Famous Chemical and Foods company digitalizes its entire procurement process with GoComet’s RFQ module.
Customer Company Size
Large Corporate
Region
- Africa
- America
- Asia
- Europe
Country
- India
Product
- GoComet RFQ Module
Tech Stack
- Data Science
- Machine Intelligence
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
- Customer Satisfaction
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Chemicals
- Food & Beverage
Applicable Functions
- Procurement
- Logistics & Transportation
Use Cases
- Supply Chain Visibility
- Predictive Replenishment
Services
- Data Science Services
- System Integration
About The Customer
Founded in 1939, this Mumbai-based Chemical and Foods company has over the years established itself as a national and global leader in oleochemicals and personal care product segments. They have around 16 operating centers spread across 4 continents, Asia, North America, Europe, and Africa. The flexibility they offer in terms of products and packaging options, and the quality and the type of service make them a partner of choice to some of the world’s leading organizations including MNC’s, private labels, and hotels across the world. From personal and home care products, pharmaceutical preparations, textiles, lubricants, and polymers to diverse industries such as automotive, oil exploration, and aviation, they proudly cater to over 1000 satisfied customers across the globe.
The Challenge
With exports directed to even interior parts of Asia, America, and Europe, they were looking for an alternative to optimize their existing freight management process especially rate procurement. GoComet’s RFQ module has helped this Chemical and Foods company to address the following problems: Cumbersome manual process: A single user was taking quotes from 30 vendors through emails and calls. Effective Negotiation: Comparison and Negotiation became tedious resulting in a decrease in the efficiency of the negotiation process. Lack Of Vendors: Rarely added new vendors to their existing pool because their team never really was able to develop good relationships with them in the first place. Audit trail for procurement: The audit also consumed a lot of time and many queries were needed to be answered as the process and data keeping were completely manual. Visibility over total Cost: The net landed cost was always greater than the initially confirmed costs by vendors. Reporting: A single automated dashboard to track all the metrics was missing. Due to this agile decision making was a distant reality.
The Solution
The user was given complete access to the RFQ module. They were now only creating the inquiries while the compilation, reporting, and negotiations were done by the platform itself. This move from the previously existing paper, excel, and email-based reporting systems saved time and aided them in identifying the top-performing vendors every month. The entire freight management process became more transparent and automated. Users saved 80% of their time, which was now spent maintaining good relationships with vendors. In just one year, their in-house vendor count skyrocketed from just 30 to 100 with more than 50% regular participation. The entire procurement process was also now done at one go at the start of the month, leading to reduced repetitive work for the user. More than 6% of savings were realized in their net landed cost.
Operational Impact
Quantitative Benefit
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