Tuesday, 29 November 2016

A Northerner’s Northern Narrative - Procurement Summit 2016

From Scarborough to Cheltenham to London, the Market Dojo team travelled from opposite ends of the UK to attend Manchester's Procurement Summit. Here’s Peter’s story of the exciting trip.

Peter’s Story:

Monday Evening
As my family live in Scarborough and the Procurement Summit is held at the Midlands Hotel in Manchester, I decided I would visit the family over a long weekend and meet the rest of the team on Monday night at our arranged hotel. As the drive from our HQ in Cheltenham would be over 3 hours in morning traffic, we stayed at an Ibis Budget Hotel the night before. The keyword here is BUDGET. I met the team in the bar area of the hotel at around 10pm and we enjoyed a quick beer to discuss the logistics of the next day.

Tuesday Morning
After a lovely sleep that was only interrupted by the occasional siren, I headed down to meet the team at our arranged time. Afterwards, the team split up due to leaving it until the morning for some of us to iron our branded Market Dojo polo shirts.

Looking suave and fresh, myself, and Lewis headed down the hotel on foot. Although we were walking and left several minutes later than the team who drove the same journey. We arrived earlier. 1-0 to Team Ironed Shirts.

The Procurement Summit
Having arrived at the conference at 8:00am to prepare the stand ready for the delegates who would arrive at 9:00am for the first talk. Sponsors were treated and fueled by the lovely people at The Midlands Hotel. Having served up some coffee and bacon baps for everyone to enjoy.

Once our stand was fully erect and all four of us were set, we finally got the chance to take a look at the day’s agenda and decide which talks we would like to attend. Being a New Business Development Manager for Market Dojo, the talk that caught my eye was: “Procurement, the not so hard sell” by Jo Watson, Head of Procurement at Boohoo.

The talk was a great insight into how Jo grew the Procurement Team at Boohoo into one of the most influential departments in the business. It was a refreshing take on how procurement can assist in the growth of a company.

This year we invited Nick Ford to guest present with Nick Martin about the successful partnership between Market Dojo and Odesma with Aggreko. You can download the presentation here. The talk was a success with over 50 people attending and several approaching the stand after the talk to discuss in more detail.

As previous years, the calibre of delegates was very high. With job titles that included Head of Procurement, Procurement Director and Founding Director, the conversations we were having were with the exact people that Market Dojo is built for.

Before we left, we asked renowned Managing Director of Spend Matters Europe, Peter Smith, to draw the business card that would win a 1 month free Market Dojo licence. The winner was Andrea Clegg at Hermes, you can see the prize draw here.

The Afterparty
After a long day and after giving several product demos each, the Market Dojo team were treated to a Caribbean style dinner at Turtle Bay. For anyone who cares, I had curried goat with a coconut mocktail. After discussing the day’s events, it was then time to head to the cars and start our 2 ½ hour drive home.

A big thank you to everyone who came to our stand to chat. If you didn’t get a chance to attend the conference feel free to visit our website and sign up for free to learn more about what we do and find out how we could help you.

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!

Wednesday, 23 November 2016

What is the best day to hold an auction?

Our ancestors have been travelling to markets to buy and sell since the start of civilisation - literally, that is, civilisation can pretty much be traced back to the time we started buying, selling and bartering goods in an open forum. They used to differ somewhat on when they went to market or held an auction, but traditionally, they have landed on one day. So what is the best day for an auction?

Traditionally in the UK, Market Day has been held on a Wednesday all the way back to the establishment of Christianity in the country. Markets were held in a particular central market town in a region and thus not everyone lived in the town where they sold or bought goods. Farmers and merchants would travel from many miles around on foot or by a horse and cart to market. This meant travel times were on the scale of days rather than hours. 

As people had to be at home to attend church on a Sunday, they would leave home on Monday, often arriving at the market on a Wednesday. They would then need to travel home for the weekend. Thus, Wednesday became the de facto market day of the country. 

Are Wednesdays still the best days to hold our auctions?

Intuitively, Wednesday seems like a good day for an auction. It’s not at the beginning of the week, where people might be away or playing catch up, and it gives you enough time after the auction to process the results and choose an eventual winner. 

So how popular are Wednesdays for Market Dojo? A quick look at some of our statistics from the last year shows that Wednesday is, in fact, the most popular day of the week to hold an auction, technology changes apparently, but the human appetite for buying and selling in the middle of the week seems to stay the same. 

The other question we have to ask when working out the best day for an auction, is does it really matter? In the past, auctions and markets were held on Wednesday because that was most convenient for those taking part, but in an eAuction, where people can log on from anywhere in the world, does the day really matter as much? 

Well, people still have to prepare for an auction, which might mean finalising the Best and Lowest Offer with directors, and they still have to digest the results, which means procurement teams deciding which bid they would like to take forward. 

So, we know that Wednesday is the most popular day for an auction, but is it the best day? We decided to look at the average savings made during each day of the week to see if any particular day was better than another. It through up some interesting results. 

Wednesday is in fact not the best day for savings, Tuesdays and Thursdays are. With a 2% swing in favour of hosting an auction on a Monday or Tuesday. We don't actually know why that is, it could be down to a host of factors. However, it is worth considering if you aren't sure when you would like to run your auction. 

Nonetheless, it still looks like Wednesday, even after 1000s of years, is the most popular day for you to go to market. However, if you're looking for the most savings, holding your auction on a Tuesday or Thursday might just give you that extra edge. 

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!

Monday, 21 November 2016

Why you should budget for an eSourcing solution

Yes, it's that time of the year again, John Lewis have released their masterful Christmas advert (as usual), the Coca-Cola truck is on its way and we begin the final countdown towards the end of the year.

If you're anything like me, you might already be thinking about your savings targets and budgets for next year. Hopefully, you've reached a point where you are considering introducing an eSourcing solution.

Spending a lot of your time and money on buying goods or services from suppliers? Then we might just have the perfect present for you! Market Dojo!

Wondering just how an eSourcing solution can help?

Centralise your information - Say goodbye to emails and those excel spreadsheets! Take your sourcing activities to a single online portal and you’ll increase visibility amongst your organisation, de-mystify the market, and still have a complete audit history of your activities that your accounts team will love.

Standardise your approach - Have you ever considered inviting more suppliers to take part in an RFQ and stopped yourself because of all the extra emails, questions and different templates you’ll receive back? By utilising an eSourcing solution this is no longer an issue and you'll be thankful for the extra competition.

You can increase the number of suppliers you invite with no extra overhead. Pre-qualification questionnaires will be centralised through the tool and help you to make more efficiencies of the process. In addition, all of your suppliers will be responding in the same fashion through the system saving you some precious extra time.

Hit those savings targets - Start 2017 off with a bang by aggressively attacking those savings targets. Run an eAuction to determine the true market value. If you’re having to run 3 bids and a buy, then why not run an eAuction to ensure you’re getting the best value. After all, average savings from an eAuction in our tool is an impressive 21%!

Fear not, if you’re just running RFQ’s, then an eSourcing system will allow you to easily invite more suppliers, increasing competitiveness and potentially helping you make those all-important savings.

It doesn’t cost as much as you might think - Market Dojo offers affordable and flexible options. You can run unlimited monthly events from just £500, and there’s no minimum contract duration!

You can even use the software for a couple of months to understand its value before committing to a longer term deal. Simply, the potential ROI is stupendous! We regularly see our clients see ROI savings % in triple figures and yes I did say TRIPLE figures!

Isn’t it about time that you treated yourself and bought that procurement tool that you just know will make your life that much easier and better?

Contact Lewis for more information.

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!

Thursday, 17 November 2016

The Newest Member of Team Dojo

Market Dojo are very excited to introduce the latest member of Team Dojo! Working on the Business Development side, Henry, from Cirencester, breezed through the Market Dojo interview process with flying colours and we are really pleased to welcome him to the team. 

We asked Henry some questions to help you get to know him better

What made you apply to work at Market Dojo?

A friend of mine from university is a developer at Market Dojo, he let me know that Market Dojo were looking for a new Business Development Executive. Market Dojo sounded really interesting and innovative so I was keen to find out more. 

What are you looking forward to in your new role?

Helping Market Dojo grow as much as possible and talking to lots of interesting new people. 

What is different about Market Dojo?

The culture here is set up to help everyone from employees to clients succeed at what they do best - that’s really unique in my experience. 

What is the most unusual job you have ever had?


What is your favourite book/movie?

My favourite film is Munich and my favourite books are the Terry Pratchett novels. 

What is the most embarrassing song you have on your phone?

Probably the sheer volume of Willie Nelson songs. 

What’s your biggest claim to fame?

I was on University Challenge. 

Where have you travelled abroad? What was your favourite country?

Finland is probably my favourite country, I prefer the cold. 

What are your hobbies and interests?

I have an English Springer Spaniel and most of my time is spent trying to wear him out so I can get some sleep. I also enjoy target shooting and woodwork. 

What actor would you cast to play yourself in a movie?

James McAvoy

What are you hoping to bring to Market Dojo?

I’m hoping to be that necessary unbreakable link between marketing and sales. 

Connect with Henry on LinkedIn.

A HUGE welcome to Henry!

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!

Thursday, 10 November 2016

Bring About Change - Vote Market Dojo

Brexit, Trump, how did this happen?  The unexpectedness of it all caught everyone by surprise.  All the polls were wrong.  If we could put this down to a singular reason?  The most logical view would be the appetite for change - people want change.  Is that reason good enough? We will have to wait and see about Brexit and Trump, but we know that eSourcing is changing.

Many organisations traditionally focus on sales and procurement has been viewed as a sideline.  Companies are slowly waking up to the value that procurement can deliver from innovation through to stronger supplier relations and of course - savings.

However, change management is tough. New ERP and P2P systems are being designed and implemented that ultimately can help with the operational side of purchasing but what about strategic procurement? A key focus will have to be maintaining core information for the future with electronic onboarding tools, eRFx’s and negotiation using eAuctions. These are critical tools to give companies a leading edge in today’s global markets

Many of our customers already have procurement systems although choose Market Dojo from a desire to bring about the necessary change in how they retain information, communicate with suppliers and find savings.  Our tools have allowed our clients to adopt this change as they are intuitive and suppliers find them simple to use.

Examples of customers driving change with Market Dojo

  1. Spot buying of freight with a multinational client on using eAuctions to run 10s of eAuctions a day on values from $1k to $5k
  2. Running eRFQs on a daily basis within a manufacturing firm on values from £15 to £1000
  3. Negotiating on £120m of meat for a large Irish retailer using a Japanese eAuction
  4. Moving from a paper-based supplier onboarding system to an all-electronic system to integrate with  eSourcing
  5. Helping a procurement director in a housing association find opportunities in their spend and defend the annual savings target whilst helping define the strategy
  6. A leading hygiene supplier identifying cost down innovation opportunities within their supplier chain.

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!

Tuesday, 8 November 2016

Recognition at the 2016 Contract Management Innovation Awards.

Contract Management partner ContractsWise Ltd, narrowly missed out on the top spot at the IACCM’s recent Americas Conference in San Diego. 

The International Association for Contract and Commercial Management considered ContractsWise founder Noel Green for the Personal Initiative category of their 2016 Innovation Awards, as an individual “who has shown outstanding leadership or endeavour in delivering value and raising the profile of contract and commercial management.” Finishing as runner-up in a membership organisation that boasts 40,000 members and half of the world’s Fortune Global 500 companies, ContractsWise is punching well above its weight. 

At the awards, Noel competed alongside companies including Shell, Telefonica and Nationwide Building Society. As well as having placed as runner-up in this prestigious competition, Noel and ContractsWise have also enjoyed success in having their software adopted by the Chartered Institute of Procurement and Supply.

ContractsWise is certified to the international data security standard ISO27001 and has also been included in the UK Crown Commercial Services G-Cloud framework making its software easily accessible to the entire UK public sector. 

Noel comments; “Missing out on first place is disappointing, but coming in second is a huge plus for a business of our size and gives our customers proof that they are working with a class leading product”. 

In 2012, Noel Green recognised a market need to improve the commercial support available for contract managers and inexperienced contract management professionals. 

Utilising his experience of the industry, Noel set out to design, produce and launch a suite of simple to use contract management software that was affordable for organisations of any shape or size. As an innovative first for the market, version 1 of the ECMS (Effective Contract Management System) was launched in December 2013, supported by expertise and funding from the University of Gloucestershire and the Innovation Voucher scheme. 

After a successful launch, Noel responded to feedback from customers and developed a second product; ECAS (The Effective Contract Administration System). Offering a more simplistic version, this provides scalable contract administration functions without the performance and risk management, but with an easy upgrade path to the full functionality of ECMS.
Noel Green
Founder of ContractsWise
Twitter: @ContractsWise
LinkedIn: Noel Green
Google Plus: Noel Green

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!