OREANDA-NEWS. June 9, 2011. mjunction services (mjunction), India’s largest eCommerce company, is well known for the efficiency and transparency that it has brought about in the supply chains it serves. Creating value for all the constituents of the supply chain — manufacturer, miner, customer, banks, transporters, inspecting agencies, etc. Today even the smallest of the small buyers of steel, coal, pig iron,  iron ore, etc are able to buy their requirements directly from the largest miners and manufacturers on the various portals of mjunction. mjunction has also provided industry the opportunity to sell their idle assets, spare parts and excess inventory in an efficient and transparent manner.

buyjunction, which is the eProcurement arm of mjunction has provided opportunity not only to large international suppliers but also small local vendors to offer their goods and services in an efficient and transparent way to the leading companies of India both in the public as well as in the private sector. The disintermediation of the middleman has contributed significantly to the transparency and efficiency which in turn has enabled the moneys so released to be channelised into nation building activities by companies such as SAIL, Tata Steel and Coal India, to name a few.

In recent times, increasing complexity of business, rapid upheaval of customers' expectations, periodic swings in commodity price and unprecedented shift in economic paradigm have paved  the way for the supply chain to be used as a strategic tool to drive the enterprise's competitive advantage. So, it requires to be more synchronised and progressive through usage of key distinguishing levers like optimisation of sourcing costs and efficiency of supply chain processes, value engineering, collaborative supplier relationship management, shorten time-to-market, etc.

Commenting on the reasons why he sees buyjunction to be the growth driver, Viresh Oberoi, managing director, mjunction services, said, “Organisations are increasingly shifting focus to explore avenues to get the best value-for-money returns on their investments, improve efficiency and effectiveness of their business processes, but with a lower procurement cost and reduced cycle time. buyjunction, one of India’s leading eProcurement platforms providing complete, end-to-end sourcing solutions to diverse industrial sectors, is the destination for such organisations.”

He further added, "At buyjunction, we believe that the provision of a state-of-the-art and comprehensive sourcing solution can transform the procurement process and enable it to reach its full potential. buyjunction provides multiple IT and internet based solutions to solve the most difficult sourcing and procurement problems and help the purchasing operation of client organisations into a newfound competitive advantage.”

2011 marks the 10th year of mjunction, which began operations in 2001. In the year ended March 31, 2011, the value eTransacted by mjunction was Rs24,854 crore. This achievement has earned mjunction the title of being the largest eCommerce company of India. Besides, of course, the fact that metaljunction, the metal eSales unit of mjunction, is the world’s largest eMarketplace for steel and coaljunction, the coal eSales unit is the world’s pioneer in selling coal online. However, it will be buyjunction, which is currently growing at over 60 per cent year-on-year that will ensure that what mjunction has been able to achieve in the last 10 years, it will now achieve the same in the next two years. In other words, the value of the eTransactions of Rs24,854 crore achieved in FY2010-11 after 10 years of innovative growth will be doubled to Rs50,000 crore by the year FY2013-14.