The Silicon Review
Demand for impactful procurement is continuously running high, both in terms of managing cost as well as unleashing the potential of the supply market to differentiate business performance.
With the shifting of organizations from a decentralized to a centralized model, procurement is entering a new era giving itself tighter controls, standardized processes, and power to negotiate with vendors and achieve new efficiencies and savings.
There was a time when the Procurement domain was a critical function that directly impacts the cost of product/service and was underserved across all industry categories and markets. Technology solutions that were available at that time addressed mostly the workflow and/or the data- document repository issues. The functions of Negotiations and Enquiry Management were still manual operations.
With a passion for leveraging technology to solve real-world problems, Mr. Venkat Raju and Ms. Lakshmi Gadiraju explored the various day to day challenges faced by Corporate India. It was the need of the hour that companies adopt a technology solution that could reflect/simulate live negotiations scenarios enabling the organization to maximize the value of their procurement deals. And keeping the need in mind, in 2010, the duo founded BoB eProcure Solution Pvt. Ltd.
The First Project Roll-Out
Based on the learning of Mr. Venkat Raju and Ms. Lakshmi Gadiraju, the company architected a Negotiation tool on an open-source platform. BoB eProcure launched its tool within 6 months of its inception and acquired 5 customers within the first quarter of launch. BoB eProcure’s first customer was India’s leading steel manufacturer, whose charter was to adopt technology to optimize the process and enhance efficiencies within the procurement organization.
As a first project roll-out, it was a sheer success and the customer was pleasantly surprised with the results of the product. This amazing product still continues to be the company’s flagship product, with 100+ global brands continuing to maximize their savings with each procurement transaction. BoB eProcure’s success story continues offshore as well, with a successful roll out of a critical project of their holistic Procurement platform for 19 parastatal in Kenya, Africa.
Forming the Dream Team
Struggle and patience are the keys to write the success story. BoB eProcure was having challenging time at the beginning, getting the right talent to join the duo in the journey was a tough task. But eventually, a team was formed and their venture was on.
Starting a venture and keeping that venture alive are two different things. Sustaining and delivering the same levels of delight to the growing list of customers has always been a challenge for BoB eProcure. Maintaining a motivated workforce that continues to bring the same passion to work as on the first day is another critical factor faced on a growth path by the company. But, the brilliant core team of BoB eProcure has made it look really easy and kept the company running at a very smooth pace.
“I am glad to say that since our core team has been with us from Day1 to date; it hasn’t been a very difficult journey thus far.”
The Immense Popularity
With every passing year, the product popularity of BoB eProcure is growing as is its product portfolio. Its product design makes it relevant and eases for users to derive value. The functionalities and features are built into the product based on its customer’s feedback thus making it easier for them to adopt technology and gain the benefits.
The flexible business model is also a part of the success tale. It makes BoB eProcure highly accessible to customers of all sizes and coupled with the reliable customer support services most of the customers are engaged with the company on a long-term basis.
The Passionate team, the goodwill built with the customers, the knowledge on technology & market and the culture at work encourages people to innovate and constantly seek ways to improve the customer experience - these are the reasons for BoB eProcure’s success and the sustained growth.
BoB eProcure takes its responsibilities towards the society very seriously. The company has ensured that its products are designed to meet and exceed the industry performance standards. Developed on the latest technologies, it ensures that the customer’s investments in technology are safeguarded.
Today, the company has enabled its customers to adopt a paperless procurement process, which leads to a positive impact on the environment.
Crafting the Roadmap
Advancement in technology and the changing dynamics of procurement functions within the organization has influenced the roadmap of BoB eProcure.
The company will soon be launching the next generation of its all-inclusive procurement platform embedded with a powerful reporting and analytical engine. Seeking to leverage the understanding of the procurement domain, BoB eProcure is developing platforms for niche markets as well.
BoB eProcure is investing in establishing its presence in US, APAC, and African markets. The company believes that soon it will be amongst the Global Top 3 procurement technology providers.
Meet the Amazing Duo
Mr. Venkat Raju is the Founder and Director of BoB eProcure. Mr. Raju has about 18+ years of global experience spanning Asia Pacific, Europe, and the Middle East. He is very well respected and renowned amongst his peers for his passion for technology and his visionary entrepreneurial ventures. Mr. Raju is credited to have successfully incubated, scaled and monetized three ventures in the area of e-learning, healthcare, and technology resource services prior to establishing BoB eProcure.
Mr. Raju is an avid traveler and a film enthusiast; he enjoys watching movies of all genres.
Ms. Lakshmi Gadiraju is the Founder and CEO of BoB eProcure. Ms. Gadiraju spearheads the Product & Application development and is responsible for Technology Guidance & Architectural design of all products and services apart from vision, strategy, and, innovation. Her stint as a Product specialist in SAP and Sr. Technical Consultant in Oracle Corporation working with clients across industry verticals enriched her experience in managing client’s expectations and team management.
When not deeply engaged in Product innovations, one would find Lakshmi spending time with her children, and indulging in her hobbies of reading. She unwinds listening to her favorite soft-rock bands.