Peter Bonney is the CEO and Co-Founder of Vendorful, a cloud-based Source-to-Contract solution that combines deep visibility with extreme ease of use. Prior to starting Vendorful he spent over 15 years in finance. He holds a degree in Applied Mathematics from Harvard College so maybe it is no surprise that he has dedicated himself to solving issues affecting the procurement and finance worlds with the development of Vendorful. So, who are Vendorful? Peter provides more detail below.
What is Vendorful?
Vendorful is a cloud-based software platform aimed at making all upstream procurement activities easier, faster and more effective. We are based in the US and have been in business since 2016.
What issues does your solution solve?
Vendorful’s Sourcing, Supplier Management, Scorecarding, and S2C/I2P solutions provide personalised and deep visibility into and engagement with suppliers, collaboration and transparency across the organisation, easy integration into existing enterprise workflows, and extreme ease of use.
In addition to hard dollar savings of 10-15% on sourcing events, our customers see improved internal Procurement NPS, reduced buying cycle times, up to 90% time savings on supplier management and performance assessment, and greater company-wide data consistency. This allows them to save time, unearth new savings, improve compliance and reduce risk.
Who is your solution aimed at? What does your perfect client look like?
Our ideal customer will typically be 1000+ employees, based in North America or Europe (though we have customers in Asia, Africa and South America too), and in any industry vertical or sector (including not-for-profit and government). We find that most large organizations have very similar problems managing the upstream procurement processes and their supplier information, regardless of organization type or industry.
We are typically selling to a senior procurement or supply chain manager, but usually not the C-Suite (though that’s something we are aiming to do more of). Our main users are typically at the category manager/buyer/vendor manager level.
We have customers ranging in size from a few hundred employees to household names in the Fortune 500.
What is the biggest challenge Vendorful faces?
One of the biggest challenges we have is getting in front of the “economic buyer” in our target market (typically a CFO/VP of Finance in a medium-sized organization, or a CPO in a large organization). The people who “feel the pain” we solve (and therefore the ones who usually reach out to us) are not the people who write the check. We are pretty good at building a compelling case for that economic buyer, but often the procurement team we’re selling to wants to control that access because they view it as their job (since they’re in procurement, after all). However, in our experience there’s a big difference between doing a good job helping other teams buy things and advocating for investment in your own department.
Why pick Vendorful?
In terms of customer experience: We are fast (extremely rapid implementation – think weeks or even days, not months), responsive (all of our customers get a high level of executive engagement), and affordable.
In terms of functionality: Enterprise power in a user-friendly package.