David Wadler, Co-Founder & CEO“Silos are great for grain.” So says David Wadler, Co-founder and CEO of Vendorful, who has observed that siloed systems, information, and processes make procurement cumbersome in many enterprises. On the other hand, small and medium-sized organizations often lack a coherent strategy and investment, leaving sourcing and procurement as an afterthought. Additionally, the use of conventional tools such as Microsoft Word, Excel, and e-mails has led to a gap in the workflow as well as lack of intraorganizational visibility, causing a drop in efficiency. Vendorful is a sourcing and procurement solutions provider that helps organizations control the flow of data and processes while offering easy access to information by breaking down the data silos across systems.
An agile customer-driven development company, Vendorful is the brainchild of Wadler, a blue-sky thinker, who unexpectedly found himself working on sourcing events after his previous company was purchased by a Fortune 1000 technology company. A seasoned hand at responding to RFPs, he was, for the first time, positioned to send RFPs and receive proposals from a gamut of vendors, only to realize that the conventional process of sending RFP and receiving proposals was maladroit and tedious. “The question was,” he says, “Do I complain about it or fix it?” Setting out on a mission to build an easy eRFX—electronic request for a proposal, quotation or information—led to the creation of Vendorful. With a simplicity and intuitiveness analogous to popular applications like gmail, Vendorful became a client favourite, particularly after on the company responded to clients’ suggestions to launch contracts administration and lifecycle management, vendor management, and reverse auctions.
Vendorful’s solution is modular, providing its clients with the flexibility to choose from tools à la carte, instead of a one-size-fits-all offering. Endorsing a “best-of-breed” rather than monolithic approach, Wadler emphasizes Vendorful’s unparalleled ability to leverage the capability of API integration, which proves beneficial in the development and implementation of their innovative solution.
Vendorful’s solutions aim to supplement and/or connect systems to streamline procurement workflows
Today, where the market is dominated by a “rip and replace” approach toward tools and solutions, Vendorful’s solutions aim to unify the working of the management systems to streamline the workflow. In this fashion, Vendorful’s foundational and turnkey solutions help organizations to bridge the gaps between the systems.
“The implementation of Vendorful is expeditious and ready-to-use within minutes, delivering clients immediate value,” says Wadler. Vendorful’s engagement with one customer in particular bears this out. This organization had already run an RFP to source mattresses the previous year. Upon Vendorful’s suggestion, the client opted to integrate reverse auctions into its existing process, which led to a 15 percent savings annually for a single event. Providing immediate value, the engagement with Vendorful drove instant and significant ROI. The client found the solution to be exemplary, making it possible for the team to revamp its sourcing and procurement process, resulting in a faster and cost-effective means to run sourcing events.
As one of its most recent milestones, Vendorful added the UK Post Office as a client, in addition to experiencing tremendous growth in the last six months. Although the strategy was to reach more mid-market clients initially, Vendorful has seen a marked uptick in inbound requests from large enterprises, making it an increasingly desirable solution provider in the sourcing and the procurement landscape.