Technology has helped bring efficiency in project procurement by new generation equipment and transparency in the procurement function. This has helped organisations save both time and money. Earlier, a large part of the procurement manager’s time and energy was sucked up in routine tasks like preparing and calling for requests for proposals, among others. These time-consuming activities left little time for strategic decision making.

Today, technology has automated all routine tasks and now the teams are spending more time in strategic aspects such as choice of equipment to reduce manpower and improve efficiency. New equipment is also being promoted on the platform and technical comparisons being given along with new financial solutions to provide the procurement teams with adequate information for taking strategic calls to change previous processes of project execution.

Value and cost go hand-in-hand
“Value and cost always go hand in hand. We, at iQuippo, always strive to meet our customer’s needs in the most efficient and cost effective ways,” says Anant Raj Kanoria, CEO, iQuippo.

In all businesses, before starting the procurement process, it is crucial to understand the usage or application of the goods or services being procured. For example – a contractor who has an excavation job needs to understand the terrain of site before procuring the equipment. The equipment required for excavating sand would be completely different (and costs less) from the equipment needed for rocky terrain.

“Understanding the end objective of the customer is important besides making procurement process faster and easierto help achieve the best value for money,” he said.

What’s new
iQuippo is a digital marketplace for all types of equipment and allied services that acts asan aggregator and helps its users choose assets and services best suited for their requirement. iQuippo operates a multi-lender platform through which users can get customised offers, as well as instant approvals for equipment loans from multiple banks and financiers.

On the asset side, the company operates India’s largest marketplace of heavy equipment, which gives its users access to equipment located across India. Users can view, inspect, bid and purchase equipment directly, from the comfort of their homes.

The digital marketplace has also developed a state-of-the-art platform for online auctions, reverse auctions and procurement – through this platform, the company provides disposal and procurement services to corporates and businesses across India.

“Given our vast experience in this sector, we also provide marketing and market making services to our customers – thereby helping them reach out to buyers or vendors best suited for their needs,” he says.

“iQuippo is an end-to-end digital offering, complimented by our physical network of offices and personnel, that helps fulfill customer needs in a transparent manner. All our procurement or auction processes are completely digital and provide real-time visibility and updates to our customers,” he added.

The company has helped its customers reduce their liquidation and procurement cycle by up to 50 per cent, and is also trying to implement a blockchain-based platform where we want all stakeholders to make decision-making process seamless through transparency.

Making procurement effective
Unlike others, the digital marketplace starts process by understanding the end-objective behind the procurement exercise – this helps in understanding the key requirements and suggest appropriate products or solutions to the customer.

Once the requirement is finalised, it helps customers communicate their needs to the relevant set of vendors and service providers – this includes the past vendors of the customer, as well as its own proprietor data. Interested and suitable vendors are then provided a chance to submit their quotes through a reverse auction process – this reverse-auction is visible to the procurement team of the client, with real time updates on the bids or quotes received.

Post auction, the company helps customers in closing other formalities like legal paperwork, etc. This ensures that customers fulfill their procurement in the most efficient, cost effective and transparent manner.

Such initiatives are critical and important for driving innovation and excellence in the manufacturing space. India is unique in terms of scale and size – it is one of the largest economies of the world and is growing at rapid speed. Now, in order to keep up with this ever growing demand in a sustainable manner, our solutions and projects (be it roads, railways, electricity or potable water) need to be innovative and value driven as well. Through initiatives like Make in India, the government is doing a commendable job in encouraging local innovators and entrepreneurs by giving them a level playing field to showcase their capabilities and scale-up. Going forward, these grass-root level innovations are likely to provide cost-effective products or solutions.

Understanding end objective of the customer is important besides making procurement process faster and easier.
Anant Raj Kanoria, CEO, iQuippo