DP World has signed a major multi-year deal to continue its deployment of iSpec, the world’s leading web and mobile-based software procurement solution for buyers of capital-intensive equipment.

The Dubai-based port and logistics giant’s latest contract renewal for iSpec covers three years and includes an option for a further two-year extension.

DP World, which offers end-to-end supply chain logistics solutions via its 123 business units in 54 countries across seven continents, is a long-term supporter of iSpec, the core product of lifecycle contract management specialist Remy InfoSource. After signing its first contract for the deployment of iSpec in 2006, the latest contract renewal by DP World takes the partnership through to 2025.

“We are delighted DP World has had so much success deploying the iSpec Lifecycle Contract Management solution for managing its global procurement of strategic equipment and has signed up for another extended collaboration via this contract renewal,” said Pieter Boshoff, CEO of Remy InfoSource.

“The extended agreement is based on the long-term trusted relationship between DP World and Remy InfoSource. DP World will continue to leverage iSpec for strategic decision-making and management information allowing visibility, control and governance across its global business portfolio.

“This has been a highly fruitful partnership. As a leading global and smart trade enabler, DP World recognises that innovative procurement technologies such as iSpec allow it to stay at the forefront of supply chain solutions.”

Governments and companies regularly procure products and services worth millions, and sometimes billions, of dollars from external providers. Complex projects can take many years from idea to completion. Cost overruns, delays and implementations failures are often the norm rather than the exception. Various project management systems aim to support this process but, unlike iSpec, most focus on the vendor/provider instead of the buying organisation.

iSpec’s web and mobile-based software has continuously been developed over the past 15 years specifically for buyers of capital-intensive outsourced projects. The software provides a unified platform for tender management with dedicated accounts for all relevant parties including all contract terms as well as technical specifications. After awarding the contract to one or multiple vendors, a seamless transition to the implementation phase prevents vendors renegotiating or claiming to not have been aware of detail requirements.

“We have developed the iSpec iNspect mobile inspection app to track ongoing delivery to guarantee specification compliance,” said Boshoff. “This dramatically reduces the risk of failed projects by streamlining the delivery process and facilitating end-to-end transparency throughout.”

As businesses around the world have instructed staff to work from home during the coronavirus pandemic, the value of iSpec’s transparent digital management platform has been further emphasised. Online functions for managing procurement in iSpec cover everything from the drafting of contracts and tender publication through to commissioning and final handover, making the switch to remote project management seamless.

“Our customers such as DP World have not suffered even a slight speed bump on their projects,” said Boshoff. “iSpec is the perfect enabler of remote working because all stakeholders can access everything from anywhere at any time. All stakeholder collaboration is conducted entirely online so no printed materials or face-to-face meetings involving costly travel are required.”

On top of its standard suite of services, Remy InfoSource also provides DP World with robust technical support for iSpec, quarterly enhancements tailored to DP World’s requirements, and smart dashboards and reporting capabilities that have together significantly improved the efficiency of its strategic equipment procurement.

DP World also uses its iSpec platform to maintain the integrity of contract documents, facilitate collaboration with global stakeholders, and manage clause-based tender clarifications and tender response evaluations.

“The DP World contract also provides effective risk management, tracks project compliance and delivery and ensures transparency and audit-ability of the entire procurement process,” said Boshoff.

He added: “iSpec’s focus is very much on the buying organisation, which is why as a solution it is proving attractive for port and logistics companies such as DP World who have to get their procurement right to protect the bottom line.

“If you have a system that tracks everything including all specifications, emails, approvals, correspondence, negotiations, inspections,  etc. all in a single point-of-truth and easily accessible to all stakeholders, then you can hold buyers and suppliers accountable, enforce compliance, resolve disputes and manage risk much more easily.

“It is when people work outside of an all-encompassing solution that miscommunication occurs, deliverables are delayed and contractual disputes arise.”