Pay-as-You-Go for What You Use. Not for a Set of Features You Don’t.
With most procurement software tools, users commit to paying a monthly or annual subscription fee for a set of features (most of which they never use). Instead, EdgeworthBox gives buyers and suppliers access to tools, data, and community for free. Each time they execute an RFP on EdgeworthBox (because it’s faster and more efficient to do so), buyers pay a discrete usage fee. Suppliers can elect to purchase additional EdgeworthBox sales enablement tools. EdgeworthBox doesn’t sell a bundle of features like the prevalent cloud-based solutions.
Complementary. Not a Substitute.
We help you get the most out of your current approach to procurement, whether it’s email and spreadsheets, or a cloud-based source-to-pay package. You don’t have to rip out your expensive infrastructure. Just make it work better.
Many-to-Many. Not One-to-Many.
Before EdgeworthBox, procurement was a discrete process between one buyer and multiple suppliers. Adding EdgeworthBox transforms the process into a conversation. Buyers get market intelligence from other buyers. Suppliers develop business with other suppliers. Buyers and suppliers develop relationships with one another.
Collaborative. Not Adversarial.
Covid has taught us that procurement benefits from relationships. With EdgeworthBox, buyers and suppliers can understand each other better. More efficient purchasing is possible. With EdgeworthBox, procurement is accessible to people within the firm in different functions like finance, operations, product, marketing, and sales. With EdgeworthBox, sourcing becomes strategic.
EdgeworthBox is a platform because it connects buyers and suppliers with tools, including central clearing of vendor administration (onboarding and opportunity notification), public and private repositories of structured data, and social networking (profile pages and messaging).
The most unique feature of EdgeworthBox is the way in which we connect buyers to other buyers, suppliers to other suppliers, and buyers and suppliers to one another.
In doing so, we convert what has been traditionally a one-to-many relationship into a many-to-many relationship, transforming the supply chain into a supply network.
The network is the most important part of EdgeworthBox.
Buyers can find and talk to other buyers, including buyers from other sectors. They may talk about sharing market intelligence about a particular category. They may even decide to purchase jointly to obtain economies of scale related to volume discounts.
Suppliers can find and talk to other suppliers. It may be an efficient way to develop business partnerships. For example, two suppliers may decide to band together to bid jointly on a contract of greater scale and scope than they individually could handle.
Buyers and suppliers can also talk to one another, not just to handle the question answering component of an RFP process, but for general relationship building. Covid taught us all that relationships are vital in times of stress, as buyers with good supplier relationships enjoyed preferential access to constrained supplies, in some cases.
By diverse suppliers, we refer generally to vendors owned, controlled, and operated by visible minorities, women, Native Americans, and/or service-disabled veterans. Broadly, we can refer to this group as “MWBE suppliers.”
MWBE suppliers are typically small businesses or medium-sized businesses. They may lack the scale and sophistication to navigate the kind of enterprise resource planning systems large corporations use for sourcing.
We designed EdgeworthBox to make it easy for any business, including MWBEs. This includes a user experience similar to that of a consumer app. This means that there is no training required. Furthermore, there is no downloading or implementation. MWBEs can be up and running very quickly.
EdgeworthBox is meant to be used both internally and externally.
Externally, buyers and suppliers use it to engage with other organizations as we have discussed.
Internally, the smartest organizations use EdgeworthBox to promote the procurement discussion to a strategic level by inviting people from different functional domains firmwide.
Now, people from the C-suite, finance, operations, marketing, product, and sales can all access procurement data and procurement events, leveraging the social networking tools to coordinate their thinking about purchasing in a central area of truth.
It’s clear to us that these other executives from non-procurement domains will not access the traditional procurement systems given the complexity and configuration of these alternatives.
EdgeworthBox prices its platform to make it easy to understand in a way that lowers the risk of adoption for both buyers and suppliers.
Buyers and suppliers get free access to our tools, data, and community.
When buyers want to host an RFP on EdgeworthBox, they pay an incremental fee for the execution. Administratively, it is much easier to do this than to use email and spreadsheets. It is also simpler to coordinate the project across the multiple people who may be involved, both internally and externally. The price of the incremental fee varies. The price for executing an RFQ is much less than doing so for an RFP.
Buyers only pay for what they use. They don’t end up paying for a bundle of features, most of which they don’t need or want.
Suppliers can pay to host what we call a “Golden RFP”, a sales enablement tool in which the supplier can share their ideal version of what an RFP should look like, pre-populated with their answers. This is used typically in the pre-RFP stage of the conversation. Suppliers can help buyers understand how to put an RFP together so that it includes all of the relevant questions, and nothing else.
EdgeworthBox permits an unlimited number of seats per organization for no cost.
This means that people from the C-Suite, finance, operations, marketing, engineering, product, or sales can log into EdgeworthBox and join the procurement conversation.
EdgeworthBox is the central place for this internal community when they are speaking about sourcing.
We recruit buyers and suppliers with direct selling, augmented by our members recruiting their own counterparties.
In terms of direct selling, our team reaches out to buyers to help them understand how we can augment their acquisition process. We also sell directly to suppliers, typically recruiting vendors to respond to specific RFPs.
Buyers recruit their suppliers onto the platform once they realize how much easier their interactions will be with EdgeworthBox. Suppliers recruit their customers for the same reason.
Buyers can set up their RFPs and RFQs as a questionnaire on EdgeworthBox. The supplier answers are dropped into a spreadsheet for subsequent consumption. This questionnaire can include questions requiring the supplier to upload a supporting document.
Of course, if the buyer wants the supplier to upload a response document, we can make that happen, as well.