MMG Technologies, Inc. Launches MyRFP.com - The First And Only ’e-Sourcing’ Platform For Complex Recurring Purchases

MMG Technologies, Inc., the technology arm of the Mitchell Madison Group (MMG), a management consulting firm focused on performance improvement and strategic sourcing, has released a first of its kind ’e-sourcing’ platform, leveraging its patent pending technology to provide sophisticated analysis of RFP bids against baselines in arbitrarily complex pricing environments in real-time.
 
MyRFP.com is the product of three decades of strategic sourcing consulting experience undertaken by Mitchell Madison Group, addressing critical issues that existing e-sourcing platforms simply cannot handle:

1. Baseline Driven Architecture: Without a baseline  (i.e. a list of sufficiently specified purchase transactions including historical cost), changes in sourcing performance cannot be measured. MyRFP.com is designed around baselines, creating detailed RFPs and savings models utilizing variables from each baseline in question. This tight architectural linkage enables instant measurement of savings and/or other performance indicators.
2. Cost Model Data Structure: Existing e-sourcing solutions only handle catalog or ’one-off’ purchases. Recurring buys usually contain myriad specifications resulting in a combinatorial explosion of bid prices, a situation that existing tools cannot handle.  As a result, practitioners pursue an 80/20 approach that often sacrifices up to half of potential savings. MyRFP.com is built around patent pending technology that allows bids to be designed using both competitive cost models and catalog pricing simultaneously to eliminate the unpriced tail and generate as much as double the savings of conventional approaches in the process.
   
3. Best in Class, Single-Click Analytics: MyRFP.com arrives with built-in, exhaustive analytics to enable sourcing professionals to create analytics at the click of a mouse, as soon as the bidding event closes. Traditionally, it is not unusual for post-event analysis cycles on complex RFPs to take weeks.  For the first time, analyses for even the most complex RFPs can be run quickly and in automated fashion, without the need for expensive consultants.
   
4. Built-in Category Templates: Strategic sourcing can be highly category-specific, and cost models can be complex to build from scratch. MyRFP.com provides templates for common categories and key approaches for easy modification by sourcing professionals.

“We never found a software tool that could support or automate our consulting process - We had to build it ourselves. For many years, we have been able to achieve twice the savings for our clients compared to standard approaches because our cost model approach leaves nothing out.  With this tact, suppliers cannot capture excessive margins on the unpriced tail or when specifications change,“ stated Hans Dau, CEO of MMG Technologies and the Mitchell Madison Group.

“Our patent pending technology totally changes the architecture of e-sourcing. Existing e-sourcing platforms are all designed around the notion of an item that you can describe and therefore price. That’s fine for office supplies or one-off auctions, but does not work for legal services, consulting, printed materials or any category with high SKU counts. By defining the bid entity as an arbitrarily complex mathematical object, we can support any pricing basis and convert new bids to baselines expressed in traditional SKU format for analysis”, added Philip Gillespie, Head of Client Delivery and Co-Inventor of the technology.
 
“We see a secular shift away from the China-centric sourcing approach that has dominated the global economy since China’s 2001 entry into the WTO. Supply chain security is now at the top of national security and corporate concerns amid an environment of political instability and inflation. The amount of strategic sourcing required to reconfigure global supply chains for higher resiliency is beyond the scope of the entire strategic sourcing consulting industry. That’s why we created MyRFP.com,” concluded Hans Dau.
 
About The Mitchell Madison Group
 
Working with large institutions on tangible operating performance improvement initiatives, the Mitchell Madison Group delivers sustained earnings improvement to its clients within a six months-time frame. MMG is the leader in global strategic sourcing, leveraging its decades of category IP and proprietary software platform for effective price discovery and client savings. The firm also applies big data and machine learning approaches to pricing optimization and sales analytics to uncover short-term revenue enhancement opportunities for its clients. Originally founded in 1994, MMG operates globally. For more information, visit https://www.mmgmc.com/ and follow us on LinkedIn and Twitter.
 
About MMG Technologies, Inc.
 
MMG Technologies, Inc. is a Mitchell Madison Group company designed to commercialize consulting services in software products and thereby enable clients to achieve results at much lower cost than can be obtained with the traditional consultant-staffed project model. MyRFP.com is MMG Technologies’ first software product targeted at strategic sourcing professionals in corporations, private equity operating groups and consulting firms.

Contact Information

Hans Dau

Chief Executive Officer

Mitchell Madison Technologies

Contact via E-mail