With RekoChain you get the best technologies and intelligence to
transform procurement into a more technology driven process. We bring
to your business an ‘e-commerce’ like experience with the potential to
save you time, costs and risks.
Food and Beverages Industry
One of the more vibrant sectors, the Food and Beverage industry is constantly evolving and enhancing itself. The competition is tough and staying ahead of the rest is even tougher, especially now when the industry is shifting its focus to one that is more customer centric.
RekoChain is a source-to-pay solution that brings you and your suppliers on the same platform while providing you the ease of buying and decision making as that of e-commerce.
From sourcing to paying, RekoChain handles it all for you! Here’s a quick look at what makes RekoChain the ideal for your F&B business:
Spoilt for Choice: As a buyer, having a wide range of suppliers to choose from is one problem you wouldn’t mind having. We’ve got onboard a number of suppliers who have registered with us and are available for you to purchase from as well.
Registered suppliers on-board our portal have their own user account and have paid for the portal services. They will be visible to you on your dashboard and are open to trading.
We also have the option for your to purchase from ‘Non-Registered’ suppliers, those who are maintained by you and do not wish to come on-board. This way we bring you and your preferred supplier to collaborate on one network, making it a win-win situation for both parties.
Supplier Ranking and Rating: In case you’re wondering how to choose from a wide range of suppliers, worry not! Just like the rating system e-commerce businesses offer, we too have our own rating and ranking system.
Each of our registered suppliers are rated and ranked based on 4 KPI’s, which are:
- Products Pricing
- On-Time Delivery to buyer
- Number of returned or rejected products
- Total number of deviations from the original purchase order from the supplier’s end.
To avoid any kind of bias creeping in, we have developed a machine learning algorithm of our own to help determine the rating. This gives you the opportunity to make an informed buying decision, one that can save you from unnecessary costs and risks.
Order Consolidation: For clients with multiple business outlets we have come up with a unique feature to make your purchase requests and orders simpler.
As the Procurement In-Charge for your business, you are authorized to verify and approve every purchase request placed by any of your outlets. What this means is that you can now consolidate all purchase requests into one big purchase order that will then be sent to the suppliers.
If you’re wondering how the correct order will reach the right outlet, it brings us to the next feature of RekoChain.
Delivery Consolidation: Once your consolidated purchase order reaches the particular supplier, the supplier is tasked with grouping the orders based on:
- Delivery date
The portal will then ensure that the right order reaches the right outlet and at the right time! Here’s another win-win situation for both parties.
Customer specific price list: Just as how trading happens in the market, the suppliers on our portal also follow the ‘Customer Specific Price List’ policy.
As a first-time buyer, you are shown the price of products as is sold by the supplier. You can then choose to either go ahead or negotiate the price with the supplier. When you make a repeated purchase with the same supplier you will be shown a revised price list, which is what you and the supplier agreed upon.
Consider the specific and exclusive price list from your supplier a reward for being a loyal customer, which helps you generate more savings with each purchase.
Individual User Budget: As the Procurement In-charge you have the option to allocate a budget for those within your department, depending on the position they hold. Each individual user can then utilize this assigned amount to generate a purchase request and order.
In case a user exceeds the allocated budget, the system sends you an error report following which you need to send a budget approval to allow the individual to go ahead with the purchase request, giving you as a buyer more control of the process.
With RekoChain you can simplify and streamline your work, giving you more time and resources to allocate to strategizing for the future. To stay ahead of the competition, your business needs the right tools and RekoChain offers you exactly what you need.
Poor quality of goods, budget overruns, low productivity, delays are just some of the challenges faced by those in the Construction business. One of their main challenges comes in the form of contract and vendor management which leads to other issues such as lack of visibility of contractors and sub-contractors, regulatory and ethical considerations and billing errors. Industry specialists believe this has a direct impact on the end result of any project, construction businesses undertake.
Today, procurement is no longer just another business function, it is a strategic tool that is rapidly evolving. A complex process like procurement requires keen attention to detail given at every stage, whether it is at the beginning with sourcing or at the end with payment.
RekoChain, a B2B2B ‘Smart Supplier Collaboration’ portal is a SaaS based solution that provides users with the ease of doing business and an ‘e-commerce’ like buying experience. The E-procurement solution brings buyers and suppliers on a common platform to collaborate and meet the needs of their respective businesses.
Let’s look into how RekoChain works:
- The integration of Smart Contracts and Blockchain technology into the process, makes the process and transactions transparent and easily auditable for all those present in the network.
- While Blockchain technology provides secure access to all parties, Smart Contracts will complete its task of self-verifying and executing the terms of the contract which includes releasing all necessary payments to the concerned party.
- Integrating AI and Machine Learning into the solution means it is now programmed to complete tasks in a manner we consider ‘smart’. What it means is that systems will now be able to predict procurement needs much in advance, perform invoice reconciliation, contract negotiation and other complex tasks, resulting in higher productivity and efficient work flow.
- RekoChain is more than just purchase-to-pay automation, whereby purchase requisitions are turned into purchase orders on approval and are sent to a supplier for fulfilment. You can also easily track and trace your inventory in real time, saving you a lot of time.
- You also get real-time access and accurate data of your spend. The portal also gives you the option to choose from a variety of suppliers, you can choose the supplier you want for the best price that works for your business, thereby providing you many saving opportunities.
- You also have the facility to review past orders and compare costs with new suppliers to make an informed purchase.
- The user-friendly UI and interactive dashboard with all the relevant information makes the process of buying seamless and aligned with your needs.
- The portal is a source to pay solution which means that any and all activities are visible on a single system and available on any device.
RekoChain gives you an automated method of procuring your inventory through a paperless process, thereby reducing hassles of manual documenting. It makes buying easier and also allows you to explore new business avenues thereby helping you create strong and healthy relationships with your vendors.