Market Dojo has now rolled out the responsive design for our flagship product, Market Dojo. This is designed to be optimised visually across all computer, smartphone and small tablet devices to maximise the user experience and interface.
Screenshot of the new responsive design for a multi-lined RFQ
You can now use the responsive design for Market Dojo through our platform by logging in at https://secure.marketdojo.com.
Alternatively, you can revert to the old design by going tohttps://previous.marketdojo.com. Any events created or actions made within the tool on either the responsive design or the old design will be consistent within the platforms.
Screenshot of the existing design for a multi-lined auction
In a short time, the site hosting the existing design will be removed andwww.marketdojo.com will only run through the fully implemented responsive design. The responsive design has been built and designed in-house to ensure the consistency of the platform but with a refreshed visual design.
Key features of the Responsive Design
If you wish to continue to use our existing design, just login athttps://previous.marketdojo.com and the data will be consistent with that of the tool in the responsive design platform. This functionality will only be available for a limited period of time and if you wish for more information contact us at firstname.lastname@example.org.
A key focus of the responsive design is giving users a better experience of the tool, offering users the ability to take onboard more information than ever before.
Nicholas Martin, Chief Technology Officer & Co-founder of Market Dojo said:
“As the use of mobile devices and tablets continue to grow rapidly, so does the range of devices and screen sizes on which people are using our tools. Our new responsive design allows users to reach critical content faster with a refreshed design that adapts to their device.
“It is only thanks to our fantastically dedicated team and incredible clients that we have been able to do this. We will be eternally grateful for all of those who have given us their continual support and look very much forward to rolling this out to become the live platform.”
For more information, contact us at email@example.com
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!Are eAuctions’ benefits also their Achilles heel?
“An Achilles heel is a deadly weakness in spite of overall strength, which can actually or potentially lead to downfall.”
eAuctions are a great negotiation tool when used correctly. However a supplier recently mentioned to us that they will no longer take part in eAuctions and will only take part in RFx’s (Request for Information/ Proposal or Quotation). When asked why, they said they had recently taken part in several eAuctions, in which they finished in the pole position only to see the business awarded to the incumbent.
In the CIPS guide to eAuctions its research highlights: “60% of buyer auctions are awarded to incumbent suppliers with only 22% of these suppliers reported to have won an auction on price alone.” This can be understandably frustrating.
However, is this a good enough reason to decide to not take part? Auctions have purportedly brought many benefits to table. They are quicker, more efficient and transparent than traditional sealed RFQ’s and face to face negotiations. They have also been claimed to improve supplier relationships (iAdapt research from UWE) and further to this there is no reason why you can’t bring the top suppliers in after an eAuction to discuss the other parts of the Service Level Agreement (SLA) for example (obviously referring to the private sector!).
Lets examine the mainstream alternative which normally takes the guise of a sealed RFQ. Here bids are submitted, you would have no feedback on your position and would simply find out if you have won or not. Even if there is a face to face discussion, it is likely that the specifications would not be as tight as in an eAuction, which results in an even less quantifiable result. However, many suppliers seem to favour this.
Does finding out their position in an eAuction put suppliers off? It could be that 95% of business is awarded to an incumbent from an RFQ but suppliers are not informed of their position. Is this a case of what you don’t know won’t hurt you?
And perhaps suppliers can more easily hide margins during an RFQ or even face to face negotiation as they are just not pushed hard enough. In reality an eAuction is a far more time efficient way of negotiating. If we wanted to take part in an Auction, we might go below our list price if we want the business and the price is sustainable. If we still lose then at least we acted competitively and we have more feedback. However to reproduce this competition in a RFQ or face to face negotiation is much more difficult which is perhaps why some suppliers are hesitant about eAuctions. We will also concede that during an RFQ process, you are more likely to have more personal contact with the buyer although this can be the case in an eAuction process too.
What do you think?
These are the introductory paragraphs of a guest post by Alun Rafique of Market Dojo. The full article features ThomasNet News who is one of the leading supplier discovery and product sourcing platforms on the market today.
Self-service e-auctions are a great technological path for any company, as the advantages derived from more efficient negotiations are easy to relate. The real challenge is on the full e-sourcing software suite. Electronic Request for Quotations (eRFQs) are a great example. The benefits from eRFQs come from the centralization of data, auditability, and the ability to send out to more suppliers without a large increase in overhead.
It has been found that suppliers involved in eRFQs yield better savings. This is attributed to the process making the suppliers simply sharpen their pencils when they send out bids. In research by the University of the West of England, it has been found that e-sourcing strengthens buyer-supplier relationships.
So if the benefits from e-sourcing are there, why is there not more of an uptake in the process?
[Find out more by reading the full article here.]
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.
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
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, firstname.lastname@example.org.
I realised recently that this is a term we brandish about quite frequently at various meetings and conversations we have. Occasionally we get nods of appreciation for the term, but more commonly we receive a look of faint recognition, as if it were a friend last seen in school days wearing braces and ill-fitting clothes. So, perhaps it might be worth giving our take on the term, just to help freshen up the concept, plus a little advice on how you might seek it.
The Merriam-Webster dictionary provides the following: “a price actually given in current market dealings”.
There are several key words in this definition. Let’s take the word ‘actually’ for example, for the above sentence can make perfect sense without it, yet the insertion is deliberate. It adds gravitas to the word ‘price’. It is not a suggested price or an implied price or even a piece of estimation, but an actual price.
What we would interpret this to mean in the procurement world is that this price is genuinely valid and acceptable. It has been submitted based on all the specified requirements of quality, technical, commercial, logistical, operational, administrative, health and safety and so forth. In other words, it is real and it is based on a product or service that meets your needs.
Another key word is ‘current’. A market price cannot be so if it is founded upon old or even future information. It has to be based current facts and information. If I purchased my property for £200,000 two years ago, I would be misinformed to say it is now worth the same. And nor could I actually tell now you the market price for it in 6 months time. If I want to know an accurate figure for my property today, I would consult the market today. It’s the only way to be certain.
The same applies in procurement. Where certain prices rely heavily on raw material costs, such as fuel or steel, don’t leave it to the supplier to hedge their bets on raw material price movements as part of their offer to you. It won’t be a market price if this happens. Instead, ask them to give you a price based on today’s raw material costs and to provide a raw material index mechanism for future price reviews. This way no one needs to take a gamble and lose out. Such a mechanism is fair, open and transparent. Currency reviews should operate in the same way.
However, what this definition does leave open is that you could receive a number of so-called ‘market prices’. Which one is the right one?
This is where we would go a step further. We would classify a market price as, “the best actual price in current market dealings that is sustainable for the required term”. It is in no one’s interest for the price to be so competitive that it causes a supplier to go out of business or conversely so uncompetitive that it causes the buying company to go bust. So, put into plain English, we see the market price as being the best price for a product or service, based on current market conditions, that meets your needs and is sustainable for the duration you want.
So, if that is what the market price is, how do we go about finding it?
First you specify your requirements. Second, you engage the market. It’s as simple as that. Think about something like Money Supermarket or Compare the Market. By filling in your car insurance requirements, you are provided with up to 30 quotes. The top two or three are usually around the market price level, i.e. the best price, based on current market conditions, that meets your needs and is sustainable for the period you require it. Beware of spurious prices, the ones that look too good to be true, because usually they are! A bit of due diligence is required just to double-check that the quotes are based on what you require. You don’t want to later find out your excess, for example, is ten times more than the next best quote.
For procurement, it is a case of designing a robust RFQ or set of requirements, leaving as little scope for interpretation as possible. Secondly, you distribute it to your own private market, whereby you should have a plentiful number of capable and interested suppliers. Finally, pick the top two or three bids and carry out that bit of due diligence to make sure everything has been understood and that the quotes are accurate.
The knack is in creating your market. If you were to approach two suppliers down the road and get prices, would you say that you have approached the market? No. If however you approach 10,000 suppliers around the globe, would you say that you need a few more before you know the market? Also no, you would say you have covered a sufficient number of bases. Clearly something lies in between.
Thankfully this is where online sourcing technology can greatly help you by keeping everything together in an auditable and controlled manner, allowing you to involve huge numbers of suppliers. My personal record was a sourcing exercise that involved 1,500 suppliers, of which 140 or so provided prices. Having completed this, I was particularly confident I had found the market price.
However this is a one-off example. The practical way to create and involve the market is to:
1) Outline your supplier criteria, such as geography, turnover, accreditations, capabilities etc.
2) Source suppliers using your contacts, your experience, trade shows, associations, sourcing agencies and databases such as Kompass, Hotfrog, Kellysearch, Applegate, Alibaba, TradeIndia and so on,
3) Qualify the suppliers against your criteria, using questionnaires and submitted responses if time permits.
Once done, send out the RFQ or grant the qualified suppliers access to it and simply manage any questions that come back. Once all the prices are in, carry out the competitive negotiation, be it an e-auction or otherwise, and the market price will be revealed before your very eyes!
About: Market Dojo provides business-to-business e-auction and e-sourcing software. Find out more at www.marketdojo.com.