Right from manufacturing to customer relationship management, the efficient performance of a business wholly depends upon its meticulous organizational structure which emphasizes adequate focus on every single operational region of that business. To cater to this need, a modern-day elixir called Enterprise Resource Planning (ERP) has been made available and Procurify is providing organizations the tools to better understand spend cultures, and to get the most out of their spending.
Due to the software’s convenience and accessibility, Procurify makes it easy to achieve greater visibility into a company’s expenditure, track purchases across an organization, and report on one’s financial data with certainty. It offers a smarter way to manage spending for hundreds of companies around the world.
A Leader with an Appetite for Innovation
Aman Mann, the CEO of Procurify, believes that every organization has a spend culture, and that there is always a better way to work. After working at numerous jobs at different companies, he was aggravated by the inefficient business processes and decided to create a solution that would tackle a specific pain in many businesses, that of, managing organizational expenditure.
Aman has witnessed firsthand the pains and consequences of poor spending decisions, and so he created Procurify as a convenient, accessible and manageable solution to help organizations to improve their spend cultures.
In addition, he hopes that organizations that partner with Procurify also can find a better way to manage their expense, so that the people within them can work smarter and be their best selves.
“The knowledge of ‘why’ and the power of action is so important in organizations – revenue may be uncontrollable, but spend is, and organizations can learn to leverage it to work for you and not against you,” Aman asserts.
Procurify is helping organizations receive advantages out of their spending through an accessible, convenient and simple software solution. It offers ‘Procurify Exchange’ (PEx), a two-way marketplace that connects buyers with vendors through a Request for Quote (RFQ) process. This solution is currently available for free as an add-on feature to current users or as a free standalone platform for organizations that are looking for an RFQ solution.
PEx makes an organization’s RFQ process more manageable. Buyers are able to send out requests in minutes, see summarized quotes from vendors in a dashboard and communicate directly with vendors.
Treading through Travails
The robust features and capabilities of legacy systems and other ERPs might be well-suited for financial reporting roles such as the controller or the CFO. However, for the people who are forced to use them to report spending and to request approvals for purchases, these spend solutions are tedious.
With long implementation timelines and hefty fees, organizations are coming to Procurify after experiencing the perils of adoption. Its product design philosophy is primarily focused on usability.
While sharing his insights about Procurify’s work fundamentals, Aman comments, “We believe that tracking spend and understanding how spending impacts organizations shouldn’t be difficult. Spend solutions should be as easy to use and accessible as your favorite social media platform.”
A Prolific Game Plan
“There are many spend solutions available in the market. Procurify is designed with people in mind, with usability as the central product-design philosophy,” Aman expresses. Pertaining to this, the company’s solutions are more manageable, convenient, and accessible than other spend solutions in the market.
Aman adds, “Organizational spend cultures are unique, and so are the processes and people within them. For this reason, Procurify tailors its product for each unique organization with features that work exclusively for them.”
A Gratified Clientele
Gotion, a client of Procurify, is a cutting-edge company that’s disrupting the intensely competitive electric vehicle space. Its controller, Meimei Fu was able to have a better control and visibility into the company’s spending through the software and to implement a process that makes reporting swift and effortless. “For me, as a financial controller, the level of detail and visibility that Procurify provides into spending is very helpful. It’s a really good product,” states Meimei Fu.
When Samumed, a widely acclaimed private biotech company which is valued at $12 Billion, installed Procurify, the company’s total procurement volume has expanded by 20% and also has seen an approximate 50% time savings over its earlier procurement procedures.
“Since we’ve implemented Procurify, I’ve heard nothing but good news about procurement, and I can think of no higher compliment for an operational platform,” expresses Cevdet Samikoglu, the CFO of Samumed.
Striving for Success
In March 2018, the organization acquired VendorBase, an independent online buyer-supplier platform, to enhance its vision. Under the acquisition, VendorBase was rebranded to Procurify Exchange.
The first small win of the Procurify’s very first client deal gave the team the courage to pitch Mark Cuban, who believed in the vision of the company and invested into the initial seed round.
“Procurify will continue tackling any future challenges is turning fear into excitement and uncertainties into opportunities, as these small shifts in perspective will not only allow the company to grow, but also the people within it,” Aman asserts.
Sculpting New Benchmarks
Procurify’s vision is to evolve from just a purchasing platform to becoming the Smart Spend Hub™, where all purchases and spending can be captured on one platform. In the future, it hopes to be able to offer organizations a more manageable way to be able to measure and track the impact of their bottom-line, without needing to log into multiple pieces of software.
Beyond allowing organizations to see the impact of their expense, Procurify also wants to help make important spend decisions easier for organizations. The organization is planning to catapult its position in the market by incorporating AI and machine learning into its future feature sets, so that the platform will be more tailored for the unique end user.