Mythily Ramesh

Bangalore-based 01 Markets has restructured its revenue streams into services, solutions and consulting. The company aims to triple its sales turnover from the present Rs 200 crore to Rs 600 crore by 2003. In the past, procurement services were the principal source of revenue for the company and they continue to account for 70 percent of its revenues.

“From October 2002 onwards, we have added procurement consulting as an additional revenue stream. Procurement services are picking up in India and there is no need to sell the concept of e-procurement,” said Mythily Ramesh, the vice president and head of 01 Markets.

In consulting, the company identifies the most suitable e-procurement opportunities for its clients and chalks out an appropriate strategy covering procurement business processes and technology options. 01 Markets offers consulting in the areas of spend analysis, category analysis and procurement-to-payment process.

The company offers reverse auction services that help buyers reduce the cost of direct and indirect materials and discover new suppliers. In solutions, 01 Markets designs and implements e-procurement and e-sourcing strategies for customers. Its solutions also include reverse and forward auctions, RFQ bidding, online negotiations, procurement catalogues and workflow, strategic sourcing management (spend analysis) and supplier relationship management.

01 Markets is the strategic e-sourcing and e-procurement division of Wipro Infotech. Its clients have sourced over Rs 3.7 billion (as of June 2002) worth of industrial goods, commodities, high-tech goods and office equipment. The company estimates that client savings are between 2 percent to 22 percent on their purchases, with average savings of 10 percent across all product categories.