According to Market Research Future, the global sourcing software market is expected to expand at a CAGR of 9.6% from 2018 to 2023, as digital procurement becomes front-of-mind for many operators, and the demand for centralized buying processes and consolidation of supply chain management increases. The benefits of automating sourcing tasks, collaborating with suppliers, and gaining insights for planning and forecasting have become huge motivators to incorporate digital platforms into the procurement cycle for many organizations.
Dedicated to rethinking network sourcing, we recently launched new features on Cloudscene Marketplace to enable a smarter, easier way for buyers of critical services to fulfil their requirements. Our upgraded platform gives procurement teams new ways to find and compare service providers and manage their sourcing activities in one centralized and digitized platform that’s backed by the most comprehensive market intelligence.
Let’s dive deeper into how Cloudscene Marketplace enhances the digital procurement journey for buyers:
Simplifying network procurement
By being part of Cloudscene Marketplace, users are able to strategically source services across an open market, which is powered by their ability to connect with service providers that are well-matched with their requirements. Vendors place bids on Marketplace listings, which means that buyers can more easily procure their required services, knowing they have taken the fastest possible route to receiving the most competitive pricing.
According to McKinsey, Chief Procurement Officers (CPOs) across leading global organizations believe that implementing digital procurement programs can yield a 40% increase in annual savings, and a 30-50% reduction in the time spent engaging in transactional sourcing. By having access to a Marketplace of thousands of global leading providers, buyers can reap the benefits of cost- and time-efficiency which the traditionally manual procurement process lacks.
Marketplace users can further cut down on time and budgetary constraints, and ultimately simplify their stack, by streamlining their sourcing tools and activities. Through a powerful platform that is purpose-built for network procurement, buyers can shortlist quotes, select, and notify unsuccessful service providers, as well as manage quotes all in one place. This allows customers to save time by forgoing manual processes, and keep their spend in check with a lower overall cost of acquisition for required services.
Connecting in new markets
Procurement teams don’t always have dedicated contacts in global markets, and when it comes to finding the optimum connectivity to critical network services in unfamiliar regions, unlocking those contacts is key.
Marketplace users can plug into global and local vendors through our data-driven match-making process and ultimately establish those critical connections, through utilizing the platform as a gateway to new markets, giving them the ability to scale their network and their business in collaboration with industry peers, worldwide.
Gigafy’s General Manager, Chris Hawke recently discussed the power of attracting global service providers for business expansion with Cloudscene; “Gigafy’s expansion into the United Kingdom was fuelled by the leading connectivity providers we sourced on Cloudscene.”
Working better, together
Using a digital procurement platform that has been designed to simplify and encourage team collaboration, customers are able to work together with key players in their workforce to achieve business goals. All new users will be placed on a company team so that organizations can make the most out of the platform with efficient and effective procurement activities undertaken by multiple members of the business.
On Cloudscene, teams work together to create listings for sourcing quotes, research and compare services, and manage communications with service providers, with roles and responsibilities easily distributed across individuals.
With the ability to share listings with colleagues, procurement teams get greater visibility over their entire project from start to finish, and have the ability to work out the most productive process for their particular organization’s teamwork.
Getting in sync
Through their ability to manage their procurement via a platform that is centralized and completely digitized, Marketplace customers have greater visibility and control over their sourcing projects.
Having a one-stop shop for market knowledge and data, the ability to track and manage costs, and consolidate communications with service providers, means that procurement users gain greater supply chain transparency, which Deloitte highlighted as being a point of concern for procurement leaders.
With Marketplace, buyers can get in sync with their supply chain and align their procurement process with the demands of the digital economy – and, ultimately, take charge of their procurement.
By empowering procurement teams with a more streamlined, seamless experience for sourcing network services, they can drive real action for their business with the critical infrastructure resources of the modern connected world, which are fast becoming invaluable assets to organizations worldwide.
Take it from our global network of buyers and sellers: “Organizations are still faced with navigating a complex and fragmented landscape of connectivity options. Cloudscene uniquely provides a global marketplace and centralized platform for interconnection services,” says Chris Sharp, Chief Technology Officer, Digital Realty.
Check out Cloudscene Marketplace, to explore the platform or create a free Cloudscene account and start sourcing network services by listing your requirements. If you would like to find out more about how we can help you with sourcing network services specific to your organization, please contact our team, we’re happy to help.
