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Key takeaways:
- Sustainable growth in procurement requires a holistic approach
- Take the time to understand the needs and pain points of key stakeholders
- Create a single source of truth for procurement data
- Integrate key systems and introduce automation where feasible
- Build strong relationships with key suppliers to unlock additional value
- When tackling rising SaaS and cloud costs, shift focus from cost to value
Welcome to The Efficiency Code, your guide to unlocking peak performance in finance and procurement. In this series, we decode the strategies of top industry leaders who are redefining efficiency and optimization. From embracing technology to effective spend management, discover how to achieve more with less. Join us as we crack the code to sustainable growth.
In this episode, we sat down with Angela Estevez Megias, a procurement expert with over 15 years of experience across multiple industries and regions. Angela currently leads the procurement function at Ebury, a global fintech company, where she has built the entire function from the ground up.
Read on (or watch the video above) to learn about Angela's journey in procurement, from consulting to leading procurement functions within companies. We'll dive into her expertise in strategic sourcing, supplier relationship management, and driving sustainable growth in fast-paced environments. Angela shares her deep understanding of SaaS and cloud cost management, as well as insights on cross-functional collaboration to streamline procurement processes.
Sustainable growth in procurement requires a holistic approach
When starting a procurement function from scratch, Angela emphasized the value of taking a holistic approach. This means looking at procurement broadly, including:
- Sourcing and negotiation
- Cross-functional collaboration
- Downstream procurement processes
- Contract management
- Supplier relationship management
Take the time to understand the needs and pain points of key stakeholders
One of Angela's primary focuses was on communication and building trust with stakeholders. She spent significant time introducing herself to key personnel and understanding their needs and pain points. This approach helped her gain support and buy-in for the new procurement function.
Create a single source of truth for procurement data
Angela stressed the importance of having reliable data to make informed decisions. She worked on creating a single source of truth for procurement data, which included contract values, renewal dates, and ownership information. This data-centric approach allowed for better visibility and strategic planning. Working with Vertice helped her do this.
Integrate key systems and introduce automation where feasible
While full automation wasn't immediately possible, Angela focused on integrating existing systems and gradually introducing automation where feasible. Key areas for automation included:
- Purchase order processes
- Invoice reconciliation
- Supplier onboarding
Build strong relationships with key suppliers to unlock additional value
A significant success story Angela shared involved transforming a pay-as-you-go arrangement with a major cloud service provider into a structured contract with regular reviews and strategic partnership. This highlights the importance of building strong relationships with key suppliers, no matter your growth stage.
When tackling rising SaaS and cloud costs, shift focus from cost to value
When tackling rising SaaS and cloud costs, Angela recommends shifting focus from pure cost-cutting to value creation. This involves:
- Understanding the unique value proposition of your organization
- Optimizing services and challenging the need for new SaaS tools
- Building strong relationships with vendors to unlock additional value
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