Nowadays, bringing an idea to the table is the biggest invention. Whether you have a fresh startup or run a multi-location enterprise, it is an unanimously agreed upon fact that sourcing and procurement, despite being an integral part of the supply chain and manufacturing process, are considered a mere notch higher than basic labor. This is because, the manual effort required to source suitable vendors and materials is neither cost nor time-effective and might not prove to be a feasible expenditure of time in the long run. Nevertheless, it is an important task, and how else would you be able to acquire the best materials for optimum prices without personally negotiating with multiple vendors? This is where Khareed steps in.
What Khareed is all about?
Boasting of transparent B2B (Business to Business) procurement services at a competitive pricing, Khareed.pk is an online cloud-based platform established in 2015 which allows enterprising buyers to attain and compare price quotes on required industrial materials from a rapidly growing national network of registered vendors-simplifying the difficult sourcing and procurement process.
Spearheaded by Yale alumnus Haroon Sethi, Khareed.pk is a one-of-a-kind endeavor who attempted to digitalize the industrial world-that continues to prioritize human effort over technological solutions. Mr Sethi is doing that by increasing time-effectiveness and reducing transaction costs incurred through traditional sourcing methods.
Concerns & problems occurred making Khareed
However, this unique platform is not the result of an overnight brainstorming session. Instead, it is an outcome of more than a decade of personal experiences, observations, collective conversations and evaluations. The smallest droplet of an idea for this service fell through when Mr Sethi, acquired an ailing particleboard company on the outskirts of Lahore, which he then proceeded to transform into a profitable business within a short span of two years. Since then, increasing the sales price was not an option in than highly competitive industry for commoditized products, it all boiled down to two simple factors: Reduce non-essential costs across the entire supply chain and focus on procurement.
Followed by countless hours of scouting and negotiations with local vendors all across the city’s bustling markets. Whether it was for items ranging from used manufacturing components to new machine parts which, in retrospect, Mr Sethi observed to be an ineffective use of time, energy and resources, considering the difficulty in finding the true product price due to varied price quotations and no possible medium of cross-referencing or comparison, resulting in reduced productivity and increment in cost incurred.
Turning point of the company
Shortly after its fortunes reversed, Haroon sold the company in search of broader avenues and joined the Dubai office of New York based management consulting firm Mckinsey and Company, where he continued to foster his ideas on improving the inefficiency of business conduction in Pakistan.
Redefining the idea of Khareed
Years later, equipped with management skills and a broader understanding of the local market acquired from his time at Mckinsey, he returned to Pakistan with his next entrepreneurial venture. Identifying the gap between buyers and vendors, he and his team offered locally established companies the option to outsource non-strategic procurement-that is industrial parts and supplies- at a fraction of the original cost, allowing them to focus on core product related matters and increase productivity.
After some resistance, the idea rapidly picked up steam and Khareed went live as the most preferred medium of procurement among enterprising firms.
Initially operating on a query based way, an online requesting form allowing customers to upload details of required products and obtaining information on competitive price quotations from multiple suitable vendors. Since then, Khareed has expanded on its original offering to include advanced features such as tools for comparing various price quotes, messaging features to facilitate buyer-vendor contact relations, flexible RFQs to allow multi-product requests and upload of various supporting documents to allow for more customized, relevant and optimal results.
Notable features of Khareed: paving the way ahead
Khareed also offers a variety of service packages for local buyers and vendors at affordable monthly subscriptions.
Prism Procurement services contain customized features varying in each of the four packages for enterprises and cater to a wide range of segments irrespective of industry positioning from small startups to medium businesses, corporations and nationwide enterprises.
Spectrum Sales packages, on the other hand, are targeted towards small and medium-sized retailers and merchants, wholesalers and corporate enterprises.
Why choose Khareed.pk?
While Khareed provides an innovative solution to procurement issues, many skeptics and traditionalists are still wondering: Why choose Khareed.pk over internationally acclaimed ERP Procurement modules?
For starters, Khareed.pk is a cloud-based, which means that it can be accessed from anywhere, with just a simple click. The accessibility is the number one feature in today’s fast paced world. Hence, eliminating the need to install complex software or devote entire systems to run a simple task. In addition to that, it has got an easily accessible user-friendly interface designed to reflect online marketplace websites like daraaz.pk, and the benefits are blatantly obvious; unlike standard ERPs which require extensive special training to operate. Prices of service packages are competitive and tax-inclusive (exclusive to Prism Procurement), containing functions and features to suit the varying requirements of different-sized organisations-customers pay only for what they need; whereas traditional ERP modules cost a hefty amount and contain built-in features, most of which might not be of any use to, for instance, a startup company or medium-sized business.
Most importantly, this software-as-a-service platform provides a direct link between buyers and vendors, automating the entire procurement process and maximizing results with minimal effort, unlike standard ERPs which are isolated, internalized and still require a measure of manual effort.
Within the two years since its conception, Khareed.pk has proven itself to be the forerunner in tech-enabling the local industries. With a growing national network of more than 12,000 vendors, 2000 product categories ranging from industrial and commercial items to home fittings intended for commercial use and established brand name clients including SSC (Servis Sales Corporation), Metro Cash and Carry, PEL, Almoiz Industries Limited and Atlas Batteries among others, this online e-procurement software has opened up pathways for new startups to further digitalize innovation in the Pakistani citizen and bring it up to par with global industries. The future is not far, it is here and happening in the present.