2020 was a year businesses had to rethink their strategies and switch to more digital solutions, whether for communication, sales, hiring, etc. We also experienced a boom in B2B services that flooded the internet with “solutions” for companies everywhere. Many of them are valid, while others are not, but figuring this out can be tricky. What’s more, with budgets often being decentralized, handled by different departments with multiple decision-makers, software subscriptions were being bought left and right. Resources run dry when rogue purchasing and the lack of transparent systems meet. So, how can companies kick this money-losing practice?

How analog service procurement systems are flawed

In many cases, companies would traditionally compare software solutions in Excel tables. Managers would list services, prices, and functionalities manually and executives would wait for a verbal answer as to how the service would help the company. Far too often, managers answer without really knowing all the in’s and out’s of the product and whether it truly will solve their problems. This erroneous system results in poor budget spending, no performance analysis, or feedback loops. One Deloitte survey showed that 61% of chief procurement officers (CPOs) agree that procurement-related risks have been on the rise over the past year.  

Buying services needs to be savvy, automated, and digital.

That’s why procuring services should be just like any other purchasing journey. You need to be able to compare products, the full extent of their functionality, numerous price and subscription options, and more, all in just one centralized place. Jumping around between websites, excel sheets, and conversations on multiple channels will not allow you to make effective and cost-savvy decisions.

One place to make sure your money is spent wisely

A solution that just arrived on the market aims to disrupt the traditional analog procurement system that bogs down companies year after year. Mercanis, an innovative, no-nonsense, money-smart company from Europe's tech central, Berlin, has created a solution for companies to put a stop to bad spending, getting sucked into unneeded subscriptions, and foggy decision-making. 

The company provides a service procurement platform that allows you to compare features, prices, and more of thousands of vendors worldwide – not just ones that may dominate the market and not be the right solution. Once you’ve bought services, the built-in analytics dashboard shows how much you spend with each provider. Finally, since performance is a driving factor in all businesses, the possibility to track provider performance across projects with customizable feedback loops lets you optimize your service use at all times.

Contact Mercanis for a free demo and change your company’s history for the better.