Melbourne-based CircleSource is aiming to carve out a niche for itself in the corporate sector by becoming the key interlocutor between companies and consultancies.
A winner of this year’s Westpac Businesses of Tomorrow awards, CircleSource was launched in late 2016 and company CEO Andrew Jarvis said that organisations currently look to source specialist skills and services in an ad hoc basis.
“Currently, organisations can’t, and shouldn’t, carry the cost to employ all the capability they require permanently, preferring to engage these specialist services for set pieces of work, as and when needed.”
CircleSource is designed as a smart digital platform that makes it easier for organisations to find connect and engage with external business services providers.
According to Mr Jarvis, for many businesses the high volume services, in the $5000 to 50,000 range, being sourced today generally fly under the radar of formal sourcing practices.
“Most are being managed manually, with phone calls or emails to networks, LinkedIn or Google searches being the traditional method.”
The process leaves behind is a scattered pile of paperwork, email trails and spreadsheets.
“Large enterprise procurement systems are just not cut out for these more frequent smaller engagements, and certainly don’t help in finding the right suppliers in the first place,” Mr Jarvis added.
CircleSource supports the management of every stage of the sourcing process and provides the ability to follow suppliers, manage events, track budgets and run formal tender processes. Supplier recommendations and endorsements are provided at the end of the engagement enabling the supplier to “trend” in the marketplace.
According to Mr Jarvis, this recommendation dynamic keeps everyone in the system honest and focused on the best possible outcome.
There’s also a layer of transparency with buyers in full control of who sees or is invited to pitch for the work inside the platform.
Mr Jarvis said the platform isn’t just a simple marketplace but also serves as a powerful procurement tool by offering increased choice for businesses as well as increased transparency and governance over important engagements.
“It’s also a fantastic way for specialist suppliers to showcase their areas of expertise to organisations,” he said.
CircleSource is free to join for organisations and suppliers, who pay a small fee (capped at a maximum) payable if they are picked to deliver services.