It’s been a while since we wrote about the new features we are adding to Market Dojo. However, that doesn’t mean the development team have been taking it easy. Even though we have been hard at work on some big enhancements (more about those very soon), we still found time for our ongoing improvements programme.
Here are some of the highlights…
Our customers are running bigger and bigger events, with more Participants and more Lots. When running these big events, we noticed some areas that might act as bottlenecks. We have been looking at where things were not as fast as they should be, and improved them. You should see a marked improvement in response times if you are running an Auction with more than 30 lots or participants where a lot of bids are received in a short period of time.
We know that speed matters, and we have lots more planned for this area, but we believe this is a good start.
As part of the drive to support big events, we have added the ability to upload RFQ and Qualification Bids using a spreadsheet. This means that Participants can submit bids copied in from a spreadsheet, rather than having to re-enter them to the application. This can save a lot of time if you are providing information on 100+ lots. To learn more about this feature, please see the demo video.
We launched Category Dojo at the end of last year. Since then we have been working with customers and looking for ways to improve. The changes include…
We have created a support portal. This links our live chat, CRM and bug tracking systems, so if you do have a problem, we will be able to help you even more quickly.
We have also included more than 100 smaller tweaks and bug fixes to make using our products more enjoyable, even if you are still using older versions of Internet Explorer.
A lot of these changes came as a result of customer suggestions. We think they will improve the product for all our customers. We would love to hear what you think.
Last Friday we proudly turned 3. If we were talking about a human rather than a company, we might look a little like this guy:
However, we are a business and to reach this milestone is a great accomplishment. According to the Entrepreneur Weekly, 44% of businesses fail by Year 3. Yet here we are, still self-capitalised having turned down investment offers along the way, and still growing at over 100% year-on-year with even steeper growth projections in our pipeline as some of our newest innovations hit the market.
We asked each of the three co-founders of Market Dojo for their highlights of the last 12 months:
In September we released ‘Samurai’. Building Samurai was a much bigger project than our previous enhancements, and we learnt a lot of lessons along the way. Working with new people and making so many improvements to MD was a great experience, particularly when it was all over. It’s also given us the ability to tick many more boxes for our customers and allowed us to work with a much bigger range of organisations.
We have fantastic clients, who are all working on great things with our software from simple RFQ’s to complex weighted auctions. Many of our developments are client led and so we ensure our direction is in line with your needs. The latest client and reseller is ABM Global solutions in the Philippines who we extend a warm welcome to. We could not do this without you all so please accept our greatest appreciation. You can see some case studies on our website. A massive thanks to all!
Nick Drewe: there have been quite a few to consider, such as achieving a 100% renewal rate on our annually paid licences to signing up very recognisable high street brands as customers, or even being nominated for a supply chain award by one of our customers, Arqiva. It’s all pointing towards the fact that our clients like what we do for them. However, for me there is one highlight that does stand out and that is the award of our second grant from the Technology Strategy Board. The first grant enabled us to build and release Samurai, which was immense. However, with this second grant we’ve created a whole new module within eProcurement, one that does not exist at the moment. Fitting in somewhere between Spend Analysis and eSourcing, we hope to announce Category Dojo later this year. Sadly I can’t elaborate too much at the moment, but drop us a visit at eWorld next month where we might be able to let you in on it!Want your own eSourcing portal?
Earlier this year we proudly announced the release of our white labelling enhancements (http://bit.ly/13m6uMB) where you could customise your own unique web address on marketdojo.com, for example http://my-mega-company.marketdojo.com (this is not a working example in case anyone tries that link!).
Well, now we’ve gone a whole load further. In our latest release last night we’ve given our users the ability to create their own web address, branded in their colours yet powered by the Market Dojo eSourcing tool.
Some of you may already have such a feature with other providers, but the difference here is that we haven’t done this by simply setting up a new server and popping a cloned version of our software on it – no, we are still 100% single-instance, multi-tenanted. This gives every one of our customers the added benefit of no upgrade issues nor delays, instant access to new features (such as this one!), no implementation fees and more affordable licences fees, since we have much lower maintenance and support costs.
It’s a really simple process for you to set this up. Simply buy your web domain from someone like LCN or Go Daddy and point it at www.marketdojo.com, then buy an SSL certificate for it so your data remains encrypted over the web. Send us this info so we can pop the certificate on our server and assign your account with the bespoke web address and you’re good to go!
All the other great customisation features still apply, such as:
You might also like to place web links or even your own Log In / Sign Up buttons on your website that take the user to your branded sourcing portal. But we leave all this in your own hands or those of your webmaster.
So, if you’d like to take advantage of all this, give us a call today!Which reverse auction type should I use?
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’.
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.
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
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
I hope this overview of different reverse auction types is informative, let me know what you think in the comments below.Many hands make light work
We are delighted to announce our second major upgrade of the year. Log into marketdojo.com today and use our new User Hierarchy feature. It has been released to help our more enterprise customers collaborate on their sourcing activities.
Some of the key features include:
Here are a couple of scenarios where you might find this feature very useful.
Showcasing your work
You’ve put in weeks of hard work preparing your tender documents, managing the suppliers, chasing in timely proposals and validating the responses to ensure all is on track. However, you’ve largely done this in isolation via your Market Dojo e-Sourcing event. Next step you want to conduct negotiation via e-Auction and you want others to witness your accomplishment, especially those overseas stakeholders. Well, this is now very easy: simply add them as a user and give them view rights over the auction event. Our software will send them a viewing invitation, guiding your colleagues through the process. Let them sit back in amazement at your success!
Being assisted by consultants
Many of us wish to have a helping hand with our work. With User Hierarchy you can either run the sourcing events yourself yet give a third party edit rights over your events to keep things on track, or you put the consultant in the driving seat who can then give you access to their sourcing events – it’s your choice!
Managing a team
Finally, with User Hierarchy you can build your own online sourcing team. Define which team members can have edit rights over things like the Supplier Database or the Document Library. Pick a team leader who can be given a team-wide view of the sourcing events. Have multiple team leaders if you wish and give yourself complete visibility over everything that is going on. It is completely up to you on how you wish to structure your team.
We really hope you find this useful. Best of all there is no cost at all to add a user to view sourcing events – licences are only required for users who wish to create or edit events.
Over the weekend we completed our first 2013 upgrade, following on from the second upgrade to Samurai back in December of last year. Such is the elegance of the Software as-a-Service model, each and every one of you can benefit from the upgrade when you next log in.
Quite simply, there are too many improvements to list (70 to be precise), so here are some of the important highlights:
On top of this, we have made a number of upgrades to our infrastructure to keep ahead of the increasing demands of our customers. We are now sending several thousand e-mails a day, practically becoming a MailChimp in our own right, and so we have upgraded our e-mail account to ensure uninterrupted communications between our Hosts and their respective participants.
We have also upgraded our servers (again) to ensure we maintain our 99.9% uptime record. Some events have even had over 500 participants involved, and so we’ve learned a great deal about where potential bottlenecks may lie and catered for them accordingly.
We have a number of exciting new features we are working on that will be released imminently. For example, in collaboration with our customer Arqiva, we are in the final steps of testing and improving our User Hierarchy feature. This will allow our users to invite friends, colleagues and countrymen to view their sourcing activities, or even to have edit rights should they have a licence. You can manage all your internal users from a central place, see all the events across your organisation from your own Dashboard, and even invite external users such as consultants to have their input on your activities.
We are also nearing completing of an enhanced white labelling feature with another collaborative partner in the US as we help them with an exciting new venture. Our users will be able to define their own URL for the sourcing events, such as www.esourcing.marketdojo.com, which will have your logo and menu colours with your own log in, sign up and password reset facilities. In short, it will be your own portal: even the e-mails will come from you.
Here’s to a fantastic February ahead!
PS: If there is anything you’d like us to work on, get in touch and we’d be happy to talk.
Market Dojo – e-sourcing made simple
Back in 2012, we received a great deal of interest from customers and prospects considering the use of Market Dojo for sourcing of legal services. Today we are pleased to welcome a guest post from Jason Winmill, Partner at Argopoint Consulting LLC, a management consulting firm dedicated to helping corporate legal departments address their most significant management and strategy issues. Read this article to learn more about legal sourcing.
Sophisticated supply management professionals are introducing electronic sourcing solutions to their legal departments, and in doing so, delivering millions of dollars in savings. The media is gradually beginning to pick up on these successes: a recent article in the Wall Street Journal noted that several companies (including GlaxoSmithKline, Toyota, Sun Microsystems, and eBay) are using competitive bidding and e-auctions to purchase legal services. As with other important services, effectively sourcing legal is a delicate process with major upside.
Strategic implementation of e-auctions for legal services represents a radical change for most legal departments. While competitive bidding is commonplace in many other sourcing categories, it has been received with skepticism by many in-house attorneys. Legal services are highly complex, sensitive, and high-risk; supply management professionals face the difficult challenge of building credibility in the legal department and moving along a steep learning curve without losing sight of short-term savings goals. In spite of these difficulties, savvy sourcing and procurement departments are earning the appreciation of their legal colleagues and earning public recognition through the use of e-sourcing technology.
Three Important Steps to Successfully Implementing e-Auctions in Legal:
Buyers Meeting Point has written a great article about our new Samurai release. We were so pleased, here it is in full:
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.
editor’s note: this is the first of two blog entries by our intern extraordinnaire, Hadrien Geffroy from École Atlantique de Commerce in France. We were fortunate to have Hadrien join us for 6 weeks this summer and to take us to markets we have never been before.
The 9th of July, on a wet summer’s day, I set my foot on British soil for the first time of my life. Obviously I would have preferred to spend my holidays in my native country, the beautiful and sunny France. But a special mission was waiting for me, here in Bristol, and more precisely two businessmen: Nick & Alun (or Alun & Nick, no jealousy there).
Indeed, as part of my studies, I had to complete a 6 week long internship abroad over the summer. “Why Market Dojo?” You might ask? In fact I had heard about Market Dojo by chance. Fond of the web and new technology I was looking for a trend company as a start-up which related to my business studies. It was only after a few researches that I found Market Dojo. When I applied for my internship, I didn’t imagine how much I was lucky to work for this company.
Today I’m working for Market Dojo as intern and thus for 6 weeks. Because my work is very boring and uninteresting (humour), I have time enough to talk to you about the fantastic professional and life experience I’m currently living in Bristol.
Monday the 9th of July 2012 at 09:00, I knocked at the door and two young (it’s all relative) smiling guys opened the door. I quickly understood they were very cool and relaxed, but also very professional so we didn’t lose time before we set to work, just the time to take a cup of tea (the first of many). But Market Dojo is a kind of modern company, most of the work is home-working and the atmosphere is relaxed, which makes my working conditions very comfortable.
Now let me talk to you about the advantages of working in a little company. Having the opportunity to work for Market Dojo allowed me to see this. Indeed, I wish to every student to work for a little company to live both a professional and a life experience. In little companies the border between working life and private life is very thin; which makes work less boring and gives me ample time to learn about the British culture.
Concerning the work, I quickly realized my responsibilities would outnumber what I was expecting. In my case, my main goal is to make Market Dojo’s website and software accessible for any French native who wants to use Market Dojo’s service; which means translating approximately 15,000 words (so easy!!). But I also have to think about Marketing for French market, software testing, assist a conference, and make cups of tea (wringing the tea bag is much more technical than it seems). Being an intern at Market Dojo also involves eating bacon sandwiches, playing tennis, going to the cinema, watching the London Olympic games, looking at videos on Youtube (http://www.youtube.com/watch?v=YCiY1y3uJ3o), so many things that make you forget you are here for work!!
So many thanks to Alun, Nic and Nick for these 6 weeks!
About: Market Dojo provides accessible eSourcing software. Find out more at www.marketdojo.comMarket Dojo celebrate their second birthday with a year of amazing growth
For immediate release
Market Dojo celebrate their second birthday with a year of amazing growth
Last week marked Market Dojo’s second successful year in business, with a massive ten-fold increase in the previous year’s revenues. Co-founder Nic Martin was delighted with this important milestone, “the last 12 months have been a fantastic period of growth for our young company and has really proven that our business has the key ingredients to succeed, from a great product, excellent customers and a brilliant team”.
The rapidly expanding software technology company, based in the South West, offers an online application that helps businesses negotiate more easily and efficiently with suppliers via the internet. Businesses can also run reverse auctions where suppliers compete to win contracts to supply goods and services.
Market Dojo now has in excess of 25 customers who use the application up to 5 times a day to receive quotes from suppliers for goods and services as varied as electrical cables, paper bags, van and car hire, brake pedals, machined parts and office furniture.
“What makes us unique is that we have taken a concept that was previously restricted to large businesses, due to the complexity and cost of existing software, and made it accessible even to small-to-medium sized businesses”, explains fellow co-founder Alun Rafique.
Their ambitions now lie in building the customer base, both home and abroad, as well as releasing a whole new product upgrade which is just around the corner.