iQuantum: A modern procurement platform for today’s business

Hetal Mehta iQuantum Inc. Ltd., a modular, modern procurement platform. As the leader of iQuantum’s female and minority-owned business, Hetal works closely with all internal teams, customers, partners, and the iQuantum advisory board of industry champions and practitioners.

Hetal Mehta’s journey in the industry

Mehta worked as a developer and consultant for procurement teams for many years. Through that experience she recognized the need for a more sophisticated and user-friendly procurement solution, “one that does all the efficient and effective consolidation, automation and workflow – but with increased alignment between procurement decisions and larger strategic corporate goals such as helps,'” she says.

“My deep experience and understanding of supplier diversity has led me to realize that customers struggle to find suitable suppliers and tend to continue doing business with existing ones – even when it is not ideal.

“With iQuantum, we aim to leverage machine learning and AI to provide a modern procurement platform with access to the largest global supplier database that includes diverse and sustainable supplier options. This helps customers build more flexible and robust supply chains.”

Unique Selling Point of iQuantum

iQuantum Inc. is a modern source-to-pay platform designed to meet today’s procurement needs for supplier relationship management, diversity and ESG sustainability tracking and reporting. They provide the tools and transparency to align spending decisions to strategic corporate goals.

Mehta says: “There is not a single provider in the market that competes pin-to-pin with us.” iQuantum is the only SaaS platform providing:

  • Complete supplier discovery to payments on one platform with modern ESG and full diversified supplier management.
  • New supplier search from a database of millions of global suppliers to increase supply chain flexibility and support new product introduction (NPI) sourcing
  • Unified supplier communication and collaboration with built-in chat and conversation storage for future reference and reference
  • Modern approach to accomplishing strategic sourcing for indirect, direct and new product introductions with internal team collaboration
  • Rich contract, procurement and expense management analytics
  • Integrated Tier 1 and Tier 2 Diversity and ESG Sustainability Reporting and Benchmarks
  • Government and client reporting with subject matter expertise to track their miscellaneous spending and achieve the elite Billion Dollar Roundtable or BDR
  • Diverse and small supplier visibility to iQuantum’s Fortune 500 customer base, including support for supplier marketing of their products and catalog
  • Modular licensing approach and enterprise interoperability to accommodate each customer’s needs, budget and existing system investment
  • Single code base for quick implementation, easy maintenance and simple configuration with a refined, user-friendly user experience
  • Access to a global database of suppliers including diversified/non-diversified and green suppliers for procurement to add to the supply chain and achieve savings
  • Improved alignment, reduced risk, and increased compliance in procurement, finance, and corporate legal
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The Importance of Diversity and the Role of iQuantum in Purchasing and Supply Chain

McKinsey reports that working with diverse suppliers results in 8.5% cost savings, which is higher than the 3 – 7% savings most procurement organizations find. Mehta says, “Prioritizing diversity in your workforce and your supplier base as a part of ESG is integral to a company’s path to growth and the future – brands that employees, leadership, investors, stakeholders and customers look for who are improving their profile.”

Qualified diversified suppliers bring savings and better service to customers. Procurement leaders have recognized this, and are looking at ways to grow their diverse supplier base. (Increasingly Tier 1 and Tier 2 diversity reporting is becoming a mandate across various industry verticals).

She adds: “We see these two levels in manufacturing, and in law firms it usually comes from clients setting goals to win RFPs, whereas for the healthcare and pharmaceutical industry the incentive comes from government and organizations. Encourages CEOs to communicate and report on diversity goals to them annually.

iQuantum’s automated customer and government reporting solution is helping clients achieve this. “This automation,” says Mehta, “and our in-depth subject matter expertise in exclusion criteria regulations are also helping clients achieve their goals and reach the coveted Billion Dollar Roundtable BDR. Our global database of suppliers enables clients to Allows you to source from new diverse suppliers to meet goals.

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How iQuantum Tackles Modern Business Challenges

Businesses today need help driving alignment across divisions and teams. Core brand values ​​and strategic goals need to figure in all corporate decisions – but most importantly in spending decisions. Mehta adds: “There is a critical need to meet diversity spend and ESG sustainability targets set by leadership and closely tracked by government regulators and investors.

“Our clients love working with us because of our commitment to customer success, our responsiveness to customer needs, and our budget-friendly pricing.” This approach correlates with McKinsey report findings related to improved savings and a better overall experience when working with diverse suppliers.

supporting women owned businesses

iQuantum has subject matter experts partnered with diverse businesses (women, minority, veteran, disabled, LGBT) around the world to provide guidance on certification options and process; Enriching their supplier profiles to maximize their reach and relevance for upcoming RFQs (Requests for Quotations), RFPs (Requests for Proposals) and RFIs (Requests for Information), or direct material sourcing.

Mehta adds: “We also assist certified businesses in getting catalogue-ready, to facilitate enterprise procurement of their products. Our regular supplier outreach, newsletter supplier spotlight and social media channels promote and support women, minorities and other certified businesses. It is part of our mission and our DNA.

optimization for purchase development

Buying needs have changed today. They needed a platform that addressed today’s modern challenges of diversity and ESG sustainability tracking. “Every purchase should be aligned with strategic corporate goals and help move the needle,” says Mehta.

“Increased government regulation of corporate brand spending and consumer scrutiny have increased the need for a new buying approach.”

“Customers benefit from our “Buy only what you need” approach that helps them avoid paying for unused functionality. Our rapid onboarding improves the user experience and reduces Time to ROI. Is.

“If you are looking for a modern modular procurement platform to meet today’s procurement needs, iQuantum is the solution.”

quantum strategy

iQuantum’s strategy can best be seen in terms of 3 main aspects –

  1. For diversity, his approach is twofold. First, they want to help companies easily find, on-board, and buy from a variety of suppliers. Secondly, they aim to help diverse suppliers get in touch with potential customers by giving them a platform to market their products and services.
  2. For ESG, iQuantum aims to help make it an integral part of the company, not just an afterthought to satisfy reporting requirements. For example, they help companies assess their GHG emissions footprint in their product development, when designing new products or building new facilities.
  3. For source-to-pay, iQuantum aims to make the entire process seamless. They provide a single platform on which companies can execute all aspects of procurement, i.e. finding suppliers (Q-discovery), qualifying (direct material sourcing through RFX and to manufacturing), onboarding (contracting) , purchase (order management), monitor (SRM), and control (spend analytics), but also allow for modular consumption. They aim to help companies preserve their existing investments if they are to integrate with any systems they may already have installed.
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iQuantum’s outlook for the future

The diversification market is moving towards being driven by government mandates, where it is an integral part of the company’s strategy. Mehta believes that iQuantum, “is in the early stages of realizing the full potential of this market.”

She adds: “For ESG, it’s really a nascent but fast-growing market. Companies don’t have a good way to measure their GHG footprint, and we’re one of the few solutions that We see great promise in helping companies assess their environmental footprint.

In the source-to-pay space, iQuantum’s customer conversations have proven that legacy procurement providers are not only unable to meet today’s modern business needs, but they also have the UX of tomorrow. Mehta says: “We are solving this problem.”

Finally, on the subject of regulations, Mehta says: “Regulations are coming into effect and are being defined every day. We are constantly monitoring any changes that may affect the rules, reporting and best practices.

“iQuantum always keeps SEC, SBA, CDP current and up-to-date, helping clients adapt and stay agile to the changing environment.”

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