SAN FRANCISCO--(Sept. 27, 2022)--This week at SuiteWorld 2022, ORO launched its new Smart Procurement Workflows to make procurement easy and efficient for all employees. The solution delivers value to both large enterprise customers with existing procurement solutions as well as fast-growing mid-size companies. ORO’s smart workflows will help scale procurement and finance operations to meet business compliance and demand for speed.
“My big realization while leading the product team at SAP Ariba was how much of business-critical purchasing is still manual before requisition. For mature procurement organizations, this could still be 30-40% of the spend, and for mid-sized companies, it could be as high as 60-70% of the spend,” said Sudhir Bhojwani, ORO co-founder and CEO. “We started ORO to make it easier and faster for business users to engage with procurement and other stakeholders to deliver business results fast.”
According to Lalitha Rajagopalan, ORO co-founder and head of strategy and GTM, “Today, employees pick the supplier, after which it still takes weeks to complete the supplier onboarding. The process may be stuck waiting for legal or IT or security to approve but the procurement team gets blamed by all. The result is awful NPS scores for procurement and very frustrated employees who cannot get what they need to do their jobs. Simply put, in modern organizations, procurement is a more collaborative process with the supplier and many stakeholders. Legacy procure-to-pay systems are not designed to do this.”
Radhika Samant, vice president of finance and head of global procurement at Optimizely, notes, “Our stakeholders were getting increasingly frustrated with a system that did not recognize the differences between marketing, software and other purchase flows. This was causing a large part of the work to happen outside of our existing spend management platform, impacting agility and causing significant duplication in effort. ORO helped us build custom purchase flows within a centralized system, allowing us to take into account the unique purchasing needs of each department. It provides visibility to all stakeholders, enables collaboration and makes it easy to make timely decisions. The simple UI drives a smart workflow and the supplier information is right there. This shortens time to purchase and ensures we buy only what we truly need at an optimal price.”
Modern companies are decentralized and move fast. The need for speed conflicts with controls and compliance checks. The adaptable, composable workflows in ORO deliver agility and transparency to:
• Provide an incredibly easy-to-use procurement front-end for business users.
• Bring clarity and visibility into the end-to-end process for all stakeholders.
• Reduce the time and manual effort to onboard and work with suppliers.
• Give budget owners and finance view into up-to-date spend pipeline and commitments.
• Scale operations to meet legal, compliance, finance and regulatory requirements.
ORO is unveiling its new platform during Oracle NetSuite’s SuiteWorld show in Las Vegas, and global Fortune 100 and mid-market teams are already using ORO smart procurement workflows to automate vendor and purchasing processes. To learn how the ORO platform can orchestrate even the most complex procurement processes, from purchase of manufacturing or research materials to business service contracts, please visit www.orolabs.ai.
ORO procurement automation platform dramatically improves traditional procurement operations by taming the chaotic enterprise spend on business-critical purchases and supplier engagements. ORO’s smart procurement workflows help organizations increase business agility by making it easy for employees to start, manage and build supplier relationships. ORO is founded by the former product leaders of SAP Ariba (Sudhir Bhojwani, Lalitha Rajagopalan and Yuan Tung); to learn how ORO is helping organizations respond faster to business needs and market conditions, visit www.orolabs.ai.