Vroozi has announced that a global chemical manufacturer headquartered in the Mid West US, will use its intelligent procure-to-pay platform. The manufacturer’s operations in Europe and Asia will also give Vroozi a growing footprint in those regions.
The Chemical manufacturer wanted to improve its procurement processes. Moving away from its legacy, incumbent solutions that no longer met the challenges faced by the firm. It considered other third-party solutions but ultimately chose Vroozi, which will integrate with three ERP solutions in place: ERP, Microsoft and Tally.
Shaz Khan, CEO and Founder of Vroozi commented, “This recent partnership helps build momentum to accelerate the digital revolution in Western Europe and Southeast Asia and scale procure-to-pay adoption for large enterprises across the globe.”
According to Khan, the implementation project will take several months. The manufacturer will take advantage of the Vroozi smart procurement and invoice automation platform.
Vroozi will offer its industry expertise and technology to help overcome many chemical manufacturers’ challenges. Using the customisation available, Vroozi will provide sourcing and supplier management on a digital marketplace. That will help streamline their purchasing workflows, manage sensitive equipment acquisitions, and optimize their business outcomes with predictive analytics. The solution also automates invoice processing.
Enterprise Times asked Khan in what ways Vroozi would assist the chemical manufacturer. He replied with three points,
- “Created a tailored marketplace for chemical industry procurement with flex fields identifying specific products, services, and certifications.
- “Configured freight definitions for special handling of equipment as well as ownership transfer point for the movement of products.
- “Cognitive OCR engine for invoice processing based on neural network of invoices for rapid scan and intelligent document professing – reducing the need for AP personnel to manually key in data against invoices.”
Wider implications for Vroozi
This announcement also sees Vroozi make another step in the global market. The company first launched in Europe in 2013 and later in Asia in 2019. The platform integrates with Oracle and SAP, two of Europe’s most widely used ERP applications. Once live, this latest win will prove its success; if it is willing to be named, it could become the key reference for future company wins.
Khan added, “Our widening expansion into Europe and Asia presents an exciting opportunity for Vroozi to empower companies in these regions with intelligent spend management and automation capabilities. Our platform is designed for those who are seeking to gain a leg up on competitors modernizing and simplifying their business purchasing at speed and scale.”
Enterprise Times: What does this mean
This is a significant win for Vroozi as it looks to expand sales of its solution abroad. It has a growing penetration into the chemical manufacturing market and lists Chemours, another global chemical manufacturer, as a customer on its website.
The question is whether it can turn the interest it has gained from several international opportunities into the deals it needs to cement its international growth. The company is backed by PE firm Ally Holdings. Who invested $19 million in a Series A funding round in 2018 (Source Crunchbase). Will this deal see Vroozi open an office in Europe? Or will it seek further funding before taking that step?
