As the SEA business landscape rapidly evolves, organizations are enabling procurement by leveraging technology to gain a competitive edge. Zycus, a leading procurement solutions provider, has been at the forefront of driving digital transformation in the SEA region, empowering businesses to optimize efficiencies, reduce costs, and foster stronger supplier relationships. In two recent events, one in Malaysia and the other in Singapore, Zycus showcased its commitment to revolutionizing procurement practices through the power of AI and technological innovation.

Digitally Transforming Supplier Management in Malaysia

In a captivating Breakfast Talk held at JW Marriott Kuala Lumpur, Zycus gathered C-Level Executives from prominent organizations in Malaysia, including Axiata Group, Sime Darby Plantation, Nestle, OCBC Bank, Boustead Plantation, Plus Malaysia, British American Tobacco, Shell Malaysia, Bank Rakyat & F GV Holdings. Visionaries and thought leaders from various industries provided practical insights, delving into the transformative potential of AI in supplier management processes.

• Harnessing AI for Supplier Management:

One of the key highlights of the event was the discussion on how AI has transformed supplier relationship management. By automating routine tasks and analyzing vast amounts of data, AI empowers procurement teams to make data-driven decisions, enhance supplier collaboration, and mitigate risks effectively. Attendees gained valuable insights into the diverse uses and applications of AI in supplier management, paving the way for stronger partnerships and improved operational excellence.

• Focus on ESG Goals and Strong Supplier Relationships:

The forum emphasized the significance of enabling procurement practices with Environmental, Social, and Governance (ESG) goals. Industry leaders explored ways to build robust supplier relationships and foster partnerships aligned with sustainability objectives.

• The Drive towards Fully Digital Operations:

As businesses navigate the complexities of the modern world, the event underscored the importance of moving towards fully digital operations for business continuity and operational excellence. Enabling procurement with next-gen technologies, such as AI and Machine Learning (ML), were identified as critical enablers of automation and informed decision-making.

• Case Studies and Best Practices:

The Breakfast Talk presented case studies and best practices from successful implementations of AI-powered solutions. A leading telecom giant showcased how it harnessed AI to optimize supplier selection, reduce procurement cycle times, and enhance supply chain resilience. These real-world examples inspired attendees and facilitated collaborative discussions.

Zycus at ProcureCon Asia Summit 2023 in Singapore

The vibrant city of Singapore played host to the ProcureCon Asia Summit 2023, a transformative event that brought together procurement leaders from diverse industries. With themes ranging from managing market volatility to envisioning the future of procurement in 2030, the summit provided a comprehensive outlook on the ever-changing landscape of procurement.

• Navigating the Turbulent Waters of Market Volatility:

The summit began with a deep dive into managing market volatility, emphasizing the importance of strategically enabling procurement to mitigate the impact of uncertainties. Attendees actively participated in discussions, sharing best practices and experiences to adapt and thrive in a dynamic business environment.

• Rethinking SRM for Supply Chain Resiliency:

Another crucial topic at the summit was rethinking supplier relationship management for a resilient supply chain. Experts explored the latest trends and strategies to build strong supplier partnerships, ensuring uninterrupted operations in an interconnected world. Attendees gained invaluable insights into enhancing SRM practices and fostering long-term collaborations.

• The Four Ps of Enabling Procurement:

A keynote address by Mark Adams, Senior Vice President & Head of Innovation, VICE Media, introduced the concept of the “Four Ps of Procurement”: Prediction, Production, People, and Placement. This insightful session illuminated how these elements are now crucial to the success of procurement teams in the rapidly changing landscape.

Understanding and mastering these components were presented as a pathway to excellence and sustainable procurement practices.

• Procurement 2030: Envisioning the Future:

The summit offered attendees a visionary perspective with “Procurement 2030,” exploring innovative ways to generate revenue through strategic purchasing relationships. Procurement professionals were encouraged to think beyond cost-saving measures and explore enabling procurement’s potential as a driver of business growth and value creation.

• Going Fully Digital Transformed vs. Being Human-Centered:

An essential debate was ignited, discussing the delicate balance between leveraging digital technologies for process optimization and maintaining a human-centered approach to procurement. Attendees explored how technological advancements can enhance efficiency while preserving the human touch in supplier relationships and negotiations.

Achieving Excellence: The Hackett Group’s Story with Zycus Generative AI

Witness The Hackett Group’s journey toward achieving excellence in procurement. This video highlights their strategic use of Zycus Generative AI to overcome obstacles and set new benchmarks in the industry.See Their Journey – Click to Watch!

During the ProcureCon Asia Summit 2023 in Singapore, Zycus made the event even more exciting with engaging giveaways. Congratulations to the lucky winners, Dorothy Khoo and Khairul Azman, who won Apple AirPods and an Apple HomePod Mini in the raffle draw!

The atmosphere was further enhanced by a talented caricature artist who captured memorable moments, as show in the pictures – Zul Haron, and Olga Pushkareva. These fun activities added an extra touch of enjoyment and camaraderie to the event, fostering connections and leaving attendees with lasting memories of their time at the summit.

With the vibrant exchange of ideas, insightful sessions, and interactive elements, the ProcureCon Asia Summit 2023 in Singapore truly exemplified the collaborative spirit within the procurement community.

Conclusion:

Zycus’ footprint in the SEA region’s of enabling procurement is a testament to its commitment to driving excellence through the power of AI and technological innovation. The recent events in Malaysia and Singapore served as platforms for thought leaders, visionaries, and procurement professionals to come together, exchange ideas, and explore the limitless possibilities of digital transformation in supplier management and enabling procurement practices.

With a focus on empowering businesses to adapt and thrive in an ever-evolving landscape, Zycus continues to shape the future of enabling procurement in the SEA region and beyond.

To learn more about how Zycus can help you implement data-driven, integrated, and intelligent request management, request a demo today.

Related Read:

1. Understanding E-procurement, Part 1: Quantifying the Benefits
2. Impact of ASEAN Free Trade Agreement (AFTA) on Region’s Procurement
3. The Top 5 Benefits of E-Procurement: Streamlining Procurement for a Brighter Future
4. Your Guide to eProcurement
5. White Paper – Decoding AI in Procurement
6. Merlin AP automation AI procurement software