The functional but inefficient manual processes that still pervade supply chain management are preventing the adoption of the flexible value networks that companies will need to survive in the 2020s.
To meet that need, Requis, an enterprise B2B supply chain platform, allows businesses to buy, manage and sell equipment and other assets cost-effectively. The cloud-based solution provides the ability for sellers and buyers to work with a vetted network of contacts to increase opportunities, reduce costs, and participate in the circular economy.
“Requis was born out of necessity,” says Richard Martin, CEO of Requis. “Our partners, Worley (formerly WorleyParsons), needed a central platform where their clients could manage their supply chain from end to end. It worked so well that we opened up the platform to other enterprises.”
The Current Challenge: Smart Digitization
Martin notes that supply chain managers want to digitize, but aren’t sure how to start without disrupting business flow. Others have tried to start the digitization process, but have only ended up with a series of siloed systems that fail to communicate with each other.
“Many enterprises have invested in expensive enterprise resource planning systems, only to abandon them because they just don’t map to the natural workflows of procurement, asset management, and disposition,” comments Richard Donaldson, the Head of Strategy and Platform of Requis.
Adds Martin, “A study from the Center for Global Enterprise (CGE) states that a fully digital supply chain can easily remove 20 percent of the cost in the procurement process. If it is further extended into the full lifecycle management of the assets, enterprises can reduce their total supply chain costs by close to 50 percent.”
Requis was born out of necessity. Our partners, Worley (formerly WorleyParsons), needed a central platform where their clients could manage their supply chain from end to end. It worked so well that we opened up the platform to other enterprises
Requis: Four Pillars
The reason why Requis works so well for supply chain professionals is that it was built by supply chain professionals, and is founded on four simple pillars.
“The four pillars of Requis are procurement, asset management, disposition, and the buyer and seller directory,” explains Martin. To address procurement needs, Requis brings the entire network of buyers and sellers together to create and respond to RFQs more efficiently. “Our RFQ module follows natural procurement workflows, and save time for both buyers and suppliers,” says Martin.
Secondly, the platform provides a centralized location to manage all the assets throughout their entire lifecycle. Thirdly, the disposition pillar provides a marketplace where enterprises can sell assets that are no longer needed.
The directory pillar allows users to select from a global network of vetted vendors and buyers.
"Many enterprises have invested in expensive enterprise resource planning systems, only to abandon them because they just don’t map to the natural workflows of procurement, asset management, and disposition"
Requis also provides a concierge team, which helps clients adopt the platform seamlessly, and does tasks clients don’t have time to do.
Procurement Success Story
A recent Requis case study highlights the success of the procurement module.
Worley is an Australian engineering and project management firm servicing mainly energy and mining clients.
Worley recommended the Requis platform for a client in oil and gas for a complex RFQ process. Not only was the system easily learned, the clients experienced a 15% – 20% time savings on procurement hours and a 1 ½ week reduction of an eight to ten-week procurement cycle.
A Promising Future
In the next 12-18 months, Requis is planning to increase its workforce by three times and to enter into other industry verticals such as aviation, pharmaceuticals, medical, and automotive.
“At the moment, we see huge potential in the supply chain market, which is great from a company point of view. We look forward to establishing ourselves as the go-to partners for the companies that wish to be part of the digital revolution,” concludes Martin.