Procol: Streamlining Procurement, Saving Costs, and Empowering Businesses

Procol: A Next-Generation Platform for Procurement and Sourcing – Procurement and sourcing are essential functions for any business that deals with the purchase of goods and services from external suppliers. However, procurement and sourcing are also complex, time-consuming, and costly processes, especially in today’s dynamic and competitive market. How can businesses optimize their procurement and sourcing processes, reduce costs, enhance compliance, and gain insights for strategic planning and decision making?

Procol

Details of the startup:

  • CITY : Gurugram
  • STATE : Haryana
  • STARTED IN : 2018
  • FOUNDERS : Gaurav Baheti and Sumit Mendiratta
  • NUMBER OF INVESTORS : 22
  • LATEST ROUND INVESTMENT : ₹510.00M
  • TOTAL INVESTMENT : ₹1678.65M
  •   TOTAL SECURED LOANS AVAILED : Nil

You can find their website here.

This is where Procol comes in. Procol is a software-as-a-service (SAAS)/cloud-based platform that provides an all-in-one spend management suite for procurement and sourcing. Procol leverages advanced machine learning and artificial intelligence applications to automate and optimize every aspect of procurement and sourcing, from intake to execution. Procol helps businesses achieve 2-10% cost savings and unlock spend visibility and savings.

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How Procol Works

Procol offers a comprehensive suite of solutions that covers the entire spectrum of procurement and sourcing. These solutions include:

  • Intake Management: Procol helps businesses capture unmanaged spend and guide employees through the purchase approval process. Procol provides a user-friendly platform for employees to submit and track their purchase requests, and for managers to review and approve them. Procol also provides collaboration tools, instant mobile approvals, and a request dashboard for easy communication and monitoring.
  • Sourcing Pro: Procol helps businesses optimize their sourcing strategies for every buying category and industry, by providing them with advanced auction strategies, execution visibility, and competition insights. Procol provides a user-friendly platform for businesses to create and run auctions, invite and manage suppliers, and monitor and analyze bids. Procol also provides auto-detect suspicious bids, chat seamlessly with suppliers, and event analytics for enhanced security and efficiency.
  • Procurement Roadmap: Procol helps businesses plan and forecast their procurement and sourcing needs, by providing them with a 360-degree view of their spend and consumption data, visualizations and interactive dashboards, and actionable and predictive insights. Procol provides a user-friendly platform for businesses to access and analyze their spend and consumption data, benchmark against industry standards and best practices, and identify and prioritize opportunities for improvement and innovation.
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Benefits of Procol

By using Procol, businesses can enjoy the following benefits:

  • Revenue Upliftment: Procol helps businesses increase their revenue and market share, by providing them with data-driven recommendations and insights to improve their product performance, execution excellence, and customer loyalty.
  • Cost Reduction: Procol helps businesses reduce their costs and wastage, by providing them with data-driven solutions and automation to improve their resource utilization, operational efficiency, and compliance management.
  • Data Advantage: Procol helps businesses gain a data advantage over their competitors and peers, by providing them with data-driven products and services that are innovative, impactful, and scalable.
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The Procol Advantage: Streamlined Processes, Reduced Costs, and Growth Potential

By partnering with Procol, businesses can:

  • Reduce procurement costs: Studies show that Procol can help businesses achieve cost savings of up to 10%.
  • Improve procurement efficiency: Automated processes and real-time data ensure faster transactions and better decision-making.
  • Increase transparency and compliance: A unified platform eliminates silos and ensures adherence to best practices.
  • Gain valuable insights: Data-driven analytics provide deeper understanding of spending patterns and identify optimization opportunities.
  • Empower procurement teams: User-friendly tools and a mobile-first approach promote collaboration and agility.

Procol is more than just a procurement platform; it’s a strategic partner for businesses aiming to gain a competitive edge. By streamlining processes, reducing costs, and unlocking valuable data insights, Procol empowers businesses to make smarter procurement decisions and unlock their full growth potential. Procol is a next-generation platform for procurement and sourcing, that provides an all-in-one spend management suite for procurement and sourcing. Procol is suitable for diverse enterprises and industries that need to stay ahead of the curve with technology. If you are interested in learning more about Procol, you can visit their website or contact them.

Have you considered optimizing your procurement process? Consider taking a tour of Procol’s platform and discovering how they can help your business thrive.

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