The e-Sourcing industry has seen considerable growth in recent years since it offers several advantages over traditional sourcing methods, such as a wider pool of suppliers, lower costs, and a faster turnaround time. For buyers, e-Sourcing can lead to significant cost savings, increased transparency, and a more efficient and streamlined procurement process. For suppliers, e-Sourcing provides a level playing field, increased accessibility to contracting opportunities, and the ability to compete globally. The e-Sourcing market is estimated at $1.90 billion, with YOY growth of 8.07 percent during the forecast period.

Krinati Solutions has been seizing the opportunity to revolutionize this space through its robust solutions. Krinati's e-Sourcing solution (Krinati Sourcing) ranks very high for its ease of use for buyers and suppliers' experience while participating. The firm supports Reverse, Forward, Dutch, and Japanese auction formats. Each format has high configurability, with several features designed to address specific scenarios and deliver optimum results.

They support the ability to transform supplier bids based on TCO (Total Cost of Ownership), say buyer-incurred costs or vendor capability scores. This ensures a level playing field for suppliers and also communicates to all internal stakeholders that online bidding is not just about price.

India has been a pioneer in promoting online auctions as it makes the process transparent and gives every participating supplier a fair chance to win the business. As the world faces the aftermath of the pandemic and a looming global recession, cost optimization is a crucial strategy for every organization to stay afloat. Companies are focusing on process digitization to improve compliance and audit-friendliness. "Our customers love the ease of use, comprehensive feature set, and the support we provide to ensure they are successful", shares Shankar V. R., Founder & CEO, Krinati Solutions.

Krinati Sourcing enables customers to automate RFIs (Request For Information), RFPs (Request For Proposal), and Auctions. The firm thrives to provide its customers with maximum ROI by leveraging knowledge management and team collaboration. Additionally, the firm offers a contract management solution that allows customers to manage contracts effectively, trigger expiry alerts and assign tasks against a contract. A key feature that separates Krinati from its competition is its ease and flexibility in creating pricing sheets for RFPs and auctions. We allow users to create complex ABC (Activity Based Costing) and TCO (Total Cost of Ownership) pricing models within minutes.

Our clients are constantly trying to resolve issues around the four Cs viz. Compliance, Cost, Collaboration & Cycle Time, and this is exactly the value we offer as well

Krinati provides expert program management services to help customers identify the right spend for online bidding, train users on the dos and don'ts of the process, and handhold them till they become adept at using the solution. Due to its ease of use, procurement teams conduct sourcing events independently instead of paying additional for such managed services. "Our online RFPs and bidding tools allow buyers to execute sourcing projects faster, ensure compliance and governance, collaborate better with both internal stakeholders and suppliers, and competitively test suppliers to realize significant benefits. The ROI is usually achieved within a few weeks of the start of the engagement", adds Shankar V. R.

The firm has several marquee customers in India, US & Canada for its eSourcing solution, helping them not only realize significant bottom line savings but also drive best practice processes in their sourcing functions. Krinati aims to automate all their upstream processes of supplier registration & on-boarding, supplier performance management, and contract management in future.