In this episode of The Procuretech Podcast, host James Meads welcomes Ryan Belcher, founder and CEO of Spendwise. They discuss the importance of sustainable and profitable growth for businesses of any size.
Tune in to learn more about how technology can give businesses a leg up in today’s competitive landscape.
Solving the procurement talent shortage through automation
The episode looks at why smaller organisations often are better off buying an off-the-shelf Source-to-Pay solution, rather than pursuing in-house custom product development. With the need for maintenance, training, and resource constraints, it’s often a false economy trying to build your own product.
Smaller organisations often lack IT expertise and procurement capabilities, which can make in-house development impractical unless they are larger and have the necessary resources.
We also look at how automation and simplification of tactical and operational processes, thanks to technology, can offer an alternative to the difficulties faced when it comes to recruitment and retention of operational procurement team members.
The discussion with Ryan also focuses on achieving profitability through bootstrapping and maintaining a robust customer pipeline. Despite strong competition and an array of solutions in this segment, Ryan still sees manual processes and Excel as prominent in procurement. Educating customers about the benefits of automation is key, especially among his typical potential customer base.
The episode also explores the benefits of shortening processes: increased productivity, improved employee satisfaction, and enhanced reputation, all of which impact project completion and business success, even though quantification can be challenging.
We round off by looking at the threats to the traditional software-as-a-service model from Generative AI and low code / no code platforms.
[00:02:20] Introducing Ryan Belcher, CEO of Spendwise.
[00:04:35] How Spendwise started
[00:06:43] Greenfield space and competition.
[00:10:01] Addressing recruitment challenges in SMEs.
[00:12:20] ROI and customer objections.
[00:16:37] Increasing dominance of low-code/no-code platforms.
[00:21:23] AI in procurement tech.
[00:24:10] The importance of profitable growth.
And that wraps up another episode of The Procuretech Podcast!
Thanks to Ryan for sharing his insights with us today, and big thanks to you for listening. We’ll be back at the same time next week, so see you there.
If you want to learn more about Ryan Belcher, Spendwise or Procurement Software, check out the useful links below.