MyBiz: Looking Up To Cloud To Manage Costs

May 17th 2013 - Friday

By Azwar Aizam

In today’s economic climate, controlling your business spending is not an option but a requirement. Hence, it is important for SMEs and large corporations alike to differentiate themselves by using available technology to improve productivity and drive down costs to outmanoeuver their peers.

Malaysian-based MyBiz is the leading provider of Spend Management solutions in this region, offering a myriad of effective cost containment, spend optimisation and automated procurement solutions to their clients. Recognised by Gartner in its recent “Cool Vendors in Business Process Services 2013” report as one of three innovative examples framing the future landscape of business process services, MyBiz has launched a new service line for Managed Services, covering Strategic Sourcing, Spend Management and Requisition-To-Pay.

Their own proprietary technology automates the full procurement cycle and streamlines the purchase-to-pay process while providing complete visibility of spend-transaction life cycles.

MyBiz is raising the industry standard in Asia Pacific with new product releases and progressive technology to cater to the ever-evolving market, claims its CEO and Co-Founder Cheong Yuk Wai. “We provide Integrated Spend Management on the Cloud to give clients total control of their spending and it is our aim to partner with visionary business leaders to deliver truly innovative and intuitive software solutions that help manage and control all direct and indirect expenditure,” added Cheong.

MyBiz appeals to most business segments by offering integrated, scalable and cost-effective solutions that are imbued with quality service.

Big Business Wins

In 2010, Microsoft recognised MyBiz as a Top Three Partner of the Year for Independent Software Vendor/Software Solutions globally. MyBiz underlined its capabilities by clinching business deals with industry leaders in the following growth-sector industries – oil & gas, banking & financial services, telecommunications, construction, property development, plantation and healthcare.

MyBiz has a proven track record in implementing Business Relationship Network solutions for many successful organisations, including Malaysia’s only Global Fortune 500 company. Its latest high-profile client for managed spend analytics services is the second-largest listed healthcare service provider in the world.

Cheong said: “Our clients recognise that there is no cost until you spend your company’s money, so to control your cost you just have to control your spending. If you seek growth – then you must control your cost and put in place proper processes to ensure that overspending does not occur.

“If growth is limited, then cutting cost is the fastest way to improve profitability. So, we help our customers to analyse their spending to identify savings opportunities, to source for materials and services and rectify any unfavourable contracts; and most importantly, to enforce governance so that all negotiated contractual terms and prices are complied with,” he added.

“Our clients typically generated a ROI of 3 to 8 times the investment they make in using our solutions and services. Companies who are open to innovation recognise the value of having a ROI within three to six months from implementation. We have nine industry leaders in our clientele list and we are adding a national airline as our new customer as we speak,” said Cheong.

Expanding Market

MyBiz is here to stay as the cloud BPS (Business Process Services) opportunity worldwide is significant. According to Gartner, by 2015, cloud BPS will comprise one-fifth (US$56 billion) of the total BPO (Business Process Outsourcing) market opportunity. It is growing from 2010 to 2015 at a compound annual growth rate (CAGR) of 10%.

He added: “MyBiz is constantly raising the bar with our ever-evolving product releases and technology. Our technology provides detailed views of budgets and cost pipelines, enabling commercially competent decisions to be made prior to committing to spending.”

Spend Management is meant to represent a holistic view of the activities involved in the “source-to-settle” process. This process includes spend analysis, sourcing, procurement, receiving, payment settlement and management of accounts payable and general ledger accounts.

Whether it is the money spent on goods or services for direct inputs (raw goods and materials used in the manufacture of products), indirect material (office supplies and other expenses that do not go into a finished product), or services (maintenance, print services and others) – a company needs a solid mechanism that helps not only to save money but also control costs.

MyBiz is the first Asian company to provide Spend Management services and solutions. “We have been around since 1995,” said Cheong. In 1996 he and his team custom built a procurement system for a NASDAQ-listed American company. Their technological pursuit did not just end there as the team went strength-to-strength – building and perfecting more purchasing order technologies.

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