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We began developing Pulse Market in response to demand within the RegTech and FinTech industry to overhaul the outdated and time-consuming process of procurement.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. Consequently, we have launched our Procurement Best Practice tools for faster, more efficient RFx workflows.

Discover Procurement Best Practice or book a personalised live demo

Sign Up to our Newsletter
Stay up to date with latest trends and insights in the world of ESG and procurement. 
Get in Touch
Let's talk! Reach out to schedule a personalized demo or ask us about our procurement and sustainability solutions.
+44 131 507 0290
Contact Us
Pulse Market is the Data Driven Sustainability Platform for Businesses, Sustainability Experts and Procurement Professionals.
Terms & Policies
crossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram