The Chemistry of Business

Trust + Reliability = Sustainability

I have to admit, when I first visited the MyBiz™ website I judged the company and it's people.  I thought the site needed work, and the owner was described in a slightly vain manner, signs of a big ego bossman type.  I thought to myself, 'how serious was this company, really?'

Boy was I wrong!  The gentleman leading this dynamic company is the energetic and physically intense Mr. Cheong Yuk Wai.  On my first meeting with him, I found myself compelled by his obvious passion for his field, and comfortable style in which he makes the often complex concepts behind effective Strategic Sourcing very approachable. 

I was a little nervous to meet him at first, as Yuk Wai is no push over.  He's the CEO of one of South East Asia's star tech companies, being compared up against some of the greatest Strategic Sourcing and Procurement businesses in the world. Gartner has written about MyBiz™ on more than one occassion, and has called them one of the top 14 procurement business process outsourcing (BPO) market leaders.  MyBiz™ is also the first Asian vendor to make it onto Gartner's Magic Quadrant for Strategic Sourcing Application suite. 

This is all very well and good, but what is Strategic Sourcing all about?  Let me try and explain, in the end hopefully you'll see how this all ties back to the title of the post - The Chemistry of Business.  When Yuk Wai first explained to me what Strategic Sourcing is, it was explained to me that it is a system in which an organization can better control how the company spends it's money.  It allows for the removal of maveric buying and reduces the number of suppliers.  

At one point, Yuk Kwai shared with me sample data from a previous project.  This large enterprise client's purchasing processes were so completely out of control, presenting the data in the form of stacked bar charts, the view was akin to Kueh Lapis - for those not familiar with the term, kueh lapis is a popular rainbow coloured, multi-layered coconut dessert here in South East Asia.  An absolute stack of purchasing history spread everywhere throughout the organization, a real mess. 

The question I asked was, 'hasn't industry always kept a keen eye on how they spend?'.  The answer is actually no they haven't.  When times have been booming in the past, enterprises are quite happy to go along, alocating budget to projects and getting on with things.  Today times have change, since the global financial and economic crisis, industry leaders have turned from being revenue driven, to focusing on cost optimization.  Businesses which want to improve profitability, now ask how they can spend less and still get more. 

The reality is that companies have not realized that there are tools which can help them generate Millions in savings by pro-actively controlling their procurement spend on materials, products, and services.  In the past, companies relied on their ERP or accounting systems to control their costs.  Since the 1980's the primary design of an ERP system has been to record, post and report revenue and cost transactions, but doesn't really provide you with any true actionable insights for your business.  To use an analogy, when Yuk Wai and I were driving to our meeting, he explained to me how ERP systems are really like the dashboard of your older car.  You can see the dials, telling you how fast you're going, or what the fuel level is in your gas tank, but that doesn't really tell you how many more kilometers you can travel before you should stop and fuel up.  Today modern car dashboards provide you with a more details understanding of what's happening, like telling you there is 10km worth of fuel left in your gas tank.

MyBiz™ is the modern ERP tool for your business, providing you with specialized Procurement Spend Management tools as an ERP add-on, the result is Actionable Insights that are useful for you and your business.  With MyBiz™ tools you will have total control over how you spend, who you spend with, and what you spend on.

In today's ultra fast, ultra competive business world, leaders need to spend their time with vendors who truly add value to their organization.  That's the MyBiz™ strategy, The Chemistry of Business - seeking sustainable relationships based on a foundation of Trust & Reliability.