Krinati Solutions: Comprehensive Sourcing Solution for Long Term & Sustaining RoI
To say the least, eSourcing was being practiced in India for more than two decades. Unfortunately, it has been defined only by reverse auctions without almost no innovation in this space either. Meanwhile, customers continue to face challenges in automating the rest of the sourcing process, ensuring compliance and reducing cycle times. Companies that have been using reverse auctions for more than 2 years fail to observe incremental value in continuing to do so. An industry expert, Shankar VR, saw the pain points bothering the market and wished to address it. His 15 years of experience working at SAP Ariba and Coupa was instrumental in helping Shankar understand the need of the market. He says, “There are several gaps in what customers expect from procurement solutions and what they get. Also, Asian customers are easily the most demanding in the world. Our procurement practices are effective, but manual, as compared to western practices”. This realization laid the foundation to Krinati Solutions to meet the unaddressed needs of customers.
Mumbai headquartered Krinati Solutions is an innovative eSourcing solution provider that has genuinely automated the entire sourcing sales cycle, drives compliance & corporate governance, and leverages knowledge management & team collaboration. Unlike majority of procurement solution providers that promote only reverse auction capability, Krinati Sourcing drives compliance for almost the entire spend.
Speaking on Krinati’s exclusivity and USP, the Founder & CEO, Shankar VR says, “When we designed Krinati, we wanted to make the pricing sheets much easier to use and different from others. So that took care of the RFPs to a large extent. Add the ability to include transformation factors, supplier-specific ceiling prices and competitive feedback to suppliers, and we have a very powerful & unique RFP solution in place”. Rightly so, Krinati’s approach in building the platform resolved many complexities that customers face in their sourcing needs. Krinati Sourcing leverages knowledge management very effectively.
This helps customers reduce sourcing cycle times and improve team productivity. Krinati also addresses team collaboration since buyers are often supported by a cross-functional team from manufacturing, quality, after-sales, R&D, that weighs in on the supplier selection process. Krinati makes it easy for multiple stakeholders to collaborate within a sourcing event and make the entire supplier selection process audit friendly. More so, if there is a need to conduct auctions, Krinati offers Reverse, Forward & Dutch Auctions so that suppliers can compete for the business in a transparent manner.
Source with Control
During a sourcing cycle, there are obligations made between the supplier and buyer. These obligations need to be managed. Krinati Contract Management solutions help the customer manage such obligations easily through effective task management. The fact that this feature is bundled along with Krinati’s sourcing solution, allows customers to source with control, rather than pay a high sum for a contract management solution separately. Moreover, during the sourcing cycle, buyers need to be aware of the suppliers that are preferred, the ones that aren’t performing w6ell & are cautioned, and the ones that have been rejected for a particular category. These are dynamic developments and the buyers need to have real-time information about the same. Yet again, Krinati Supplier Management being a part of the sourcing solution helps customers ‘source with control’.
Krinati’s solution roadmap will focus on the Supplier Management solution to address supplier onboarding challenges for organizations. Besides, Krinati’s API friendly solution will seamlessly integrate with ERPs to offer unmatched value.
Source with Control
During a sourcing cycle, there are obligations made between the supplier and buyer. These obligations need to be managed. Krinati Contract Management solutions help the customer manage such obligations easily through effective task management. The fact that this feature is bundled along with Krinati’s sourcing solution, allows customers to source with control, rather than pay a high sum for a contract management solution separately. Moreover, during the sourcing cycle, buyers need to be aware of the suppliers that are preferred, the ones that aren’t performing w6ell & are cautioned, and the ones that have been rejected for a particular category. These are dynamic developments and the buyers need to have real-time information about the same. Yet again, Krinati Supplier Management being a part of the sourcing solution helps customers ‘source with control’.
As companies adjust to the new normal amidst the pandemic, they are expected to look for savings opportunities and arrest price hikes. Krinati’s solution suite will greatly assist in this regard.
Krinati’s solution roadmap will focus on the Supplier Management solution to address supplier onboarding challenges for organizations
Krinati’s solution roadmap will focus on the Supplier Management solution to address supplier onboarding challenges for organizations. Besides, Krinati’s API friendly solution will seamlessly integrate with ERPs to offer unmatched value.
