Throughout the course of history, the need to acquire goods and materials via a formal transactional process has been a key driver for the evolution of private institutions and international economies. The relevance of procurement can be traced back to the early 1800s when “Materials Men” were used to handle acquisitions in a controlled manner.
Today, procurement is a well-established function in most organizations. Over the years, the role of procurement has evolved from just being the “buying” department to an internal consultant team. The “policy” or “procedure” watchers of the past, now play a proactive role to help colleagues and decision-makers in buying what they need for their jobs – while mitigating risks and managing costs.
The Procurement team has to negotiate deals and look for the best providers to deliver significant value to the organization. They facilitate appropriate products and services for their business units and maintain the established internal requirements. They are the only ones who have visibility of how all departments are doing and spending their budget. Their biggest challenge, however, is to navigate the ever-evolving business requirements of today in order to identify different scenarios for an organization to increase efficiency and cost saving. Needless to say, this is easier said than done.
One organization, however, has taken it upon itself to integrate and digitalize the multitude of functional responsibilities that fall in the procurement professional’s lap. Archlet, a user-first source-to-award platform, helps Procurement teams make better sourcing decisions, faster. Archlet believes that easy-to-use and data-driven sourcing decisions should be available to every company, no matter their size, industry, or maturity.
Co-founder and Managing Director, Lukas Wawrla shares, “Unlike Excel or first-generation sourcing optimization tools, we provide out-of-the-box visualizations – which means no training is required – and provide all the data required to make better sourcing decisions faster. In addition, we are user-driven and not process-driven. Thanks to our user-friendly approach, we can drive broad adoption in companies.”
Empowering the Sourcing Professional
Working at every organization’s frontline, the strategic importance of the procurement department is undeniable. Holistic procurement decisions can help organizations increase their overall advantage and drive better business outcomes.
Often perceived as a cost-cutter and not a function that brings a measured perspective, the role of procurement is inherently complex. Not to mention, the large amounts of information on internal demand, suppliers, pricing, external data, compliance changes, and more, the tasks of a procurement professional are rather daunting. That is why Archlet is building the first source-to-award platform for impactful, data-driven procurement decisions.
Established in 2019, the AI-based source-to-award platform automates the bid analysis process and guides, buyers, through supplier negotiations. By focusing on all overarching factors such as supplier performance, financial risk ratings, sustainability metrics, and others, Archlet provides strategic sourcing managers with a clear view of their suppliers, all in an engaging and easy-to-understand digital platform.
Since its inception, companies from various industries have found value in optimizing their packaging, logistics, MRO, professional services, and raw material spending with Archlet. Their focus industries include FMCG, Food & Beverage, Retail, Oil & Gas, and Energy, and their clients extend from PepsiCo, Total Energies, and Coop, to Covestro, and Deutsche Bahn.