In this episode of The Procurement Software Podcast, host James welcomes Praveen Kalamegham, CTO of Workrise, to discuss the importance of industry-specific solutions in procurement technology, particularly in the oil and gas sector.

The conversation dives into how tailored tools can better meet the unique needs of different industries and enhance procurement processes.

Tune in to learn how to confidently choose and implement the right procurement tech to drive efficiency and innovation in your organisation.

S2P and Vendor Management in the Energy Sector

Praveen emphasises the importance of tailored procurement solutions for specific industries, particularly in the energy sector, where complex supply chains and massive capital projects are the norm. He highlights how tailored tools like Workrise address unique challenges, ensuring companies avoid the pitfalls of generic solutions that fail to meet sector-specific needs.

His perspective focuses on the need for transparency and trust in procurement processes, especially in an industry often driven by handshake agreements. By connecting all aspects of procurement—from sourcing to payment—Workrise fosters real-time visibility and stronger supplier relationships, enabling energy companies to operate more effectively.

A key takeaway is Praveen’s emphasis on adaptability. Workrise is designed to integrate with existing systems, allowing organisations to enhance their current operations without overhauling established processes. This flexibility is particularly vital for companies hesitant to adopt new technologies due to fears of disruption.

Praveen advocates for building an engaged supplier network, where active collaboration ensures resources are available when needed. This proactive approach, coupled with alignment between procurement and finance functions, accelerates decision-making and enhances cost efficiency.

By tailoring its solutions to industry needs, Workrise demonstrates how procurement technology can drive immediate value while laying the foundation for long-term success in a highly dynamic sector.

Timestamps:

[00:02:21] Assessing procurement technology needs.

[00:06:31] Niche tools for energy procurement.

[00:08:11] Complexities of CapEx projects.

[00:12:38] Cost savings in energy supply chain.

[00:17:25] Niche solutions in energy sector.

[00:20:34] Supply-side ecosystem challenges.

[00:25:30] Partnerships in the energy industry.

[00:27:16] Trust through transparency in industry.

[00:29:26] Partnership in procurement tech.

And that wraps up another episode of The Procurement Software Podcast!

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The Procurement Software Podcast

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