SynerTrade: Accelerating Procurement Processes
Rainer Machek, EVP Rainer Machek, EVP SynerTrade, having more than 15 years of experience in the software industry finds it interesting to see how the procurement arena has evolved. Over the years procurement has transformed from being a department that takes care of negotiation and drawing up supplier contracts to being the nerve center of an organization. “Purchasing departments are becoming increasingly important success factors as they manage a growing share of the company’s spend,” he quotes. However, he also notes that procurement is facing challenges especially in maintaining records of indirect spend which is characterized by specific spend categories with their own set of rules and processes: services, external workforce, telecom expenses, travel, repair and maintenance and more. “At SynerTrade, we believe the power of technology can address this challenge.” To this end, SynerTrade has become one of the global market leaders of flexible digital procurement solutions for the digitalization of companies’ procurement processes through their SaaS platform. Take for example, Engie – a French multinational electric utility firm after implementing SynerTrade’s solution, were able to pilot the spend evolution by category and supplier, leading to cost reduction and building of efficient corporate performance plan. “SynerTrade takes customers to the next level of digitalization offering them access to the best of today’s technologies, including cloud, big data, community and mobility,” says Rainer. The solution offers S2S functionality and an array of complementary modules such as artwork and packaging design, inventory management, brand management, and quality management. To facilitate flexibility of implementation SynerTrade delivers the Java EE-architected SynerTrade Accelerate primarily as multitenant as SaaS, along with availability on-premise and as a private cloud implementation.
According to Rainer, each procurement department has its own specific challenges and SynerTrade’s solution is composed of a wide range of tailor-made applications to match the exact client requirements. “Accelerate, is available in the form of 33 apps in 5 categories: Source-to-Contract (S2C), Procure-to-Pay (P2P), Supplier Relationship Management (SRM), Spend Analysis & Purchasing Intelligence and Innovation Management,” adds Rainer. For example: Source to Contract Apps streamlines the procurement process from the definition of sourcing strategy to the management of vendor contracts lifecycle, while maximizing savings and compliance.
While, Procure to Pay Apps puts spend under control automating each procurement process — from the creation of products and services catalogues to the management of the incoming invoices from vendors.
Procurement Data Management Simplified
For more than a decade, SynerTrade has been providing high-end Spend Analysis solution, but while implementing it they noticed that in most organizations, the data quality was weak or even worse. The company developed a combination of algorithms and consulting services to harmonize data, making it possible to see any report or graph available with one click, based on clear and reliable spend data. “Data has become an important aspect in procurement however one can say data quality is becoming an increasingly important topic for organizations of all sizes,” adds Rainer.
SynerTrade has developed a three-step approach to iteratively normalize business and re-enrich the data in order to reach the necessary data quality level. They have introduced electronic signature technology and digital transaction management services to facilitate electronic exchange of contracts and signed documents. “This saves precious employee time that normally would be spent in preparing, sending, tracking, reconciling and handling documents. We all speak about Digital Transformation – this is a prime example!” elucidates Rainer. E-invoicing is another step that has also become a mandatory requirement by regulation, for tax-auditing reasons; or by trading partners’ requirement, implemented by SynerTrade. “Lastly, mobility is being incorporated in each and every solution, and it is pertinent to mention that SynerMobile instilled mobility five years ago,” adds Rainer.
One of the key differentiators of SynerTrade is data harmonization. “We introduced our Spend Analyses Software to offer organizations clear and reliable data,” explains Rainer. “One of our references is a big multinational company, where we cleaned data in over 120 subsidiaries and dozens of different ERP-sources in few months.”
Procurement Data Management Simplified
For more than a decade, SynerTrade has been providing high-end Spend Analysis solution, but while implementing it they noticed that in most organizations, the data quality was weak or even worse. The company developed a combination of algorithms and consulting services to harmonize data, making it possible to see any report or graph available with one click, based on clear and reliable spend data. “Data has become an important aspect in procurement however one can say data quality is becoming an increasingly important topic for organizations of all sizes,” adds Rainer.
SynerTrade takes customers to the next level of digitalization offering them access to the best of today’s technologies, including cloud, big data, community and mobility
SynerTrade has developed a three-step approach to iteratively normalize business and re-enrich the data in order to reach the necessary data quality level. They have introduced electronic signature technology and digital transaction management services to facilitate electronic exchange of contracts and signed documents. “This saves precious employee time that normally would be spent in preparing, sending, tracking, reconciling and handling documents. We all speak about Digital Transformation – this is a prime example!” elucidates Rainer. E-invoicing is another step that has also become a mandatory requirement by regulation, for tax-auditing reasons; or by trading partners’ requirement, implemented by SynerTrade. “Lastly, mobility is being incorporated in each and every solution, and it is pertinent to mention that SynerMobile instilled mobility five years ago,” adds Rainer.
One of the key differentiators of SynerTrade is data harmonization. “We introduced our Spend Analyses Software to offer organizations clear and reliable data,” explains Rainer. “One of our references is a big multinational company, where we cleaned data in over 120 subsidiaries and dozens of different ERP-sources in few months.”
Beside Data Harmonization SynerTrade offers industry specific solutions, like REACH for the chemical industry, Conflict Mineral solution, Art-Work-Design used for packaging of marketing RFQ, Product-Lifecycle Solution for Own Brand Management to name some.
Innovating Solutions
SynerTrade has been developing their R&D section with their innovation lab located in Germany. “35 percent of our turnover is being invested in R&D. Our biggest value is our employees. We always scan the market for the best talents to keep our high innovation level and pace,” adds Rainer.
A lot of SynerTrade’s customers and prospects are in the journey to introduce more corporate functions to strengthen procurement. An example illustrating the company’s expertise is providing e-sourcing solution to AGCO – a global leader in the design, manufacture and distribution of a wide range of agricultural equipment. According to Jan Theissen, Director Strategy and Methods in AGCO having offices scattered globally needed to build a more centralized structure for their procurement activities. They wanted to bring together the people channeling their expertise to enhance the company’s productivity. However AGCO was lacking in effective tools that could make a streamlined process, a platform that could work globally and was mature enough to support and drive collaboration within a production material environment. They chose SynerTrade who assisted them to transform AGCO’s teams and unite them with the global management team, enhancing business ROI.
Driving Productivity
“The customers choosing our solutions and services give the feedback that we are big enough, to be a reliable partner for a long cooperation, but agile enough to be extremely customer focused and reactive,” explains Rainer. SynerTrade lives by their core values, synergy which is inspired by the customers and their needs, followed by performance which they deliver through their unique and innovative solutions, expertise driven by the desire to do things right and hiring talented people to advise improving business and lastly, enthusiasm and maintaining good relations with our customers, partners and colleagues is essential.
In the past year SynerTrade has showcased a profitable growth and plan to enhance their solutions and services and offer clients a unique experience. “I think, this is the best feedback we can get from the market and from our customers with a renewal rate of 98 percent plus and a more than great outlook for the upcoming years,” concludes Rainer.
Innovating Solutions
SynerTrade has been developing their R&D section with their innovation lab located in Germany. “35 percent of our turnover is being invested in R&D. Our biggest value is our employees. We always scan the market for the best talents to keep our high innovation level and pace,” adds Rainer.
A lot of SynerTrade’s customers and prospects are in the journey to introduce more corporate functions to strengthen procurement. An example illustrating the company’s expertise is providing e-sourcing solution to AGCO – a global leader in the design, manufacture and distribution of a wide range of agricultural equipment. According to Jan Theissen, Director Strategy and Methods in AGCO having offices scattered globally needed to build a more centralized structure for their procurement activities. They wanted to bring together the people channeling their expertise to enhance the company’s productivity. However AGCO was lacking in effective tools that could make a streamlined process, a platform that could work globally and was mature enough to support and drive collaboration within a production material environment. They chose SynerTrade who assisted them to transform AGCO’s teams and unite them with the global management team, enhancing business ROI.
Driving Productivity
“The customers choosing our solutions and services give the feedback that we are big enough, to be a reliable partner for a long cooperation, but agile enough to be extremely customer focused and reactive,” explains Rainer. SynerTrade lives by their core values, synergy which is inspired by the customers and their needs, followed by performance which they deliver through their unique and innovative solutions, expertise driven by the desire to do things right and hiring talented people to advise improving business and lastly, enthusiasm and maintaining good relations with our customers, partners and colleagues is essential.
In the past year SynerTrade has showcased a profitable growth and plan to enhance their solutions and services and offer clients a unique experience. “I think, this is the best feedback we can get from the market and from our customers with a renewal rate of 98 percent plus and a more than great outlook for the upcoming years,” concludes Rainer.
Company
SynerTrade
Headquarters
New York, NY
Management
Rainer Machek, EVP
Description
Takes organizations to the next level of digitalization offering access to the best of today’s technologies: cloud, big data, community and mobility
