In an age marked by digital innovation and technological advancements, the conventional supply chain landscape has undergone a remarkable transformation. Leading this paradigm shift is SupplyNote, a pioneering firm that has not only adapted to the changing times but has also played a pivotal role in reshaping the entire supply chain industry.
The journey of SupplyNote began in 2019, when a group of forward-thinking entrepreneurs recognized a pressing need within the supply chain sector. They identified an opportunity to revolutionize the way organizations manage their procurement and fulfillment operations through digitization and automation. Thus, SupplyNote was born with an unwavering mission to streamline and modernize supply chain management.
Initially conceived as a Software as a Service (SaaS) solution to tackle supply chain challenges, SupplyNote’s evolution has been nothing short of extraordinary. Today, it stands as a full-stack powerhouse, reshaping the supply chain landscape through its innovative approaches and cutting-edge technologies.
Recently, in an exclusive interview with Snackfax, Kushang, the Founder of SupplyNote, shared illuminating insights. Here are the edited excerpts from the interaction..
Snackfax: What is the challenge your brand addresses and resolves?
Kushang: At SupplyNote, our primary focus is addressing challenges within the food and beverage industry, particularly in the Indian ecosystem and globally, with a strong emphasis on India in the coming decade. Over time, we’ve developed a range of products designed to facilitate digitization and automation within the supply chain process. While our main objective centers on assisting restaurants in making informed purchasing decisions through automation in inventory management, kitchen operations, and other processes, we’ve also ventured into streamlining billing processes through our acquisition of Pacify. Pacify enables us to gather sales data, thereby automating the backend operations, not relying on rule-based systems but a comprehensive stack-based approach.
In addition to these efforts, we offer services like Supply Link, which helps large restaurants distribute their products efficiently. Furthermore, we provide a marketplace inventory platform that allows smaller restaurants to procure supplies at competitive prices, eliminating middlemen and potentially saving them 8-10% on their bottom line, thus promoting their growth.
Currently, we offer four distinct products that cater to various stages of the restaurant business. Our immediate mission is to digitize the backend of the restaurant ecosystem within the next 5 to 8 years. Beyond that, we aspire to tackle even larger and more complex challenges in different regions.
Snackfax: Could you elaborate on the technological adaptation within the food industry?
Kushang: When you look at India, it’s predominantly a standalone market. Approximately 92% of the restaurants fall into this category. Within this landscape, we have two distinct types of standalones. First, there are the classic mithaiwalas, or what we often refer to as small, family-run or pop shops that serve exceptional food in local neighborhoods. These restaurants typically have a steady cash flow, a set group of vendors, and well-established processes. They are content operating in just one or two locations.
The second category consists of street vendors, similar to what Singaporeans refer to as “hawkers.” India has a vast market of street vendors as well. This segment is substantial and dynamic. To answer your question, yes, technology adoption has been quite radical, particularly among the larger neighborhood shops where there’s a significant cash flow. These businesses have embraced point-of-sale systems, especially during the COVID-19 pandemic when they also ventured into food delivery services.
Furthermore, I’d like to highlight a noteworthy trend that has persisted and thrived in this sector: digital payments. While there was already a shift towards digital payments, the adoption of QR-based payments has been especially prominent in the smaller restaurant segment.
Snackfax: Could you elaborate on the commercial aspects, such as point-of-sale integration, and how this fits into the broader picture?
Kushang: Pricing in any industry typically mirrors the level of comfort customers have with the product or service. Some industries are more focused on understanding the return on investment (ROI), while others may be more flexible due to higher profit margins. Unfortunately, in the food industry, it tends to lean towards the former. Entrepreneurs in this sector are often cautious with their investments, preferring to evaluate ROI before committing financial resources. However, once they recognize the value, they can be quite generous in their support.
Our pricing strategy has been aligned with market competition. We offer quarterly, half-yearly, and annual subscription packages for bulk purchases, with corresponding discounts. This approach has been our standard practice. In India, the price range for our software typically falls between $150 and $200, which caters to the majority of our customers. While there is a smaller segment willing to invest more, our primary focus remains on serving the needs of the larger audience, which constitutes around 70% of our user base.
SupplyNote made a strategic move by acquiring Posify, marking a pivotal step towards becoming a comprehensive full-stack solution provider. This acquisition seamlessly integrated point-of-sale (POS) capabilities into their platform, facilitating a holistic approach to supply chain management.
In 2022, SupplyNote expanded its horizons with the introduction of a Marketplace. This groundbreaking innovation redefined how small-scale businesses accessed essential goods, offering the convenience of next-day supply deliveries.
The continuous growth and evolution of SupplyNote are anchored in their steadfast commitment to core values. Values such as Respect, Trust, Commitment, and Delivery have fostered a culture of excellence within the organization.
Looking forward, SupplyNote’s journey is still unfolding. Equipped with a full-stack solution and a thriving marketplace, they are positioned to make a significant impact in the supply chain industry. Their dedication to catering to diverse business needs, irrespective of size or industry, positions them as pioneers in the field of supply chain management.
In an era where efficiency and adaptability are critical, SupplyNote’s transformation from a SaaS provider to a full-stack solution exemplifies resilience and a steadfast mission. Their narrative stands as a compelling testament to how innovation and unwavering dedication can lead to remarkable success, reshaping entire industries and leaving an enduring mark.