ERP Insights >> Magazine  >> October - 2021 issue

PREX: Empowering Organizations to Effectively Automate Procurement Processes and Improve Efficiency with AI

Author : Aasim Khan, Founder and CEO
Tuesday, October 19, 2021

Aasim Khan, Founder and CEO

The global Procurement and Inventory space is a booming market segment with new businesses entering the stratum constantly, it can be hard to choose a platform that will offer you the best possible results. PREX, with their innovation and automation they have been able to make impressive strides in the industry within a short span of time. The quality of their offerings and the transparency of their operations have helped the company to build a positive reputation in the industry. It all started with a disruptive idea: eProcurement unlocks significant strategic value from a company's spend.

Aasim Khan - Founder and CTO of the company elaborates more on the inceptions story and the initial challenges faced by the company, "I am a software engineer and have got over a decade of expertise working in the procurement and inventory business. During my time working for other companies, I realized that we need a software for procurement and inventory. This need to fill certain gaps that were prevalent in the industry for a long time is what motivated me to start my own business.

“PREX aims to evolve with changing market needs and technology innovation. PREX aspires to increase area of impact by engaging investors and further use of AI”

I at the same time was also confident that we can offer something better and more client-centric as well. I discussed this idea with some of my close friends and with their support, I was able to start Prex Spend. Challenges are part and parcel of this job and starting from our inception, we have faced many. First of all, procurement and inventory is a big domain with lots of factors involved in it. So, the first thing we needed to do was to identify what we will be creating and how we can offer the best for our clients. We also faced challenges regarding how to market our products and get a proper foothold in the industry as quickly as possible. Also, as a newcomer in the industry, we had to make the clients aware about the importance of automation and what brings to the table".

PREX is a SaaS (software as a solution) platform that enables an organization to automate their entire purchasing processes in a consistent and efficient manner with the help of visibility into spend, cost reduction opportunities and how suppliers, contracts, purchases and invoices are managed. PREX offers multiple procurement modules on a single integrated platform which includes:- Catalog Management, Sourcing, Contract Management, Supplier Management, Purchase Order Management, Approval Management, E-Invoicing and Inventory Management.

Aasim says, "We have designed PREX by keeping the best-in-class usability, flexibility, adaptability, automation, and data insights in mind which helps the user to gain visibility, maintain compliance and make intelligent decisions ensuring that organization achieves the expected outcome. In addition to this, PREX works closely with their customers during the implementation process to expedite and generate desired results".

PREX aims to evolve with changing market needs and technology innovation. PREX aspires to increase area of impact by engaging investors and further use of Artificial Intelligence to automate business processes.