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Wednesday, January 19, 2022
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Digital Procurement for the Banking Sector

“More Bang(Bank) for the buck”; “Do more with less”. This is what most organizations, especially CPOs in banks, are talking about when they think of procurement. But with budgets growing more slowly, and expectations of cost and efficiency savings growing faster than ever, how can organizations meet deliver expectations?

With today’s technology and maturity of the digital era, digital procurement solutions are allowing for more physical and digital inputs to be connected. This will bring about efficiency and eventually drive down cost. Fundamentally, digital procurement has become a must-have for effective and sustainable procurement.

Application of Procurement Technology for Banks

A true digital procurement organization will ride the digital wave by moving beyond replicating the same tedious processes with new software. It will change the procurement landscape by automating transactional procurement, strategic sourcing to become predictive. This article discusses conventional digital technology and new-age digital technology identified to future-proof procurement processes in the banking sector.

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Eliza Huang Ziqi, GDPM
Eliza Huang has substantive years of experience in procurement, across the semiconductor and finance sectors. She is currently Asia Procurement Lead of a global Dutch bank, specializing in Professional Services. Eliza holds a Bachelor of Engineering degree with Honours from Nanyang Technological University (NTU), and she is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). She completed the Graduate Diploma in Procurement Management (GDPM) on July 2019 at SIPMM Institute.

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