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Spend Matters welcomes this sponsored guest post by Vishal Patel, head of solutions marketing at Tradeshift.
The 2016 World Economic Forum gets under way in Davos, Switzerland, today. What’s on everyone’s minds and lips is the potential that technology has to truly transform and disrupt business. CEOs of the Fortune 1000, journalists and world leaders will be speaking all week to the theme of tech transformation.
Where this transformation is most apparent is the disruption happening in every industry. In the case of big business, the goal is to avoid being disrupted by technology — in other words, agility. With complex global supply chains and massive corporate spend, stasis is the norm. It’s hard — but decidedly necessary — to effect change. If global enterprises are to remain relevant over the next decade digital technologies must take center stage.
This is the conversation we’re trying to foster. Tradeshift has transformed the main church in Davos into the Tradeshift Sanctuary — a place where people can relax, connect and be inspired.
It’s no knock on the WEF to say it’s long established. What’s happening at the Tradeshift Sanctuary is an extension and acceleration of that legacy. We’re hosting panels, debates and talks by a wide range of luminaries. Some highlights include discussions with Bibop Gresta, COO of Hyperloop Transportation Technologies, Vishal Sikka, CEO of Infosys, and a fireside chat between Tradeshift CEO Christian Lanng and Ariba President Alex Atzberger.
We’ve also partnered with CNBC and TechCrunch to provide a must-see content lineup. The underlying goal is to give voice to true innovation, not just pay it lip service. The list of tech giants who could be accused of this is long, but that’s merely the gentrification of disruption. If you’re playing to protect market share and keep an aged line of products popular, you can’t possibly provide global business with the needed edge. This is nowhere more apparent than in supply chain and procurement.
While WEF attendees discuss topics such as digital transformation of industries and of finance, we’re here representing the digital transformation of supply chain and procurement. A common conversation we’ve had centers around improving profit margins and investor returns. In a late-stage bull market and sluggish global economy, the best way to improve returns is from within. Nearly half of revenue goes right back out the door as spend on goods and services; this is money CEOs want back. But getting spend under management is just the beginning.
More importantly, what c-level executives yearn for is agility. For us, agility within supply chain and procurement is a result of connectivity, collaboration and real-time information.