LogicSource Updates Its OneMarket Procurement Platform

Procurement services and technology company LogicSource says it has rolled out a number of enhancements to its OneMarket technology platform.

The Connecticut company announced the changes in a news release Tuesday (Jan. 11), saying they offer a “fully integrated toolset to automate and accelerate the sourcing process, providing a command center for all aspects of a sourcing project pipeline.”

Some of the enhancements include the ability to upload up to 5,000 contracts at a time, while also controlling user access to contract documents in confidential situations. It also offers users advanced functionality to set up triggers and alerts for important contract milestones such as renewal, termination, expiration and price changes.

The OneMarket’s Source-to-Contract tool comes with three of the five modules that comprise LogicSource’s OneMarket Technology Platform.

The company notes these new capabilities come at a tome when — per Deloitte — chief product officers are struggling with value delivery.

“LogicSource invested in its OneMarket Source-to-Contract capabilities following a global pandemic that forced CPOs to mine their contract portfolios, negotiate with suppliers and execute new sourcing opportunities in a completely virtual world,” said David Pennino, CEO and founder of LogicSource.

“The optimized solution is critical for procurement leaders as they strive to meet a growing list of expectations, including reducing costs, driving innovation and diversity initiatives and effectively managing risk.”

Learn more: Deriving Value From Procure-To-Pay Beyond Early Payment Discounts

PYMNTS spoke to LogicSource Chief Operating Officer Jo Seed last year about a lack of data makes it difficult to turn procurement from a cost center to a source of value.

Even as COVID forces companies to look closer at their procurement and spending, they may be saddled with technology that can’t provider deeper insights into those functions.

“Procurement is generally a very underfunded department and suddenly gets pushed into the spotlight and asked to do twice as much as it was doing before with the same resources,” Seed told PYMNTS in an interview. “Soon, you see the gaps in capability.”