Over the past few years, the value of procurement innovation has become apparent. Current research shows more and more people recognize the efficiency of procurement, especially those who deal with trading transactions. The procurement role is essential to any business that purchases, to the extent that buying goods, services or any other items, shows procurement having a direct result on profit.
Typically, businesses buy products or services from multiple vendors. Procurement professionals handle the details of procuring these purchases at optimal prices. So establishing rational procurement policy and procedures enables mid-sized businesses to coordinate their buying strategy with their long-term goals and objectives.
thinkholdings, is Australia’s leading provider of business procurement Software as a Service (SaaS). By leveraging technology, market knowledge and procurement expertise, think enables organizations to increase profitability by buying better, a strategy especially designed for mid-sized businesses. The company has designed solutions dedicated to improve scalability, purchasing and payment processes of all mid-sized organisations.
think is focused on the automation of buying and selling transactions in B2B commerce and has chosen to solve procurement processes, such as workflow approvals, GL Coding, reconciliation and goods receipting, amongst others. It’s rapid deployment and flexible configuration capabilities, combined with a simple transactional model, builds comprehensive value based strategies allowing organisations to revitalise the overall process cycle of their organisation.
Easier and Flexible Platform Automating Better Pricing
Founded in 2010, think identified the Enterprise market was served by existing players and focused its attention on mid-sized organisations. It has intentionally designed an easier, efficient and flexible platform targeting mid-size organisations. The adaptive platform enables clients to effectively manage their catalogs; helping to ensure content is classified and enriched. These facilitations allow a better pricing structure and the modular approach to features and flexible self-configuration tools, makes the process even easier and more efficient.
In addition to this, think takes an active role in ensuring the quality and accuracy of seller catalog information including images, descriptions, supporting documentation, classification and search metrics at the very start of the process, right through to invoice automation, reconciliation and payments to end the process.
think is truly P2P in this regard as it integrates each of the required steps ensuring greater automation at the highest levels of accuracy. The delivered solutions benefit clients with reduced process costs, better pricing opportunities with sellers and reduced errors compared to any other offering in the market today.
Initial Struggles in Balancing the Ambitions
think had the classic start up struggles of balancing an ambition of disrupting the B2B commerce market with procurement and payments at the core. Convincing customers to change the way they engage with sellers and sellers to think differently about their go to market strategy, including how to get paid earlier, was a challenging task for think.
However, the company emphasis on creating an easier and customisable system has helped think build a system that has attracted local and global clients. The company vision is to be the best in market and not the biggest in market. The strategies powered by this vision have a notable impact on client processing cycles with notable industry leaders admiring think for its precision solutions. Coupled with reaching the highest security grade in payments of any organisation in this space (PCI Compliance Level), this vision is a testament to the quality of think’s application.
An Instrumental Leader Piloting the Company towards Greater Heights
Adam Ryan is Founder of think. He is the visionary behind think, starting the company in a garage and now seen as a leading innovator in this space. Adam has been involved in technology start-ups for over 20 years and was a part of the founding management team of SEEK, an ASX listed TOP 100 company with a market capitalisation of over $5B USD.
Adam is an Advisory Board Member of the Institute of Supply Excellence & Innovation at the Rady School of Management at the University of California San Diego. He is a Member of the Australian Institute of Company Directors as well as being a founder of the Watkins Bay Fund specialising in start-ups, a passion he continues today.
He has been instrumental in transforming the views of banks and payment providers on what can be achieved in the Digital Payments space for B2B commerce, and is a sought after speaker for Fintech, banking, and procurement conferences globally.
Converting Opportunities into Reality
In coming times, think will provide procurement solution providers with the ability to incept platforms that are contemporary in their charging model that will become the true disrupters. Companies with an innovative transaction based pricing methodology aligned to creating value for customers ensuring faster and greater return on their investment, will witness more outcomes than the traditional ones. In that sense think is a true disruptor.
think continues to pursue opportunities for its B2B commerce platform across its core capabilities, from Content Management Services and buyer and seller platforms for a range of vertical industries, looking to unlocking access to content and process automation along with future innovation.
The approach of collaborating with industry leaders, leading consulting firms, security experts, banks and progressive customers has ensured think’s ability to disrupt the e-procurement market with its offering addressing real issues and creating real value
