Podcast Adopt tech to cut procurement losses, experts tell companies

To avoid waste and get the best results, experts have emphasized the necessity for businesses to utilize technology in their sustainability and procurement operations.

They announced their decision during the recent Africa Procurement and Supply Chain Awards in Lagos.

Companies need to be aware of the products they buy, according to Hannah Out, Group Head of Supply Chain at the Jospong Group of Companies.

She mentioned that one tactic the company had used over the years to make sure it was making the appropriate purchases was to include technology into its procurement process.

She remarked, “The group constantly insists on analyzing what the potential customers or bidders do to protect the environment in its procurement bidding process.”

Jacob Otuche, a spokesman of the Ghanaian Volta River Authority, said that digitization had enabled the business create a strong annual procurement calendar and digitally contact its consumers.

“We have a program that allows us to make plans for the entire year. Additionally, we have incorporated technology into our procedures, which allows us to interact customers digitally. We have been able to establish transparency and stop leaks because to this.

“Increasing procurement costs always has a negative financial impact on the organization. With the use of predictive procurement, our e-transaction card improves inventory management and allows for digital consumer engagement.

“We must be aware that the internet exists and poses a threat. As much as we want to improve our digital procurement process and cut waste, we also need to be cognizant of the risks the internet presents, he said.

Read Also:  Benue Assembly to commence screening of commissioner-nominees Thursday

Speaking in addition, Mr. Adeola Oduntan, General Manager of Supply Chain Management Finance, MTN Nigeria, said that as a telecom firm, MTN Nigeria had continued to take advantage of digital prospects by utilizing technology in each of the supply chain’s categories.

The event honored outstanding procurement experts, teams, and organizations in Africa for their exceptional leadership, ethical practices, and strategic supply chain management. It also displayed brilliance in effectively managing supplies for their respective organizations, according to Group Chief Executive Officer of InstinctWave and summit organizer Mr. Akin Naphtal.

He asserts that procurement specialists have been essential in promoting sustainable corporate growth in Africa.