This New Tool Helps Make Finding Suppliers So Much Easier
Finding and negotiating with suppliers hasn’t changed much since the advent of the website.
In the business world, searching for suppliers is something that every organisation needs to do on a near-daily basis. But the last real change to the way this was done was in the dot-com era of the 2000’s, where websites and online directories first came into play, many years ago.
B2B startup ThunderQuote has released a platform in mid 2016 to bring supplier sourcing to the next level, and with over $1.1 million in procurement contracts from major companies (incl. Singapore Press Holdings, National Trade Union Congress, and others) flowing through them in less than three months, as well as presence in three cities, they are well on the way to changing the B2B e-procurement landscape.
While any organisation would usually search on Google, picking vendor websites at random to browse and emailing / calling them one by one, and then tracking them individually in order to do multiple followups to get the quotations, this is a very menial set of tasks which are generally a waste of time and productivity for businesses
ThunderQuote’s cloud-based platform puts everything an organisational buyer might need in a single place. Every kind of service that an organisation might conceivably need: IT services, renovation / contractor services, events, marketing services, are all consolidated in one platform.
The buyer /procurer’s specs, needs, timeframe and requirements are pushed out on a central platform, where they have access to thousands of vendors. Instead of endless calling and email chains with suppliers, based on their requirements, five vendors approach the procurer on the system itself, saving a huge amount of wasted time and employee costs / productivity . The procurer is even able to pre-set appointment slots where they want the suppliers to come to meet them at their office, which vendors would then request for.
ThunderQuote launched in mid-2016 to tackle the challenge of procurement and lead generation productivity, and has been likened to a ‘private Gebiz‘, an analogue to the government e-procurement system that the Singapore Government uses. They release procurement and industry thought leadership by founders Junming Tan and Kevin Ng on procurement best practices which has been published in places like the Singapore Business Times about ‘Outsourcing The Right Way‘.
“One company’s procurement is another company’s lead generation,” says Kevin Ng, cofounder and CEO of ThunderQuote. “Why not have companies spending thousands on lead generation, spend part of that to help improve the procurement experience for buyers, and at the same time, generate qualified, high-intent leads for themselves?”
He likened the system to “car-pooling” vendor marketing budgets, usually spent on wasteful activities like telemarketing, in order to “reach the customer at the point of intent, and subsidise a 100% free suite of time-saving procurement services for organisational buyers at all levels.”
ThunderQuote aims to be “as ubiquitous a tool for procurement professionals as the Yellow Pages was for the previous generation”, helping save procurement personnel, employees and business owners “hours in wasted overtime searching for, and trying to follow up and get vendors to respond to their repeated requests”.