Scale-up Interview: Kontraqt

Kontraqt is a B2B SaaS network and marketplace for integrated, real time, collaborative e-procurement. Kontraqt.com enables collaboration, procurement, reduction of transactional costs, demand recognition and information exchange in real time.

How would you describe your business idea to a potential investor?

Kontraqt is shifting the paradigm of Procurement and Supply Chain, going beyond the existing state-of-the-art B2B environment. In a connected and smart world we push things to the next level by removing chains and adding a network. This is what creates real value: the network – an environment in which data is being shared in real time between nodes as are demand and decisions.

Real time communication, connection and integration of data uncover new opportunities and achieves levels of performance and productivity never seen before. Being a SaaS (Software-as-a-Service) it democratizes the access to these technologies on a global scale. All in order to minimize waste, risks, costs and generate unprecedented competitive advantage through the use of technology.

The Kontraqt Platform

What problem do you want to solve, what is your goal?

We actually address two closely connected problems:

1. That there’s no efficient, trusted and effective way for businesses to find and transact with each other online.
2. That there’s no efficient, effective, streamlined process to manage, measure, monitor the whole process of procurement be it done individually or collectively.

We use digital technology – including Artificial intelligence, Machine learning, Natural Language Processing and others – to simplify, streamline and create an environment in which Procurement and Supply management can thrive in an intelligent, integrated, reliable and sustainable way. Businesses can now work on a global scale cross organizational, cross functional, in real time and get intelligent support at every step from smart algorithms and a productivity suite.

Our goal is to create a global intelligent B2B Market.

How did you come up with your idea/concept?

The idea was born in 2012. Since then we tested various features in various environments and with various partners. All the feedback was extremely positive so we went on to add more.

For some features we had to wait for the technology to grow as well. Now it is here and the changes it will bring we’ll all see and judge. But we can assure you that things will never be the same again.

What is your business model?

Our business model is a subscription-based SaaS with various on-demand features.

What else apart from e-procurement does your platform do?

The e-procurement feature (including the marketplace) is just a part of an entire environment that offers next to other things a complete suite for cross organizational and cross functional project management.

There are also fully featured partners, suppliers and clients management modules.

The platform has also a full set of intelligent features that go from forecasting, risk management, smart demand recognition, spend analytics inspection, smart negotiation insights and other BIg Data based Business Intelligence components.

To all the above we must also add Ariella, our own Algorithmic Decision System, which aims at supporting any business in their decision taking process.

We saw other platforms online, like marketplaces for some industries or startups that do risk management. Why should we choose kontraqt.com? What is it that you do differently?

First, there’s no platform like kontraqt.com! Second, yes, there are various platforms, quite a few, that do (or claim they do) all sorts of things for the B2B segment in general and for Procurement and Supply Management in particular, from e-procurement to Risk management and beyond.

One of the things that shows in the clearest possible way that we’re different is that kontraqt.com supports a business based on facts. The services offered by those who one might say are successful, are based on nothing else (and we’ll name only a few) than online searches or news or social media monitoring. Would you say that Social Media monitoring is the core of Risk management? Can one base their business on suppliers that have a brilliant Twitter channel? If I am a supplier and I do have a problem is it that the first thing I’ll do will be to go on Social Media and let the world know that I won’t be able to deliver?

And regarding the other aspect, the marketplace, we created an environment, a network of trust. The providers mentioned above find you suppliers based on online searches. Is this a trusted way to find suppliers? Are they better than the existing search engines or maybe there’s something else behind the scene? We don’t think this is acceptable in i4.0, even though we know businesses are doing this. That’s exactly what we change. You don’t have to search online, you have to be part of a network inside which you can find trusted partners and do business with them in a trusted way. You must assess your partners and suppliers the way kontraqt.com does, inside a network, not individually in relation to you only or based on online searches. In the age of deep fake the only reliable thing is real, fact based data.

What industries do you cover?

Kontraqt was built agnostic but we start with the following industries not necessarily in any specific order: Automotive, Health & Pharma, Aerospace, Rail, Naval & Marine, Home Appliances, Machinery & Equipment,  Engineering.

The marketplace, the suite of tools and algorithms do not apply only to these industries so if you’re from a different industry you can get instant global access just by joining the network.

For a demo you can always get in touch with us: contact@kontraqt.com.

Why did you decide to apply to Scaleup4Europe?

There are more reasons but definitely the main one is that Kontraqt can do more than help our partners solve a problem – the challenge. It can provide them with a future-proof set of tools that should add value to their organizations in the long term. Making them much more resilient, sustainable, efficient and effective with all risks minimized and some removed all together.

Get more information about Kontraqt on their website or connect with the team on LinkedIn or Twitter.

Kontraqt is part of the Scaleup4Europe HealthLab Batch #1.

You want to join one of the four Scaleup4Europe Labs as well?
Get more information and apply at scaleup4.eu.

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