![]() ![]() ![]() IT can easily extend Oro workflows by leveraging existing integration recipes or building new recipes.” The other big benefit of the Oro platform is its easy integration with existing tools. “ The platform’s no-code engine, designed for procurement, along with features such as versioning, makes it easy to share the management responsibilities across … process owners and contributors and IT. “At a high level, ‘agility’ is the main benefit of Oro,” Bhojwani told me. The platform offers templates for standardizing decision-making steps around procurement, as well as dashboards that consolidate data from different procurement-related systems and apps in one place. Oro’s solution is a set of no-code tools that can be used to implement workflows for things like invoicing, supplier onboarding and risk management. In a 2022 EY survey of chief procurement officers, nearly 70% said that procurement’s role is increasingly important for the delivery of their business’ outcomes, with a shift toward supplier and third-party risk management as their teams’ major priorities. Yet procurement as a function is gaining currency within the enterprise, on the plus side. Simply put, business users think of procurement as a ‘slow-moving, takes-too-long’ roadblock and hindrance to getting work done.”Īlong that same theme, a poll from Statista highlights the top procurement management issues companies report experiencing on a regular basis, including dealing with complex purchasing systems and approval processes, time spent reconciling invoices, maintaining compliance with department spending policies and dealing with rogue spending. “The procurement function has an extremely poor overall reputation … within organizations. “The core problem is the poor experience for employees and suppliers,” he said. While there, Bhojwani says that they became attuned to the common roadblocks businesses encountered in deploying procurement software. “Oro is already working with a number of Fortune 200 customers on solving these and other supplier challenges.”īhojwani, Rajagopalan and Tung co-launched Oro in 2020 after working together for several years at SAP Ariba. ![]() ![]() “Oro strategically elected to build its initial offering as a workflow platform as opposed to a standalone product, allowing companies to adapt usage to a range of business challenges, from procurement to things like supplier fraud prevention, invoicing and more,” Bhojwani told TechCrunch in an email interview. Bringing Oro’s total raised to $60 million, the funds will be put toward scaling up Oro’s operations and customer base and developing a “range of new use cases” for the Oro platform, Bhojwani, Oro’s CEO, said. Oro today announced that it raised $34 million in a Series B round led by Felicis, with participation from Norwest Venture Partners, B Capital and XYZ Venture Capital. And several incumbents are beginning to encroach on the space, like Ramp, which recently said it would launch procurement tools, services and products aimed at enterprise-level customers.īut Oro appears to have investors convinced of its growth prospects. Oro has rivals in Levelpath, Pivot, Pando and Zip, to name a few. Now, there’s a lot of competition in the market for procurement management software, which one analysis estimates will be worth $13.80 billion by 2029 - up from $6.15 billion in 2021. Companies are increasingly struggling with procurement - the strategic process of acquiring goods and services to execute tasks across the organization.Īccording to a recent survey from procurement network Procurious and Ivalua, a provider of spend management solutions, 32% of procurement teams admit to having “cut corners” under executive pressure to respond to challenges “more quickly and effectively.”Īiming to help companies overcome some of these blockers, three entrepreneurs - Sudhir Bhojwani, Lalitha Rajagopalan and Yuan Tung - founded Oro Labs, a platform designed to orchestrate procurement and supplier management flows across disparate systems and data. ![]()
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