stc Kuwait
He stresses that procurement is crucial for managing limited budgets and achieving business targets , emphasising its role in both cost containment and avoidance .
This strategic approach has enabled stc to enhance its market position and support essential cost efficiency initiatives .
Aswani says : “ Procurement is crucial in driving business success and value creation . It goes beyond cost management by strategically sourcing quality products and services that align with our values . Effective procurement fosters innovation , manages risks , and builds strong supplier relationships , directly impacting our bottom line and enhancing our competitive edge . Ultimately , it plays a key role in achieving our business goals and delivering value to all stakeholders .”
Additionally , Aswani highlights that by preventing cost increases and avoiding inflation on existing contracts stc has achieved superior positioning compared to its competitors .
“ It ’ s not just about cost savings , but we avoid the low-cost increases ,” he goes on . “ This is one aspect that everyone tends to underplay : the significance of cost avoidance .
“ So , one of the key things that we try to do is to avoid any inflation on the existing contracts . We have real use cases , when we achieved better positioning than our competitors in some contracts , which really enabled us to propel forward .”
“ AI can give us insights on something we ’ ve not been able to see , so we want to be more productive , see what ’ s happening in the market and be more proactive and prepared to meet the challenges that are going to come ”
ASWANI NIMMAGADDA DIRECTOR OF PROCUREMENT , STC KUWAIT
66 September 2024