At Zycus Horizon, Rakovich, Head of Procurement at Treasury Wine Estates, shared key insights into the challenges and strategies involved in achieving source-to-pay (S2P) excellence. As one of the world’s largest winemakers, Treasury Wine Estates operates within a complex procurement landscape, requiring a streamlined and efficient procurement function to navigate supplier relationships, cost pressures, and compliance requirements.
- Rakovich outlined major challenges in Treasury Wine Estates’ S2P journey, including supplier onboarding bottlenecks, cost optimization hurdles, and compliance complexities across multiple markets. He emphasized the critical role of digital transformation, explaining how automation, AI-driven procurement tools, and data analytics helped unlock efficiencies, reduce manual efforts, and improve supplier collaboration.
Key takeaways from the session included:
- The importance of end-to-end visibility in procurement operations.
- Leveraging AI and automation to drive efficiency and cost savings.
- Enhancing supplier relationships to ensure long-term strategic value.
- Overcoming regulatory and compliance challenges in global sourcing.
Rakovich also highlighted best practices for organizations looking to optimize their procurement processes, emphasizing that a well-structured source-to-pay strategy can significantly impact an organization’s bottom line and operational agility. The session concluded with actionable recommendations for businesses aiming to modernize procurement and drive procurement-led innovation.
