ORO: Supercharging Procurement and Supplier management
As a company grows, so does the need to build robust processes and scale workflows. This organizational direction is often set and led by the CEO and the executive team. The challenge emerges when executive leadership gets abstracted away from everyday decision-making and the responsibility falls into the hands of their teams. At XYZ, we’ve been paying special attention to the enterprise tools which help to empower the “business users”. SaaS has made this possible by enabling these users to work effectively and compliantly in the direction set by the executive team. When you zoom out and take a look at the history of software, players like ServiceNow have done this exceptionally well in functions like IT. They built a product that defines, structures, and automates the flow of work, to streamline the delivery of IT support to employees. We’ve seen this pattern show up in the XYZ universe in the form of Legion, as they help organizations transform their workforce management practices, and now we are excited to finally share how ORO is doing this for the procurement function which deals with greater complexity of supporting both internal business users and suppliers.
Building these types of tools is an extremely challenging endeavor, particularly when you factor in the number of stakeholders that touch the procurement processes within an organization. Between checking all the boxes with Finance, Legal, Compliance, and the executive team, it’s not uncommon for it to take upward of 6 months before a new vendor can be onboarded. And that's just the tip of the iceberg.
The ORO founders are titans of procurement and the perfect team to design a new standard for procurement workflows. Sudhir, Lalitha, and Yuan spent a decade leading product, innovation, and operations at SAP Ariba – the pioneer in procurement – and know the industry inside and out. This has allowed them to take a big swing out of the gate re-imagining procurement and has helped them lock in Fortune 100 companies as some of their earliest customers.
Anyone selling into Fortune 100 companies knows firsthand just how challenging these sales cycles can be. With ORO handling procurement and supplier management, this all changes. ORO enables customers like Optimizely and Iovance, to build custom purchase flows within a centralized system, allowing them to take into account the unique purchasing needs of each department. It provides visibility to all stakeholders, enables collaboration, and makes it easy to make timely decisions. The simple UI drives a smart workflow, shortens the time to purchase, and ensures customers buy only what they truly need at an optimal price – all while remaining compliant.
We couldn’t be more excited to continue backing such a phenomenal team and to be on this incredible journey alongside them. ORO recently unveiled its new platform during Oracle NetSuite’s SuiteWorld show in Las Vegas and announced its funding. We’re honored to have been investors since its inception and we’re proud to continue this capital partnership as part of their $25M Series A funding round led by our good friends over at Norwest and B Capital.
To learn how the ORO platform can orchestrate even the most complex procurement processes, from the purchase of manufacturing or research materials to business service contracts, please visit www.orolabs.ai.
