Canadian Better Buying initiatives to increase efficiency across $22bn of annual spending
This week in Ottawa, Parliamentary Secretary Steven MacKinnon, on behalf of the Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility, unveiled the government’s new plan to revolutionise the Canadian government’s federal procurement process.
Federal departments and agencies across Canada reportedly purchase an average of CAD$22bn worth of goods and services in order to provide programs and municipal services to the country’s citizens. The new procurement plan is intended to make federal procurement processes simpler, more efficient and more accessible for all suppliers and buyers.
The series of initiatives, called Better Buying, includes the implementation of an electronic procurement solution, the development of enhanced tools to track and manage vendor performance, simplified contracts, updates made to the guide for procurement pricing, the establishment of an Accessibility Procurement Resource Centre, and projects to increase participation of under-represented groups and Indigenous-led businesses in federal procurement.
MacKinnon said at the Federal Supply Chain Summit in Ottawa: "Our government is creating a world-class, accessible procurement system to deliver better results for Canadians and make it easier for Canadian companies to do business with the government. Better Buying is our plan to enhance our procurement system and leverage federal purchasing power for the greater good."
Tradeshift: Pioneering eProcurement and Digital Trade
Tradeshift helps transportation and logistics organisations digitally transform their processes. The company offers a suite of services, including spend management, accounts payable and invoice automation, eprocurement, and supplier collaboration through a dedicated B2B supply chain marketplace of more than one million businesses.
As disruption and digitisation continue to accelerate, demand for Tradeshift’s solutions has grown dramatically. The company recently announced the signing of 20 new global enterprise customers since the beginning of its financial year on 1 February, while the number of active businesses transacting on the Tradeshift platform rise by 52 per cent year on year.
Tradeshift Chief Revenue Officer Christope Bodin expects that growth trajectory to continue, as the economy begins to fully reopen and the world works towards recovering from the pandemic. “We are well positioned to support the wholesale digitalisation of business processes,” Bodin said. “For organisations looking to grow in a post-COVID economy, this is fast becoming an organisational standard.”
Tradeshift in Brief
- HQ: San Francisco, USA
- Employees: 800 located in offices in 13 countries
- Customers: 500+ in 190+ countries
- Total on-platform transaction value: $1tn
- Platform: 1.5m companies connected
Key Tradeshift customers: Volvo, Kuehne+Nagel, DHL, Air France-KLM Group
Tradeshift: From $1 to $1 trillion
The company was established with a mission to “connect every company in the world, digitally,” according to Lanng, and followed the trio's earlier product EasyTrade, a pioneering open-source trade platform.
In July 2021, just over a decade since launch, Tradeshift announced passing a new milestone: the cumulative value of transactions processed across its platform passed the $1 trillion threshold. To put that in perspective, Tradeshift said it took two years to reach the $1bn milestone.
Commenting on Tradeshift’s current and future standing, chief executive Christian Lanng said: “We’ve helped a lot of businesses to stay operational and get paid during an extremely volatile period. Every time a business joins our platform it unlocks a whole ecosystem of relationships that we can help to digitise. This sets us apart from the majority of enterprise software providers who remain preoccupied with building connections one at a time.”