Supply Management Awards 2016 – congrats to Odesma!

It is with a fuzzy head that I am writing this blog to commemorate the fantastic evening that we enjoyed at the Supply Management Awards courtesy of our consultancy partner Odesma.

Odesma were rightly shortlisted for “Best Procurement Consultancy Project of the Year” for the fantastic work their team did with Aggreko over the past 12 or so months. Considering how early Odesma is on their own journey, it’s an amazing achievement, particularly as they faced tough competition with Efficio and Jaguar Land Rover.
However….

…they won!!! Nick Ford, one of the Directors of Odesma pictured holding the award above, made the comparison between them winning the award and Leicester City Football Club winning the Premier League last season – if only I had taken a bet!

A huge proportion of the success was of course down to the incredible team of experts that were rapidly assembled to deliver the project, a few of which were able to make it on the night to join comedian Ed Byrne on the stage.
Ed Byrne was pretty good actually, making some oft-heard jibes at us Procurement folk for cost cutting such as not turning the Air Con on for the enormous room that held over 1000 of us. He also called out the Heathrow Airport table for wanting to expand into the neighbouring tables!

Anyhow, back to the celebration:

We also felt special to be a part of this as we got a call-out in this winning project for the “use of a cutting-edge eSourcing tool”. More of that to follow at our seminar at eWorld later this month.

There was also a band with a cracking singer, provoking plenty of Dad dancing – I won’t name names!

I’ll leave you with one more photo from the evening, most likely snapped once most of the champagne had been consumed!

A huge thank you to Ed, Nick & Steve of Odesma for inviting us to join in their revelry, and to all the guests on the table that helped make it such an enjoyable evening.

Congratulations once more and look forward to what may transpire in the next 12 months!

Market Dojo helps procurement professionals negotiate better with our on-demand eSourcing tools. If you’d like to find out more, get in touch or register for free and play around with our software for yourself!

Which reverse auction type should I use?


bassetts liquorice allsorts by jonoTakesPictures
Attribution-Non Commercial License

Great! You have decided that you are going to save time and money by running a reverse auction to negotiate. One of the decisions you will need to make is which format of reverse auction will work best for you.

There are several different types to choose from, each one has strengths and weaknesses which you should consider.  I am going to focus on the three types which Market Dojo supports – Ranked, Open and Japanese. Both Ranked and Open auctions can also be referred to as ‘Reverse English Auctions’.

Ranked Auction
In a Ranked Auction participants see their position for each Lot relative to the other participants.  Generally it is the most popular auction type as it works for the majority of situations.  This is the default option in Market Dojo.


What a participant sees in a Market Dojo Ranked Auction

A Ranked Auction promotes a very close auction when you have a number of participants on a similar price level.

Pros

Cons

Open Auction
In an Open Auction participants see the Lead Bid per Lot and can only submit a bid that beats it.


What a participant sees in a Market Dojo Open auction

Pros

Cons

Japanese Auction
For each Lot, a Bid Level, which begins at a level you choose, is shown to all the participants. Each participant must either Accept or Decline the Bid Level within a set time period, e.g. two minutes. Once accepted and the time expires, the price drops by a specified amount and the participants must repeat the process. It continues in this fashion until the participant declines the Bid Level or is timed out.


What a Participant sees in a Market Dojo Japanese Auction

Pros

Cons

I hope this overview of different reverse auction types is informative, let me know what you think in the comments below.

Guest Post – Maximising user adoption of e-sourcing software

Today we are very pleased to welcome a guest post from Optimum Procurement.  Jane McAuliffe from Optimum was kind enough to participate in a recent product requirements workshop, and write a little bit about the experience.  This article was originally published on the Optimum Procurement website.  Many thanks Jane!

Market Dojo, the UK-based start-up company, is already punching above its weight in the procurement software solutions arena.

Having already come up with an innovative approach to business-to-business e-sourcing in developing software along the principles of an easy to use, yet professional system, which is hosted entirely online, the team are now focusing their pioneering streak on realising the next application in their purchasing tool kit.

Jane McAuliffe, Advisory Principal at Optimum Procurement, took part in a recent workshop to help define this latest tool and was impressed by the team’s approach.  Jane commented: “Working on the premise that e-sourcing is only one element of procurement software that they can provide a unique offering for, the Market Dojo team organised a highly interactive day, involving a number of procurement practitioners whose skills and experience the team used to draw out what those who would be interacting with the system on a daily basis would want to see from it.

The team’s commitment to involving input from a cross-section of end-users upfront in the development process provides an essential opportunity to enhance their initial concept in line with the market needs.  In this way, not only should the final product reflect the requirements of its end users, but it also means that the tool, when developed, will surely operate in a consistent manner to existing software; that is to say, straightforward and easy to use.

Of course I can’t actually say too much about the tool itself, that’s the perogative of the Market Dojo team, but it is certainly great to see a software company really engaging in an open and collaborative process with the end user.  We will just have to watch this space for the end result…”

The development of this latest Market Dojo tool has been enabled thanks to a second Technology Strategy Board grant, awarded in August 2012.  This external recognition of the latest developments underpins the innovative and exciting nature of the software and bodes well for its full release to the market in 2013.

A fantastic article about Market Dojo on Buyers Meeting Point

Buyers Meeting Point has written a great article about our new Samurai release. We were so pleased, here it is in full:

ENTER THE SAMURAI: ESOURCING MADE SIMPLE

In October 2010, Buyers Meeting Point received an email from Nick Drewe, the co-founder of a then new-to-market eAuction solution provider based in the U.K. He asked to have Market Dojo listed in our vendor directory, introducing their offering as “very easy to use, has all the professionalism that you would expect, and is offered at a transparent price level.” We have since gotten to know Nick and Market Dojo’s other co-founder Alun Rafique quite well. Their belief in the value proposition of their solution has caused them to invest in development that makes that value apparent to us as well.In the two years since they launched, much has changed – both for Market Dojo and in the spend management solution landscape. Market Dojo has steadily increased their presence through successful application of their technology and industry recognition of their thought leadership. They have been recognized by the U.K. public sector, receiving two Technology Strategy Board (TSB) grants to develop additional functionality. They recently announced the release of Samurai, an upgrade of their solution nine months in coming. This new release brings a revamped user interface and new functionality that increases the breadth and depth of the solution.

While they made their initial entry to the market with a focus on auctions, including less commonly found event types like Japanese auctions, Samurai adds best-of-breed RFx capabilities to the solution. With an eye to the strategic need for collaboration with suppliers, Market Dojo has also added an innovation portal for soliciting and accepting well-defined ideas for improvement from the market and a ‘sandpit’ where buyers can validate the presentation and setup of events by test-driving them before release to suppliers.

Of the changes included in Samurai, the one most likely to make an impact in procurement organizations is the addition of scoring capabilities that can be applied when weighting the information and prices collected in RFx’s and eAuctions. While scoring itself is hardly a new idea in eSourcing, Market Dojo’s approach is closely tied to their philosophy on procurement decision-making and the relationship between procurement and the rest of the organization. Much has been made of procurement’s (sometimes precarious) relationship with Finance. Beyond questioning savings calculations and realization, many Finance groups have trouble accepting the ‘transformational math’ used in scoring scenarios that allow too much subjectivity into what should be an objective evaluation process.

Market Dojo supports two approaches for scoring, both linear in nature:

In the first case, non-leading prices are scored purely against how they rank in the market, as represented by the participants. In a pro rata (or proportionate) scoring scenario, both the market and the buying organization’s expectations are reflected in the pricing score.

While the RFX or eAuction is under way buyers can clearly see the breakdown of the price and non-price scores in real time, adding transparency into the negotiation and decision-making process. This breakdown can be clearly communicated to the participants as well, mitigating the risk of participants challenging the award decision. Furthering the need for transparency, price and non-price scores are independent of one another, which is fair and consistent for the participants. If a participant earns a score of zero in the qualitative (questionnaire) portion of an event, they can stay in the process (if allowed to by the host) by offering a competitive price.

The additional capabilities added to Market Dojo with the release of Samurai allow them to compete for business with a broader base of prospective clients. They have expanded their reach in the sourcing process while their established place in the negotiation phase.And yet, with all the growth and change, Nick’s introductory statement holds true. Market Dojo is still easy to use, professional, and transparent. Two years after launch, Market Dojo saw £120 million auctioned through their solution in a single month. Buyers Meeting Point looks forward to seeing and hearing more from the Market Dojo team as more companies harness their solution to manage spend and innovate with their suppliers.

Market Dojo – the e-route to cost-cutting

Here is our latest press release, announcing our Samurai release and some of the work we have been doing with Shropshire Council…

Market Dojo helps organisations to save money when negotiating with suppliers. We do this by providing software that enables employees to conduct an online auction. Our service is simple and secure, it’s quick and cheap, and as an example, in a recent auction, one of our clients saved £140,000 on a £500 investment. Purchases have ranged from new vans to powdered milk and brake pedals.

Already proven in the private sector, now Market Dojo is available to the public sector.

We have recently received a grant of £25,000 from the Technology Strategy Board, the government body that aims to help the public sector to cut costs without losing quality of service. The grant was awarded to enable Market Dojo to develop software that would make it possible for organisations within the public sector to tender, legally and with full compliance, throughout the EU.

Shropshire Council’s Integrated Passenger Transport Services team has used Market Dojo’s software to put bus and taxi operators services out to tender through e-auctions. To date the Market Dojo software has saved the council 8% from last year’s prices.

“In our first e-procurement using Market Dojo software we saved over 8% on our contract prices,” says James Willocks, Principal Transport Officer, Shropshire Council. “This was a great success, especially considering the current pressure affecting the transport industry. Market Dojo’s 12 month licence costs no more than running a single event with an e-Auction facilitator. We look forward to future developments with the company.”

Market Dojo was founded in 2010 by two young entrepreneurs from Bristol, Alun Rafique and Nick Drewe, and now they plan to roll out their service to government bodies throughout the UK.

“The public sector is facing major budget cuts and job losses, and if every council can make a significant saving, the taxpayer will save a massive amount of money,” says Nick Drewe of Market Dojo. “Our software is easy to use, affordable and environmentally friendly, and the return on an investment in our e-auction package is very quick.”

The cost of using Market Dojo?
From £500. An annual licence costs £5,000 and can be used every day.
About: Market Dojo provides accessible eSourcing software.   Find out more at www.marketdojo.com

Our Press Release (A bit late!!)

Market Dojo celebrates their 1 year birthday!
Market Dojo, an innovative Bristol-based software company, recently celebrated their first year in business.  The company, incorporated on the 2nd August 2010, is looking to soon become global with potential clients in Greece, Peru, US and Germany.

Co-founder Alun Rafique reflected, “It has been a fantastic year in which we have learned a lot and come a long way.  We’ve been very surprised by the level of interest that we have seen, not just from the small-to-medium sized companies but also from the larger enterprises.”

Market Dojo offers easy to use, professional e-sourcing software to help businesses save time and money on their purchases. The key benefits of their software include increased efficiency, centralisation of information, repeatability, transparency and auditability of the sourcing process.

To date Market Dojo has helped their clients average savings of approximately 30% from e-auctions alone, as well as bringing major efficiency improvements for all involved.  The more standard Request for Quotation activities have seen similar results, which is all the more significant given each client averages 15 new sourcing activities a month.
Even more impressively, their clients have generated an average return on investment with Market Dojo of little over 2 weeks!

Alun Rafique looks forward to the next year with huge enthusiasm, “We have laid a great foundation for the future.  We have established the business and proven the benefits of our product, so it is now a case of expanding the sales and marketing activities to bring the benefits to many more companies.”

About Market Dojo:

We offer Business to Business e-Sourcing software [RFQ’s and Auctions] to help companies save time and money when negotiating for their goods and services.
Our guiding philosophy has been to develop cloud-based software-as-a-service (SaaS) suited for the in-house professional.

It is designed around three core ideas:

Our software costs just £1,000 per sourcing event or £5,000 for a single-user annual licence to run as many sourcing events as you wish.

For more information please refer to www.marketdojo.com
Key contact: Co-founder Alun Rafique, 0117 230 9200, alun.rafique@marketdojo.com.

10 (and a bit) things you didn’t know about Market Dojo

About:  Market Dojo provides business-to-business e-auction and e-sourcing software.  Find out more atwww.marketdojo.com.

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