Why we are fixing the broken procurement system.

Author: Sarah Shannon
Date:  July 26, 2021

We began developing Pulse Market in response to demand within the RegTech and FinTech industry to overhaul the outdated and time-consuming process of procurement.

We soon discovered the challenge of finding compatible businesses to work with impacted every sector. 

Our inquisitive nature led us to dig deeper, find out exactly which issues caused the headaches and develop the solution. 

Our team interviewed over 70 leaders from the world of procurement to understand their daily challenges. Here are snippets from the interviews that highlight the recurring problems that cause their headaches. Read on and tell us if you can relate to them.  

A tier 1 asset manager told us: ‘We miss out on some of the best solutions because we don’t know all the solution vendors’.  A statement echoed throughout the interviews. At Pulse Market we simplify and standardise procurement. We harness technology that finds, filters, and selects compatible business partners from the whole industry, based on their unique requirements. This enables fast and fair comparisons with the ability to invite tried and trusted vendors to tender and discover new talent. The platform also creates an audit trail – this enables organisations to adhere to good governance while efficiently selecting vendors based on preferences.  

‘Procurement processes are complicated and take far too long to conclude’ said another interviewee. Well, here at Pulse Market we are streamlining the process. That’s why we designed a platform that is easy to use, makes it easy to collaborate with colleagues and simple to answer the questions asked by respondents.  

Another statement repeatedly said was: ‘There is a lack of standardisation across the board for RFP/RTI.’ Pulse Market’s team researched and collated hundreds of RFP and RTI questionnaires to develop standardised templates. The range of customisable templates available on the platform streamlines and speeds up the process of creating RFPs and RTIs. Better still, the questionnaire templates are easy to share with colleagues and respondents and together they can answer and track comments. 

We reached out and interviewed the sellers who also struggle with a costly procurement system. A CEO of a top digital marketing agency told us: ‘We waste over £250k a year in completing unsupportive procurement platforms. We’d be better giving this time and effort back to our existing clients.’ The tools, like our Pulse company page, enable sellers to showcase their business, respond quickly and above all attract compatible businesses. 

The valuable insights gathered during the interviews confirm that there is a demand to overhaul the process and remove the hard work for a more enjoyable experience. 

You can read more about the Pulse Market tools or request a personalised live demo at exec@pulsemarket.com

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