Hetal Mehta is the founder and CEO of iQuantum Inc., a modular and modern procurement platform. As the leader of iQuantum’s women and minority-owned business, Hetal works closely with all internal teams, customers, partners and the iQuantum Advisory Board of industry champions and practitioners. ‘industry.
Hetal Mehta’s journey in the industry
For many years, Mehta worked as a developer and consultant to purchasing teams. Through this experience, she recognized the need for a more sophisticated and user-friendly procurement solution, “one that performs all consolidations, automation and workflows efficiently and effectively – but also helps guide the alignment between purchasing decisions and broader strategic business goals, such as increased diversity,” she says.
“My extensive experience and understanding of supplier diversity has led me to realize that customers struggle to find suitable suppliers and are inclined to continue with existing ones, even if it’s not there.” ‘ideal.
“With iQuantum, our goal is to leverage machine learning and AI to deliver a modern procurement platform with access to the world’s largest supplier database that includes diverse supplier options and This helps customers build a more resilient and robust supply chain.
iQuantum’s Unique Selling Point
iQuantum Inc. is a modern Source-to-Pay platform designed to meet today’s sourcing needs for supplier relationship management, ESG diversity and sustainability tracking and reporting. They provide the tools and transparency needed to align spending decisions with strategic business goals.
Mehta says, “There is not a single vendor in the market that competes with us pin-to-pin.” iQuantum is the only SaaS platform to provide:
- Complete supplier discovery to pay on one platform WITH modern ESG and complete management of diverse suppliers.
- Discovery of new suppliers from a database of millions of global suppliers to increase supply chain resilience and support New Product Introduction (NPI) sourcing
- Integrated communication and collaboration with vendors with built-in chat and conversation storage for future reference and context
- Modern approach to complete strategic sourcing for indirect, direct and new product introduction with collaboration of internal team
- In-depth analyzes of contracts, procurement and spend management
- Integrated Level 1 and 2 ESG Diversity and Sustainability Reporting and Benchmarks
- Government and customer reports and subject matter expertise by refining their tracking of miscellaneous expenses and reaching the elite Billion Dollar Roundtable or BDR
- Diversified and small vendor exposure to iQuantum’s Fortune 500 customer base, including vendor marketing support for their products and catalogs
- Modular licensing approach and enterprise interoperability to meet each customer’s existing system needs, budgets and investments
- Single codebase for fast implementation, easy maintenance and simple configuration with a sophisticated and friendly user experience
- Access to a global supplier database, including diverse/non-diversified and green suppliers for sourcing to add to the supply chain and save money
- Better alignment, reduced risk, and increased compliance across procurement, finance, and corporate law
The Importance of Diversity in Procurement and Supply Chain and the Role of iQuantum
McKinsey reported that working with diverse vendors results in savings of 8.5%, more than the 3-7% savings achieved by most procurement organizations. “Priorizing the diversity of your employees and your supplier base within the framework of ESG is integral to the growth and future trajectory of the company – employees, leaders, investors, stakeholders stakeholders and customers are looking for brands that raise their profile,” says Mehta.
Qualified diversified suppliers bring cost savings and better service to customers. Procurement managers have recognized this and are looking for ways to expand their diverse supplier base. (Increasingly, Tier 1 and Tier 2 diversity reporting is becoming a mandate across different industry verticals).
She says: “We see these two levels in manufacturing, and in law firms it usually comes from clients setting goals to win tenders, while for the healthcare and pharmaceutical industry, the stimulus comes from the government and encourages organizations to negotiate diversity targets and report them annually.
iQuantum’s automated client and government reporting solution helps clients achieve this goal. “This automation,” says Mehta, “and our deep expertise in exclusion criteria rules, also helps clients achieve their goals and participate in the prestigious Billion Dollar Roundtable BDR. Our global supplier database allows customers to source from diverse new suppliers to achieve their goals.
How iQuantum Meets Modern Business Challenges
Businesses today need help fostering alignment across divisions and teams. Core brand values and strategic goals should be evident in all business decisions, but especially in spending decisions. Mehta says, “It is critical to meet diversity spending and ESG sustainability goals set by management and closely monitored by government regulators and investors.
“Our clients enjoy working with us because of our commitment to client success, our responsiveness to client needs, and our affordable prices.” This approach ties into the findings of the McKinsey report regarding better savings and an improved overall experience when working with diverse vendors.
Support women-owned businesses
iQuantum has subject matter experts to partner with various businesses (women, minorities, veterans, disabled, LGBT) around the world to provide guidance on certification options and process; enrich their supplier profiles to maximize their reach and relevance for upcoming RFQs (Request For Quotes), RFPs (Request For Proposals) and RFI (Request For Information), or Direct Material Sourcing.
Mehta says: “We also help certified companies to prepare their catalog, in order to simplify the purchase of their products by companies. Our regular supplier outreach, supplier newsletters and social media channels promote and support women, minorities and other certified businesses. It is part of our mission and our DNA.
Adapt to changes in supply
Today, supply needs have changed. They need a platform that meets today’s modern challenges in tracking ESG diversity and sustainability. “Every purchase made should be aligned with the company’s strategic goals and help get things done,” Mehta says.
“Increased government regulation and consumer scrutiny of corporate brand spending has heightened the need for a new approach to sourcing.”
“Customers benefit from our ‘Buy only what you need’ approach, which helps them avoid paying for unused features. Our rapid onboarding improves user experience and reduces time to ROI. »
“If you are looking for a modern modular procurement platform to meet today’s procurement needs, iQuantum is the answer.”
iQuantum’s strategy is best viewed along 3 main facets –
- For Diversity, their approach is twofold. First, they want to help businesses easily find, integrate, and buy from diverse vendors. Second, they aim to help various vendors market themselves to potential customers by giving them a platform to market their products and services.
- For ESG, the goal of iQuantum is to help make it an integral part of the business and not just an afterthought to meet reporting requirements. For example, they help companies assess their carbon footprint early in their product development when designing new products or building new facilities.
- For Source-to-Pay, iQuantum’s goal is to make the whole process transparent. They provide a single platform on which companies can execute all aspects of sourcing, i.e. supplier sourcing (Q-Discovery), qualification (via RFx and direct material sourcing for manufacturing), integration (contracts), supply (order management), monitoring (SRM), and Control (Spend Analytics), but also allow flexible consumption. They also aim to help businesses preserve their existing investments, should they need to, by integrating with any systems they may already have installed.
Future prospects of iQuantum
The diversity market is changing from a market governed by government mandates to one where it is an integral part of business strategy. Mehta believes that iQuantum is “in the early stages of realizing the full potential of this market.”
She says, “For ESG, it’s really a nascent market, but it’s growing fast. Businesses simply don’t have a good way to assess their GHG footprint, and we are one of the few solutions that can help them do that. We see considerable promise in helping companies assess their environmental footprint.
In the Source-to-Pay space, conversations with iQuantum customers have proven that traditional sourcing vendors are not only unable to meet today’s modern business demands, but also have the yesterday’s UX. Mehta says, “We are solving this problem.”
Finally, on the subject of regulations, Mehta says: “There are regulations that come into force and are defined every day. We are constantly monitoring any changes that may impact rules, reporting and best practices.
“iQuantum always keeps the SEC, SBA, CDP current and up-to-date, helping customers adapt and stay agile in the face of a changing environment.”