Varis was excited to participate in and demonstrate the BuyerQuest platform at the recent SIG 2021 Global Executive Summit at the Omni La Costa Resort and Spa. These events are an opportunity for procurement executives to gather and share best practices, cost reduction strategies and other approaches designed to innovate and mitigate risk. The event included roundtables, keynote and breakout sessions, as well as product demonstrations and networking events.
The Sourcing Industry Group (SIG) has been a long-time thought leadership organization for executives sourcing, procurement, outsourcing, shared services and risk.
Innovation talk: Discussing Disruptive Digitization
Daniel Smith, SVP and Chief Commercial Officer at Varis hosted the session entitled, “Fostering Trusted B2B Communities as Part of Disruptive Digitization with Varis”. During his presentation, Daniel discussed the common issues facing leading procurement organizations, including off-contract spend, spend compliance issues and fragmented systems. He discussed how addressing the challenges required reframing and the hurdles to growth.
As part of the discussion, Daniel compared current strategies and tactics of “old procurement” with the opportunities that become available as part of a digital transformation and modern procurement focus. Modern procurement includes strategies and capabilities such as
- A focus on Digital, encouraging supplier innovation and aligning with organizational priorities
- Creating a user-focused experience with user-driven compliance
- Consumer-like buying that does not require training
- Creating a community of trusted suppliers and empowering MWBE suppliers
- Applying operational agility across sourcing, risk, supply chain, compliance and other functional groups.
Beyond traditional procurement value, Daniel’s presentation highlighted some of the benefits that disruptive digitalization can have to some of the key areas of focus with SIG members including Remote Work, Supply Chain Agility and Diversity and Sustainability.
At the close of his presentation, Daniel shared some real-world experiences of Varis customers who were able to achieve effective buying experiences that drove high user adoption that led to increased on-contract spending.
Learning about BuyerQuest at the Exhibition
Product and industry experts from Varis were available to further discuss the challenges and opportunities in procurement with visitors to the exhibition hall. Those that stopped by the BuyerQuest exhibit learned more about the pain points with which procurement executives struggle and how the BuyerQuest platform can offer a single solution to not only simplify the buying process for users but also improve spend visibility and insights to the business.
One Solution, One Company
Varis goes beyond the transactional to the transformational for procurement. The BuyerQuest platform helps end-users spend less time buying and more time focusing on strategy.
Learn more about BuyerQuest Procure-to-Pay