build a joint project that benefits both parts technically and commercially. The envisaged collaboration will involve shared operations under joint venture or commercial agreement with technical assistance.

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