Tuesday Apr 23, 2024
Tuesday Apr 23, 2024
Thursday, 20 January 2022 00:00 - - {{hitsCtrl.values.hits}}
From left: Christy Perera, Mayura Malagala and Asanka Wasalathilaka
Digital procurement is the application of disruptive technologies that enable Strategic Sourcing to become predictive, Transactional Procurement to become automated, and Supplier Risk Management (SRM) to become more proactive. It is the adoption of a strategic approach to procurement activities that would be digitalised, managed and strategised, to mitigate risks, reduce costs and boost efficiency.
Adoption of an effective digital procurement approach would lead to a number of operational and monetary benefits, particularly to businesses related to manufacturing and trading, that includes the reduction of a number of administrative tasks that require precious labour hours and the minimisation of paperwork.
On a more managerial level, the implementation of effective digital procurement provides more agility; allowing organisations to pivot its strategy with ease, while keeping all relevant stakeholders informed. Financially, an organisation with such an implementation, gives a company a more streamlined process that cuts down on costs and provides a number of advantages on a corporate level.
Despite requiring significant investment due to the requirement of specialised software and related infrastructure, companies adopting digital procurement achieve significant ROI. The visibility and transparency of the information provided by a centralised system related to procurement, gears a company up to be better informed to make better decisions. Digital procurement also streamlines routine tasks to maximise productivity and decrease expenses and helps fetch real-time information. This is achieved through the use of artificial intelligence (AI), smart automation and other convenient tools that are available digitally.
It transforms buyer interactions with suppliers and other third parties through a centralised and comprehensive communication platform and installs truly innovative and savvier ways in which information models can be used to enhance daily operations and decision-making.
PWC by transforming the way they create value through procurement has a proven track record of helping their clients the world over to navigate this changing digital landscape by transforming the way they create value through procurement. Backed by global thought leaders, practical experience, and industry-specific insights, PwC has the ability, experience and nous required to unlock sustainable value for any organisation.
Pursuant to their objective of propagating digitalisation and digital procurement, PwC are set to conduct a transformative five-day workshop to be held between 25 January and 2 February. The program will consist of a panel of industry experts and important resource personnel from PwC’s global network.
Among the speakers at the event are National and International Procurement Advisor and National Procurement Commission of Sri Lanka former Commission Member Christy Perera, PwC Associate Director Asanka Wasalathilaka, and PwC Director of Technology Consulting Mayura Malagala.
Key topics covered in the workshop will include, good governance and procurement best practises, sustainable procurement and environmental, social and corporate governance in the procurement process, e-procurement, integrated solutions and procurement process excellence amongst others.
Mayura Malagala stated: “The modern business era is all about disruption, and very often technology is the source of disruption. Though that term does have an intimidating undertone, disruption is only a natural part of evolution.
“Businesses are using digitalisation as a means to disrupt and recreate their business processes, with a focus on efficiency, agility and transparency. The digitalisation of the procurement process has become more wide-spread, with good reason. It produces many measurable and practical advantages over traditional means.”
Asanka Wasalathilaka elaborating on the importance of digital procurement added: “Excellence in digital procurement is a milestone that many, if not most, manufacturing and trading organisations around the world are striving to reach. The reasons for this are very clear; reduced costs, higher efficiency, better output quality and transparency of information.
“Through our workshop, we hope to draw on PwC’s global experiences in implementing digital procurement systems to educate, inform and transform the understanding that Sri Lankan businesses have with regards to digital procurement, and join hands with them so they too could strive towards Digital Procurement Excellence.”
This transformative five-day program is ideally suited for senior professionals working in procurement, high-level professionals from manufacturing and trade organisations, as well as entrepreneurs and businesses that rely on procurement as a critical function.
