PRS for Music, the global music licensing body, is implementing web3 eSourcing from Wax Digital to help drive best value in contract negotiations, consolidate the number of suppliers it deals with and apply better control over supplier contracts.
PRS for Music’s new purchasing strategy will see the music royalties company rationalise its 700 suppliers within the next 12-18 months and increase collaboration amongst departments. web3 eSourcing will replace the existing decentralised paper-based system and empower employees to make informed supplier choices.
Prior to web3 eSourcing, individual employees within each department often sourced their own suppliers. This lack of cohesive approach meant that PRS for Music’s buying power was diluted and exposed the business to the risk of maverick spend.
The company is using web3 eSourcing to build an approved framework of suppliers that can meet individual department needs. web3 eSourcing’s mini tenders function also puts non procurement staff in control with the ability to invite pre-approved suppliers to compete for specific projects.
PRS for Music operates out of two sites so needed a way for employees in different departments to collaborate on the sourcing of suppliers.
Lizzy Daniel, procurement manager at PRS for Music, comments;
“As part of a new procurement strategy, we evaluated a number of solutions to produce a shortlist of six. Wax Digital’s web3 eSourcing solution ticked all the boxes. Since it’s web-based our employees can access it from whichever office they’re in and it’s very user friendly so easy to bed into the organisation. It also offers full source to pay functionality so we can seamlessly add to our capabilities over time. Wax Digital also provided us with access to senior experts to support our strategy development.”
Daniel Ball, business development director, Wax Digital, adds “We are delighted to be chosen by PRS for Music as part of their new purchasing strategy. web3 eSourcing was designed to be intuitive and simple to use so that non procurement professionals can just as easily benefit from its features as those responsible for buying within an organisation.”
PRS for Music represents more than 100,000 songwriters, composers and music publishers and has more than 350,000 active licenses that allow businesses including live venues, radio and TV stations to play music.