How Automation and Cost Optimisation Drive Strategic Value

Procurement has surpassed the role of cost-cutting and is evolving into a strategic driver of business growth and value creation. Those were the views of Hiten Parmar, CPO at Beazley, and Ashley Naughton, Supply Chain Head UK&I Advisory Industry at NTT DATA.

The pair were speaking at The Future of Procurement Automation & Cost Optimization webinar, hosted by Procurement Magazine in association with Amazon Business – which can be watched on demand here.

Beyond efficiency

During their discussion, the pair stressed the need for procurement to position itself as a partner in organisational ambitions beyond efficiency. The pair positioned automation and AI technologies as key enablers for procurement, but noted their success lies in careful deployment, strong foundational processes and alignment with business strategies.

Across the discussion, the duo cautioned against adopting technology for its own sake without clear objectives, while also stressing that compliance challenges are becoming increasingly important, especially in regulated industries.

Procurement is having to contend with constant supply chain volatility and changing regulations. Inflationary pressures and increasing stakeholder expectations have meant that procurement teams need to do more with less. The demands they are facing are increasing every day, with the need to remain agile and resilient while also focusing on cost savings and valuable contracts.

Navigating volatility with digital tools

The new era is defined by real-time data visibility, intelligent automation and a growing need to drive measurable cost optimisation. In order to manage all of this, procurement leaders are turning to advanced digital tools and AI-driven workflows.

The webinar saw the duo stress that leveraging automation and data can help organisations manage risks effectively, avoid penalties and uphold standards like ESG and deforestation regulations.

They also emphasised that talent remains critical in driving successful automation and procurement transformations. While technology can handle routine tasks, skilled professionals are required to interpret data insights, build supplier relationships and contribute to strategic decision-making.

The speakers believe that the future of procurement hinges on creating capacity for professionals to focus on strategic, creative and growth-oriented tasks. Automation frees up time for forming stronger supplier partnerships and discovering impactful innovations that drive long-term business outcomes.

To watch the webinar on demand, click here.

Meet the speakers

Hiten Parmar, CPO at Beazley

Hiten specialises in introducing, transforming and reshaping organisations in order to deliver growth and valuable outcomes. He understands that agility, innovation, optimisation and resilience across third parties and suppliers are central to organisational success. This knowledge is vital in today's climate of unpredictable data and changing markets.

He has led, advised and mentored leaders, organisations and a range of professional bodies, as they undergo transformation and innovation. For more than 25 years, Hiten has worked across FSI, consulting, data, FMCG, pharmaceutical and technology sectors, gaining strong expertise in leadership and the role of procurement across various industries.

As a result, Hiten can offer keen insights into what the future of procurement holds and how to ensure the unlocking of value.

Ashley Naughton, Supply Chain Head UK&I Advisory Industry at NTT Data

With more than 25 years of global experience in Aerospace, Automotive and Life Sciences supply chains, Ashley has a deep understanding of how supply chain and procurement operations are changing. He has seen first-hand the transformation within the industry and the job expectations, as they shift towards proactive solutions versus reactive ones.

He has advised CSCOs and CPOs in a range of leading industry sectors and is well-versed in consulting and thought leadership. Throughout his career, Ashley has delivered resilience, sustainability and value through a range of partnerships and advisory services. As a result, he understands how procurement teams are changing in order to unlock long-lasting value.

To watch the webinar on demand, click here.