Taking E-transaction To The Next Level

by Sohini Bagchi    Mar 28, 2014

akshaya rath

E-Sourcing is the process of obtaining bids from different suppliers via a single online portal. Akshaya Rath, Chief Executive Officer of Rashmi Group that has forayed into the digital space last year, and floated ‘BidNemo’, a transaction enabled (procure to pay) e-marketplace, explains how e-sourcing can help in streamlining the sourcing process, reduce prices by maximizing supplier competition, and create a repository for sourcing information.

On the latest trends in e-sourcing space, Rath says, typically e-sourcing today is done on standalone basis and normally is not a part of an e marketplace, where seamless transaction can be done. In physical market place any of the activities which are offline can create windows of corruption, which eventually demoralizes the supplier’s confidence. Many a time simple reverse auctions are termed as e sourcing, which does not include market making and purely an online negotiation platform.

According to Rath, e-Sourcing is more than just a system for making purchases online. It provides procurement professionals with a web-enabled solution to increase the efficiency and effectiveness of the sourcing process. Hence a dedicated platform is required to bring fairness into the process of buying and selling.  However there are few roadblocks. For example, many good suppliers are reluctant to participate in e sourcing as they claim they sell better quality products and should not be evaluated only on price as a parameter. “Buyers some time tend to negotiate offline even after e sourcing event thereby allowing smart suppliers to keep some cushion for further negotiation. also usually only high value procurements are routed through e sourcing leaving behind low value items which has a better potential of price reduction,” he says.

BidNemo, according to Rath, is the first of its kind transaction enabled B2B e-marketplace with a supplier base of 100000 including overseas suppliers, buyer. The idea is to automate the buying needs of consumers and provide sellers the opportunity to approach real buyers who have serious buying intent. It helps buyer enquiries lands in relevant supplier’s inbox and SMS sent for better visibility. It helps consultants monitor the number of bids for each enquiry, in the event the bid count is less, the team make calls and bring new suppliers to respond. The platform also facilitates e tendering, reverse auction & forward auction. There is a mobile app process that makes bidding much easier. The buyer can access score card of each suppliers participated in his enquiries and can also see his MIS in his dashboard giving a 360 degree access of his activities in the portal.

On the road ahead for BidNemo, Rath says that BidNemo aims to become a leader in the B2B e-procurement sector through this innovative business model. To augment the same it looks forward to add contract management for both goods and services alongside implementing a buyer reward program which will increase visibility of individual purchasers among peers and business owners. Furthermore we aim to encourage BidNemo Payment Gateway for supplier payments

“For any company in the e-sourcing space the key to success will be in the visibility to increase participation of buyers in terms of increased number of enquiries, ensuring POs released to suppliers on time and guaranteeing adequate bids for each enquiry published in the portal,” sums up Rath.