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Why the World’s Biggest Buyer Relies on Online B2B Marketplaces
Digitization is increasingly revolutionizing the B2B landscape with streamlined procurement processes, and even better payments workflows.
Don’t believe it? Look no further than the U.S. government, the world’s single largest buyer, which is expanding its $6 billion eCommerce initiative to include more online marketplaces — opening up a potentially lucrative revenue stream for America’s over 33 million small businesses.
“We were thinking, just as governments have a big platform for their big contracts, what if they had a big platform for their small procurement needs: anything that doesn’t need to go into bidding or any purchases agencies can do with their credit cards,” Paola Santana, CEO at Glass, told PYMNTS.
And while, traditionally, government procurement programs involve extensive planning and bureaucratic processes, Santana pointed out a critical flaw in the existing procurement methods: the inability to adapt to unplanned or emergency needs. “What percentage of your plan goes a hundred percent as you plan it? The answer is never,” she said.
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