{"id":3329,"date":"2014-08-13T19:48:00","date_gmt":"2014-08-13T19:48:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2014\/08\/13\/the-sharks-are-swimming-around-procurify-and-thats-a-good-thing\/"},"modified":"2023-06-05T06:27:35","modified_gmt":"2023-06-05T10:27:35","slug":"the-sharks-are-swimming-around-procurify","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/","title":{"rendered":"The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing!"},"content":{"rendered":"<p><span style=\"font-family: Verdana, sans-serif\">Dallas Mavericks owner and notorious start-up investor Mark Cuban has placed\u00a0<\/span><span style=\"font-family: Verdana, sans-serif\">his hands into the \u201cshark tank\u201d so to speak that is the treacherous waters of the procurement solution field. \u00a0This high-risk, high-reward field for software and cloud solution developers is right up Mr. Cuban\u2019s alley, especially when it comes to start-up investing. Mr. Cuban\u2019s target in this area is Procurify; a relatively new entry into procurement software industry that offers its customers a cloud-based purchasing management software system.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">The sweet spot for Procurify currently is companies with 50 to 1000 employees with 10% to 20% of those employees having user accounts. \u00a0However, if you are a smaller shop with a single procurement employee, the system works great for you as well.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">Procurify is a role-based eProcurement system that comes with many pre-configured roles for a wide-variety of users. \u00a0Examples of roles that come pre-configured with Procurify include approver and buyer. Thus, specific buyers in your organization can be set up to approve, for instance, up to X amount of dollars. \u00a0If the threshold is exceeded, a higher-level of approval is required (approver, manager, director, etc). If you are unable to find the exact role-set you are looking for, the system offers the ability to customize your own roles on-demand.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">One of the slicker features Procurify offers is the ability to create bundle orders. \u00a0Say, for instance, you purchase the same setup when a new employee is hired. \u00a0You can go into the Procurify system, pull up the \u201cnew employee\u201d bundle you previously created and instantly you have items you need to order already picked out. \u00a0Kurtis Warren, of Procurify\u2019s business development team pointed out this capability, \u201cworks great especially for contractors working on new homes\u201d, where the base specifications for particular models are often the same.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">Another impressive feature of Procurify is the ease of adding new departments, budgets and approvers. \u00a0Within a couple clicks and by adding specific allotments for approvers, it can be completed with ease.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">A critical upgrade to the Procurify system going forward is the ability to integrate with other ERP systems. \u00a0I think this could be a serious game-changer for the organization. \u00a0The ability to utilize a cloud-based and app-controlled system such as Procurify will save considerable money, time and resources for organization\u2019s that are already overburdened with maintaining servers in-house.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">In the Procurify business model, suppliers do not have to pay to add their catalog to the Procurify buyer \/ supplier portal. \u00a0Suppliers are able to login into their specific buyer\u2019s portals to upload their catalogs. \u00a0Currently, Procurify does not offer Procurement PunchOut capabilities.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">According to Warren, one area of Procurify that is currently being revamped for improvements is the reporting system. \u00a0At this time, the systems reporting abilities are somewhat basic, but this is an area where the scheduled improvements would make a notable difference.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">Procurify is not ready for the Fortune 500 \u201cyet\u201d as a be-all, end-all eProcurement solution (although they do have several Fortune 500 clients utilizing their services), however they are taking small, but aggressive, steps, listening to the needs of their current customers and growing the product. \u00a0<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">Procurify is an attractive solution for small to mid-sized organizations that are behind the curve when it comes to integrating technology into the procurement department or for organizations that don\u2019t need a full-blown eProcurement solution.<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">From my e-mails and conversations with the sales and marketing team, they are very hungry and are on their way to becoming a disruptive force in the cloud-based procurement services market.\u00a0<\/span><br \/>\n<span style=\"font-family: Verdana, sans-serif\"><br \/>\n<\/span><span style=\"font-family: Verdana, sans-serif\">Besides Mr. Cuban, other investors in Procurify include Nexus Venture Partners and the Business Development Bank of Canada (BDC). Procurify is also approaching their Series A funding (preferred stock) in the 4th quarter of 2014.<\/span><\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<div><\/div>\n<div><strong>Recommended Reading<\/strong><\/div>\n<div><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/coaching-to-win-how-to-get-your-users-to-drive-your-procurement-system-to-victory\/\" aria-label=\"\u201cCoaching to Win: How to Get Your Users to Drive Your Procurement System to Victory\u201d (Edit)\">Coaching to Win: How to Get Your Users to Drive Your Procurement System to Victory<\/a><\/div>\n<div><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/can-it-and-procurement-play-nice-together\/\" aria-label=\"\u201cCan IT and Procurement Play Nice Together? Yes! Yes! Yes!\u201d (Edit)\">Can IT and Procurement Play Nice Together? Yes! Yes! Yes!<\/a><\/div>\n<div><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-future-of-procurement-technology-2\/\" aria-label=\"\u201cLearn About The Future of Procurement Technology Webinar on July 25\u201d (Edit)\">Learn About The Future of Procurement Technolo<\/a>y<\/div>\n<div><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/spot-buys-nagging-little-things-with\/\" aria-label=\"\u201cSpot Buys:  The Nagging Little Things With Big Cost Savings Potential\u201d (Edit)\">Spot Buys: The Nagging Little Things With Big Cost Savings Potential<\/a><\/div>\n<div><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/what-takes-longer-training-cats-and-dogs-or-implementing-procurement-solution\/\" aria-label=\"\u201cWhat Takes Longer: Training Cats and Dogs or Implementing a Procurement Solution?\u201d (Edit)\">What Takes Longer: Training Cats and Dogs or Implementing a Procurement Solution?<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dallas Mavericks owner and notorious start-up investor Mark Cuban has [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing! - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing!\" \/>\n<meta property=\"og:description\" content=\"Dallas Mavericks owner and notorious start-up investor Mark Cuban has [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-13T19:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-05T10:27:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-015.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing!\",\"datePublished\":\"2014-08-13T19:48:00+00:00\",\"dateModified\":\"2023-06-05T10:27:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\"},\"wordCount\":698,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Procurement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\",\"name\":\"The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing! 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