Thursday, 20 July 2017

Market Dojo Release New Host Tutorials

Market Dojo has recently created a range of guides, research and tutorials that will assist hosts and participants to get the most out of the Market Dojo tool. 


The collection of guides includes process guides, category selection guides, business cases, sourcing guides and alternative negotiation approaches. These guides are available to download online but require users to sign up for free

However, for those looking for tutorials, the new collection includes bespoke recordings of new features and capabilities within the new responsive design.

The below list includes those new tutorials for hosts to help you get started and understand how to get the most out of the Market Dojo software.

Creating a new sourcing event
    • Signing Up
    • Creating the Event and Event Settings
    • Creating questionnaires
    • Creating Lots
    • Creating advanced Lots
    • Uploading documents
    • Crediting an Event & our Pricing
    • Creating a quick RFQ
    • Inviting Participants

Managing a current event

    • Managing Participants
    • Making Edits
    • Managing and scoring questionnaires
    • Managing documents
    • Using the Message Board
    • Managing RFQ or Qualification Bids
    • Progressing an RFQ to an Auction
    • Managing an e-Auction
    • Japanese eAuction
    • Managing an event with advanced lots

Admin

    • Dashboard, Admin and User Profile
    • Managing your organisation with User Hierarchy
    • Creating a Portal

Sandpit

    • Working in the sandpit
    • 60 Seconds Sourcing
    • Introducing the Lot Matrix

You can find more videos on our Youtube Channel here.

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, 17 July 2017

Market Dojo announce Quick Quotes

Market Dojo is currently in the process of developing a "Quick Quotes" tool that will enable users to run efficient RFxs at a highly reduced cost that has very little barriers to adoption for both buyers and suppliers.


Currently, eSourcing adoption is generally limited to complex tenders and eAuctions with the majority of small tenders (<£20k) still being carried out through email. This presents challenges with centralisation and scalability. At Market Dojo we have seen this not only in the smaller organisations but also in large FTSE companies who have multiple systems already in place.  

The idea of Quick Quotes is to bring eSourcing to the masses providing advantages for its use at the lower tender size as well as having an application for the larger tenders.

Quick Quotes speeds up the eSourcing process through simplification and integration with email. Enabling participants to reply directly with an email and therefore reducing the barriers to participation.

The aim of Quick Quotes is to allow hosts to set up events even more quickly using a single page format. You will be able to invite unlimited participants to a single event, with the view for additional functionality such as live messaging, templates and library features to be added at a later date. Hosts would be able to clone events, create event templates or use our comprehensive event library to ensure that they can build the right event for their category.

Nicholas Martin, Technical Director at Market Dojo had the following to say:

"We are really excited to be working on Quick Quotes, it will allow hosts to quickly save time and money through an efficient and specialised RFx tool. From speaking to our customers, we know that the tool will be used on a range of different categories and beneficial to businesses of all sizes.

"We hope to release the tool in the very near future and encourage anyone to come forward with any comments or suggestions on Quick Quotes."

For further information on the tool please contact: enquiries@marketdojo.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!

Thursday, 13 July 2017

CPO's First 100 Days

Inspired by Donald Trump's first 100 days in office, Market Dojo are investigating what the first 100 days of a successful CPO would look like. Grey Tennyson, Chief Procurement Officer at VSP Global and formerly CPO at Salesforce discusses his thoughts on how he would transform your procurement team in the first 100 days.


You’re hired! After the jubilation of accepting a job wears off and you’re successfully on-boarded to your new company, you learn you have 100 days to develop a plan. This plan that will begin a journey of procurement transformation that surpasses the expectations you shared during the new hire process. The opportunity is ‘greenfield’: building out a procurement function where one didn’t previously exist or where the function never took hold for one reason or another.

You have 100 days to develop a plan.  What’s first?  

There are various approaches to transformation and the key is to find the right one for your project. The approach I will share is based on my personal experiences building out the procurement function (source-to-settle) at a Fortune 50 company, at a hyper-growth entrepreneurial company, and (most recently) at an established, well-diversified healthcare company.

First course of business – assess the current state if you didn’t do so during the interview process. Have a conversation with anyone willing to engage starting with your new team, executive leadership, and cross-functional stakeholders. You need to understand your inherited brand firsthand – including the perspectives and opinions of your inherited procurement function. These discussions are important on several fronts because they:


I recommend partnering with a change management guru and a project manager to articulate the business requirements that will form your vision, set a definition of success, and develop a communication strategy and cadence. Do not underestimate the impact of change and the new behaviours that are required to effect better business outcomes.

At my current company, we took a slightly different approach to transformation based on our unique combination of vision, culture, and employee demographics. Early on we reached out to Marketing to create a ‘drip campaign’ comprised of video vignettes, campus signage, and direct outreach. The whole effort centred on our mascot – Moolah, a big fury, purple creature that was accompanied by a tagline – ‘Spend It Like Its Yours’ (loosely based on the acronym ‘SILIY’ – pronounced silly). The objective was to have fun with the initiative, which is one of our values. The result was celebrity status for Moolah and greater acceptance of the initiative. Frankly, it was fun to see employees taking selfies of Moolah at all-hands-on-deck meetings.

Included below is a checklist based on my experiences to help develop your plan. Again, model or pivot based on what you observe in front of you and the expectations of procurement. There is no absolute right answer.  


Appreciate that procurement transformation is a journey with a starting point that is unlikely to ever end. You iterate, detour, and adapt to meet the needs of the organisation. Investment is required in the three buckets of people, process, and technology - and most importantly, the leadership team - to stay relevant.

You will encounter setbacks, and your ability to recover will test the team. How they (and you) respond will determine the overall success of the initiative. Most importantly – have fun if you are fortunate enough to have that as a key value at your company.


If you're interested in discovering more from Greg Tennyson, listen to the Art of Procurement discussing "A CPO’s View on Building Effective Procurement Teams".

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, 26 June 2017

Barriers to Adopting Reverse Auctions

Market Dojo recently conducted a study into the barriers of adopting reverse auctions. This research featured results from a range of different procurement professionals and covering a wide variety of topic areas.



The infographic presents finding on the categories and aspects of categories that present barriers including:

    • Working Knowledge
    • Category Suitability
    • Software
    • Internal Resources
    • Supplier Market
    • Perception


To download the full infographic of Barriers to Adopting Reverse Auctions, visit here.

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!

Friday, 23 June 2017

Behind the scenes at Market Dojo

Hi, I'm Ed, And this is my Market Dojo experience. 

Firstly, I had no idea about the company apart from my own research. In my research, I kept on seeing words which were unfamiliar with myself. Procurement, eAuctions and eSourcing. This all sounded very confusing at first, but I was confident that I’d be learning about it all soon enough.

A day in the Office.

The office was not what I was expecting. Its location was surrounded by fields. Lots of friendly people working hard (or at least most of the time). It was a fun looking place, dealing with high-level procurement organisations. I soon learnt more about my unfamiliar words, and by the end of the first day I felt like I had been learning a whole different language (SaaS, RFx, MLIBS and MOFA).

Myself and Harry
Myself and Harry joined the internship to get some work experience in a business and to create a film. A film which would explore the benefits of Market Dojo. Hopefully, with the learning from our University course and the brain power from the two of us (Majority mine), we would create an engaging piece of material.

Pitching the Film ideas was a fun experience. Before the pitch, we got a few test questions to ease us in pitching and breaking the ice. Let's just say that the University didn't prepare me for these types of questions, but I’ll get back to this later. Before the pitches, myself and Harry had come up with 12 quick but well thought out ideas which then the crew at Market Dojo had to sit through.

Myself congratulating our actor
Afterwards, we planned to create two types of films. One a promo/advert style video and the other a simple getting the co-founders to explain to the camera/audience about Market Dojo and eSourcing. This was what was decided by ourselves and the Market Dojo crew.

We spent time learning about running the social media side and website design marketing. As well as learning that we would be adding our own blog up on their blogger page. Hoping so far so good.

On Tuesday we did our first bit of filming. We had previously been in contact with the Cheltenham Museum to collect some artefacts as props for the film and the Monday we picked up the filming kit. The film promo idea was to tell a quick story through time with eSourcing.

Improvised desk

Harry having a quick drink before filming































On Thursday we were back at Market Dojo to do some more filming, shooting the interview/explaining styled film and the office scenes for the promo film. We found a lovely spot to film the founders of the company using a field for the background to represent their free spirits.

The next week was spent editing the films. Myself and Harry edited the films back in Cheltenham ready to show Market Dojo on Friday.

I had a great time at Market Dojo; learning the trade, creating some films and meeting some genuinely really nice people. I’ll leave Market Dojo asking myself one question. Why did I choose the armpit dispenser over the ham hand?


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!

The Journey of a Film Student at Market Dojo

Hi, I'm Harry. I've just wrapped up my second year of study at the University of Gloucestershire and have been in search of bright new opportunities in the film industry. This is my experience as a Market Dojo Intern.
Me (Left), Ed (Right)
Market Dojo wasn’t a place that I thought I’d be when finishing my second year of university on a film production course, but here I am, busy working in an office from nine to five and being taught all sorts of wonderful things about procurement and social media management.

When you picture working in an office you usually imagine being surrounded by a life draining amount of grey concrete and stuffy old men in suits. But to my surprise I ended up working in a cosy, bricked office building surrounded by rolling green hills and working with a team of young energetic people, an environment which is peaceful and relaxing to work in.

Unfortunately I didn’t get the typical intern experience of being the office coffee boy, but my real job while Interning at Market Dojo was far more interesting. My job was to create short promotional material which they can use to market the company, a task which I was very happy to oblige with considering my background in Film Production.

Ed happily obliging my request to sit and let me frame the shot.
We spent a morning developing a dozen ideas all focusing on Market Dojo’s USP’s (Unique Selling Points), we needed ideas which could get across the accessibility, cost saving potential and the nature of an on demand service. Generating ideas around a company’s USP’s was an interesting challenge, something which I have learnt a great deal from. This is an aspect the Film Production course hasn’t covered yet, so it gave us new opportunities to test out our abilities.

Developing an idea is no easy task though, we spent an hour generating our ideas and then another presenting and discussing them, so that we can refine them into something that is suitable to for the company to use for their marketing. We then moved on to one of the more time-consuming tasks which were storyboarding each of the ideas we wanted to bring forward or test out. Storyboarding is a key part of the pre-production process as it allows us to plan out each shot before we begin to film, it saves us from making mistakes as we have a guideline to work from on the day.


We were working on a fairly tight schedule so we had to get everything ready to shoot quickly while still keeping the production quality high. But as film students a tight schedule with looming deadlines is all too familiar to us.

During the pre-production stage we decided to do two sets of video’s, one being a promotional video which is under a minute in length and another being a video which details what Market Dojo do. We chose to do these two videos as they can be used across multiple platforms while grabbing attention and informing the viewer, both being useful and covering different aspects.


We started by recruiting our friend Joe to be our puppet (or as he prefers it “actor”), who graciously agreed to help us out for free. After sizing him up for outfits we got straight into filming, a process which takes a lot longer than some might think. But we were wrapped within a couple of days! Once we got the footage we went straight into edit mode, we decided to do a few different versions of the film, each with minor tweaks to ensure we had all our bases covered.

Me expertly framing a shot.
The most difficult part of being a student filmmaker is dealing with limited resources and accessibility. We didn’t have access to transport, meaning certain locations are out of the question, and our kit is on loan from the university, meaning with have limited time to be able to shoot. All these aspects are difficult to work around, but we will always find a way!  

I’m very pleased with how all our videos turned out and I’m excited to see what the public thinks! Overall I’ve had a great experience working at Market Dojo and feel that I’ve grown as a filmmaker with this new experience under my belt. I’m thankful for being given this first step into my professional career, so thank you Market Dojo!


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, 7 June 2017

Market Dojo - Building an ecosystem

Market Dojo’s latest release brings the ability to share data seamlessly with other solutions via what is known as an API.


The first integration has been achieved with Per Angusta on the back of two significant client wins, proving the appetite in the market for best-of-breed integrated solutions versus single-source suites.

Per Angusta

We have been partners with Per Angusta for several years and share several customers.  Per Angusta makes it easy to build your procurement pipeline to manage resources effectively; track savings to enhance procurement’s impact in the company, and to store and manage your signed contracts. Ultimately, Procurement’s contribution is better understood and accepted by your organisation.

Sharing data, seamlessly

Sharing data between systems is a great way to reduce repetitive work and the potential for errors. In the case of Per Angusta, users can easily create Market Dojo sourcing events from their Per Angusta Sourcing Pipeline and quickly pass back into Per Angusta details of the savings that they have achieved in those sourcing events.

We are really excited about the value these features will bring for our joint customers.

How it works

Providing this ability in a secure manner required us to add a couple of new capabilities.

Single Sign On. This means that once you have signed into one system, logging in to another only requires a single click. It also means you can go directly to the information you need, without having to login first. When data is being transferred between systems several times a day, this becomes a significant time saver. Because we have used an industry-standard solution called JWT, it will be simple to add SSO with other systems in the future.

API. To allow Market Dojo to exchange information directly with other systems, we have created an Application Programming Interface (API). This key data to be sent back and forth quickly and securely without human intervention

What next?

Having added Single Sign On and API capabilities give us some very interesting opportunities to further extending the ways in which Market Dojo can be useful to our customers.

This will give us the ability for our customers to share data with other systems they use.  We are very excited about this and some of the ideas we have discussed are:

    • Real-time messaging when a new bid is received
    • Automatically creating an e-auction event when a new purchasing request is received
    • Updating the company ERP system when a participant has been selected following an RFI
    • Checking on the current winning bid in your RFQ through tools such as Amazon Alexa.

Learn more

If you want to learn more about how Integration with Per Angusta, or have ideas about new ways our API could be applied in your business, please get in touch with nicholas.martin@marketdojo.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!

Wednesday, 24 May 2017

Suppliers Perspective on Market Dojo

One of the crucial elements of any Reverse eAuction platform is its usability for suppliers. Often overlooked in favour of hosts (typically the paying client for eSourcing solutions), the ease-of-use of a reverse auction platform has a direct correlation to the level of competition.

We got in touch with a freight supplier who had been using Market Dojo as a participant for his perspective on our software. Joel Ziemek from Direct Connect Transport has been using Market Dojo for the last six months and participating in numerous reverse eAuctions held by Aggreko plc.



Here's what Joel had to say:

Tell me about yourself?

I am an account manager for Direct Connect Transport, we specialise in freight haulage across North America. 

How did it start?

We were eager to work with one of Market Dojo’s clients; Aggreko plc. After getting in touch with Aggreko and completing their vetting process they initially invited us to participate in a single reverse auction. The eAuction was for their long-distance road freight needs across Minnesota hosted by Market Dojo software. Since taking part in the initial eAuction, we have been actively participating and tendering bids for over 20 reverse auctions a month. Having the ability to participate in these auctions has made a real impact on our business.

Have you ever participated in a Reverse Auction before?

To be honest with you, I had never heard of a reverse auction before Aggreko invited us to participate. Obviously, without knowing what I was getting myself into, I did some research prior to participating in my first auction. However, the majority of what I have learned has come from using the system and taking part in auctions.

What do you like about Market Dojo?

Well for one it is really easy and simple to use. The layout is very straightforward and as a freight supplier, I can see the full event details on the overview screen. Typically they include the origin, destination, cargo etc. We find this particularly useful because it comprises of all the details that we need to participate in an auction or quote for a specific job. 

One of my favourite aspects as a freight supplier is that I get instant feedback when participating in an eAuction. It saves me a lot of time and hassle in comparison with chasing a quote. But with the ranked auctions events that are set up by Aggreko. We know at the auction close where we placed and whether we were successful in the event.

What have you found really surprising about Market Dojo and eAuctions?

How fun it is! I love my job and I find quoting on jobs really rewarding, but directly competing with other businesses adds another level of enjoyment and excitement. It’s a great feeling in winning an auction and being ranked 1st knowing that you have won the business.

What do you think that Market Dojo can do to improve?

I really like the system, but the layout of the event pages could be improved. Just so that I can better navigate between multiple live events. 

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, 22 May 2017

New Release - May 2017

This month we have done a number of smaller releases. Here are the latest features and enhancements added to the software as requested by customers. 

MD-logo-LARGE-highqual.png
Participant activity tracking

Managing your tender through Market Dojo has many advantages over using email. The centralisation of information is one of those benefits. Although it is very easy to see which participants have responded, it can be difficult to know whether someone is still intending to respond, and which have not received the invitation.  

A number of customers have requested more help in this area. Inspired by features available in outbound sales products, we have added a capability to see when emails have been received and opened. We think this is really useful, actionable information which will help save time when chasing up your participants.

Participants tab, with participants in different statuses. Notice that Company A and B have received and opened the invitation email, but Company C has not.
Sharing more information on questionnaire structures

You may want stakeholders to review and approve questionnaires before you send them out. Previously, only users with edit permission could view questionnaires that had no responses. Now, the information is available to everyone. This makes getting sign off from stakeholders much simpler.

Screen Shot 2017-05-18 at 14.44.06.png
A stakeholder with view permission can review the questionnaire before it is published.
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, 3 May 2017

The Future of Spend Analysis

Eddie McGeachie offered to write a guest blog for Market Dojo. Eddie is the co-founder of Seaforth Analytical Services. They are data analytics specialists providing spend analysis on big data. Eddie’s background comes from years working at Lenovo, xChanging and IBM.
Our advanced text mining capabilities can already help to build a classification of spending, which in turn can be used to build a model that illustrates the process and needs of an organisation. Further developments could help to understand patterns of organisational spending, discover opportunities for savings and prioritise those opportunities based on the achievable savings value that they represent.

We could see the future of spend analysis in tools that have access to all of your spend data and categorise your spending in real-time while offering solutions based on data from transactions with other users. This could be beneficial for both consumers and businesses. 


For example, a future spend analysis tool could identify and classify your spend with ‘Tesco’ as basic groceries. Suggest purchasing from an alternative local supplier like ‘Sainsbury's’ when the tool identifies a savings value that is greater than a value suggested. Or even further become a ‘spend data analysis solutions tool’ that makes purchases online on your behalf, combining data over numerous transactions to purchase products for your existing or current need at the market value.

The same tool could be used to combine businesses direct spend data over numerous years and prioritise needs based on estimated future demand, current stock and recommended suppliers. If automated, the programme could then make purchases based real-time stock levels and sales made.
For more information on how you can benefit from Spend Data Analysis, go to www.myseaforth.com 

Alternatively, you can read more article from Eddie McGeachie on "10 Things You Can Do With Big Data Spend Analysis" and "The Development of Spend Data Analysis"

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!