Podcast Adopt tech to cut procurement losses, experts tell companies

In order to reduce waste and maximize results, experts have emphasized that businesses must incorporate technology in their sustainability and procurement operations.

At the recently hosted Africa Procurement and Supply Chain Awards in Lagos, they made this declaration.

Hannah Out, group head of supply chain for the Jospong Group of Companies, emphasized the necessity for businesses to be mindful of their purchasing decisions.

In order to ensure that it was making the proper purchases, she said that one of the tactics the group had used over the years was to include technology into its procurement process.

She stated that one requirement the group consistently upholds in its procurement bidding process is to examine what potential clients or bidders do to protect the environment.

Jacob Otuche, a representative of the Volta River Authority of Ghana, claimed that digitization had assisted the business in creating a reliable annual procurement calendar and electronically engaging its clients.

“We have a program that allows us to make year-long plans. In addition, we have incorporated technology into our procedures, allowing us to interact with customers online. We have been able to gain transparency through this and stop leaks.

“The company’s bottom line is always harmed by rising procurement costs. Our e-transaction card facilitates online customer interaction and improves inventory control with proactive purchasing.

“We need to understand that the internet exists and that it poses a threat. We must be mindful that the internet has its risks in addition to our desire to improve our procurement process digitally and cut waste, he said.

Adeola Oduntan, general manager of supply chain management finance at MTN Nigeria, also made a statement during the discussion. He 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. Mr. Akin Naphtal, Group Chief Executive Officer of InstinctWave and the summit’s creator, commented on the purpose of the annual event: “The event exhibited brilliance in efficiently managing supplies for their respective organizations.”

He asserts that the development and sustainability of business in Africa has been significantly aided by procurement specialists.