Technology and commerce are so intrinsically intertwined with each other that the advancement of one means the advancement of the other. This symbiotic relationship is visible in today’s world as the development of new technologies is changing how businesses operate every day. This is the core fundamental that mdf commerce thrives upon – advancing the flow of trade with the help of technology.
Governments and agencies that are riding the waves of digitization are transforming their procurement processes. mdf commerce has been consolidating its position in the market of government procurement technology and e-procurement. Its philosophy to ‘aim high and act fast’ is helping the company to gain the upper hand despite the changing market and technological conditions.
Insights Success interviewed Mark Eigenbauer, mdf commerce’s e-procurement President, to share valuable facts about mdf commerce and how the company continues to advance its operations despite so many current challenges in the procurement sector.
Mark is an expert veteran of the industry with a three-decade of experience. He joined mdf commerce in September 2007 with the acquisition of Market Velocity, Inc. Before joining mdf commerce; Mark spent the previous seven years using his entrepreneurial skills to help start and grow Market Velocity.
Below are the highlights of the interview:
Mark, what was the initial idea behind the inception of mdf commerce?
mdf commerce was founded in 1996 with the idea to leverage technology to facilitate the flow of commerce, connecting buyers and sellers to improve and optimize their commercial activities and grow their businesses. This was done by developing digital marketplaces for multiple industries or verticals where our customers could interact, buy, and sell their products or services.
As the market has evolved, so have we. Our activities are now also focused on government procurement software alongside eCommerce software. Wherein we support government agencies across North America with industry-leading e-procurement tools, helping them drive maximum value out of their procurement funds.
Tell us about the primary objectives and philosophy of mdf commerce.
Our commercial tech company aims to innovate, grow and provide value for our employees, customers and shareholders. For which our activities are focused on: government procurement technology or e-procurement. Our goal within the government procurement technology sector is to grow further our leadership position in North America as we aim to consolidate the government procurement technology sector across USA and Canada.
mdf’s philosophy rests on 5 strong cultural values – Aim high and act fast. Dare to think differently. Be accountable. Act with integrity; and care about each other and our customers. These values are more than just posters on our office walls, they guide and dictate our day-to-day actions. Whether it is a strategic planning or the execution of big and small projects, these are the filters that guide our decisions, priorities and how we interact with our internal and external audiences.
What are your top-notch offerings that have a strong foothold in the industry?
Within our e-procurement technology offering, our ePro product is a full procure-to-pay software that is purpose-built for the complexity and requirements of the government audiences, which are often more demanding than the private industry. This allows governments of any size, from small towns to large states, to completely digitize their procurement processes, and gain major operational and financial efficiencies, thereby eradicating waste in their spending.
We also have a groundbreaking offering which is a marketplace for government agencies to procure goods and services from. This is for larger clients such as states or very large counties and cities and is completely self-funded, which means that the implementation is free for our clients. Once implemented, government buyers can shop on a consumer-like website from pre-approved suppliers, making their purchases in one simple click, just like on any major retail e-commerce site—no lengthy RFPs or documentation before or after, thereby greatly simplifying the process with increased efficiency.
What are the roadblocks that mdf commerce faces in the ever-changing landscape of the business world?
We wouldn’t qualify them as roadblocks as much as a business reality of the quick-paced, ever-changing tech environment, in the backdrop of some of the significant macroeconomic challenges we’ve seen over the past 2-3 years; including the pandemic, supply chain challenges, the war in Ukraine, labor shortages etc. It has been a challenge for the last few years. Still, these challenges also present great opportunities if you move fast enough to adjust and capitalize on the trends or customer behavior brought on by the macro-economic swings.
How is your company adapting to market orientation?
2021 saw major shifts in the government technology market as it began moving from niche to mainstream and established itself as one of the most important markets in technology broadly. Identifying this opportunity early on, mdf commerce acquired Periscope Holdings solidifying its strong leadership position in this yet untapped, high potential market in North America, servicing 6.0K+ agencies with ~500K active suppliers.
Gov tech has now become a growth market, fueled by strong demand for digital transformation accelerated since the pandemic, further enabled by purpose-built-for-government. Modern SaaS solutions that are easy to procure and deploy. Considering all of these factors, it is safe to say that mdf is well positioned to capitalize on this growth opportunity presented by the market.
What is your stance on implementing innovative technologies?
In many sectors but especially in the tech sector, innovation is key. Our approach is based on a new feature or product extension’s value to our customers and users. We often work with customer advisory boards to discuss and identify the highest-value innovations we bring to our products. This ensures more focused development efforts and a higher value to our end users.
In what traditions is your company contributing to the communities?
At the heart of our e-procurement business is the ability to help SMBs to connect to the right business opportunities and grow their business. Our e-procurement tools help reduce barriers for small and diverse businesses, enabling them to participate in government procurement with ease. Inversely, by providing government agencies with cutting-edge technology, we help them to optimize their operations and get the most out of every taxpayer dollar spent or invested in governments’ day-to-day operations.
What is the next chapter for mdf commerce?
The next chapter for mdf commerce is to push our leadership in the government-tech space further. This vertical has reached a tipping point, with government agencies across North America accelerating the digitization of their operations, specifically their procurement processes; there is ample room to grow, and we are very well positioned to capitalize on this growing market.
To know more about the company and its services please visit their websites: www.mdfcommerce.com and www.periscopeholdings.com