mjunction digitising commodity procurement through emerging technologies
Hyderabad: World’s largest e-marketplace for steel and a 50:50 venture promoted by SAIL and Tata Steel, mjunction Services, through its new cloud capable service offering ‘mjPRO’ aims to address and manage the diverse end-to-end procurement needs of organisations in the commodity space, digitally. mjunction Services, which has e-transacted worth over Rs 10,53,663 crore till FY21, […]
Hyderabad: World’s largest e-marketplace for steel and a 50:50 venture promoted by SAIL and Tata Steel, mjunction Services, through its new cloud capable service offering ‘mjPRO’ aims to address and manage the diverse end-to-end procurement needs of organisations in the commodity space, digitally.
mjunction Services, which has e-transacted worth over Rs 10,53,663 crore till FY21, has transformed the steel and coal supply chain in India by ensuring efficiency, transparency, and convenience to the way the commodities are bought and sold. Business volume of the company in terms of transaction value has soared from Rs 94.35 crore in FY02 to Rs 1,39,824 crore in FY21.
Vinaya Varma, MD, mjunction Services, told Telangana Today, “mjunction will continue to strive to bring in transparency through digitisation in systems and processes which suffer from lack of visibility. While the platform already exists in a number of key sectors, it is breaking barriers regularly by foraying into new categories and sectors; focus on e-governance. We have begun with tea and will get into spare parts and MRO (maintenance, repair and overhaul) items soon.”
The company has 900 plus resources with a presence in more than 60 locations in India. mjunction’s services cover the entire spectrum of e-sourcing and e-procurement. Hence, it was only the logical next step that a platform which caters to end-to-end (i.e. from purchase requisition (PR) to payment) procurement, is also supported in the form of a platform as a service (PaaS).
New platform
“We built a state-of-the-art platform with unique features that covers the entire process. We have branded this platform mjPRO and it is meant for those clients who want to digitise their entire procurement cycle on a self-service mode, and connect with their ecosystem partners – financiers, transporters and others,” he said.
Varma added, “The model that we used earlier was used only to cater to a group of PSU clients through in-premise implementation. However, now it has been ported to the cloud and is fully open source, armed with the latest technologies. So it has become faster and more user-friendly, and can now cater to a range of client needs. In fact, our focus has now shifted – to support private enterprises. mjPRO has built-in functionality to cater to any kind of complex procurement.”
AI feature
mjPRO has an Artificial Intelligence driven feature named Auto RFQ and Auto Evaluation wherein, the platform, based on some proprietary logic, will automatically float the RFP (request for proposal) by aggregating the items from the PRs. It will also do an automatic evaluation, wherein post evaluation, the comparative statement of both technical and price quotes will be mailed to the relevant stakeholders.
mjPRO is also armed with Robotic Process Automation based bidding, which is a game changer for adoption of the platform. By using this, vendors do not even need to log in to submit their quote. All they need to do is to just reply back with a structured excel template to the same mail which has been auto fired from the platform, he explained.
Data analytics
As long as the data points are captured, any kind of analytics can be self-created by users. It is role-based, so visibility of dashboards can be configured easily by them. From spend visibility and management, to control on procurement cycle time and key vendors – all of this can be easily tracked from the in-built analytics platform.
The platform is connected with the entire ecosystem. The vendor can avail the services of several logistics providers on mjPRO. Also, if the vendor does not have sufficient working capital, they can avail vendor finance from the platform itself.
When asked about overseas opportunities, he said, “For the time being, we are focused on the domestic market where we see enormous possibilities. However, mjPRO has found acceptance in many foreign markets, including the Middle East.”
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