TH
Once again, as a leader in e-procurement platform services, Pantavanij Company Limited demonstrates its dedication to driving procurement standards by enhancing value and developing technology. This commitment aims to generate fruitful outcomes and empower procurement businesses, as well as expanding into other sectors. It is backed by previous awards received from global business media outlets, including those in the United Kingdom. It aligns with the company’s three-year goal of penetrating the Southeast Asian market with an investment exceeding 100 million Baht and leveraging platform technology to revolutionize electronic procurement, leading to comprehensive business value enhancement, sustainable business practices, and social responsibility.
Mitigate risk
The company consistently prioritizes sustainable procurement and demonstrates responsibility throughout the supply chain. It aims to develop vendors within the system to be capable and sustainable participants in the ecosystem. Utilizing vendor performance evaluation systems helps the company’s buyer organizations to explore, review, and select capable vendors, thus preventing and reducing the risk of negative impacts from engaging in business together. On the vendors’ side, they gain trust and recognition among the largest buyer groups in Thailand by conducting transparent, legal, and socially responsible business practices. This aligns with sustainable procurement practices or ESG, which are becoming increasingly crucial in today’s business world. The company will offer the “Supplier 360” service in the second quarter of this year.
Procurement Integrity
The introduction of ‘Supplier 360’ also reflects the dedication to strengthening trust and the company’s stance as a leader in fostering ‘ethical procurement’ through Pantavanij’s centralized service hub, both in policy and technological capabilities. This is accompanied by collaboration from buyer and seller organizations that join as integral parts of the ecosystem, structured to ensure ethical practices throughout the procurement process. This includes outlining, tracking, verifying, reporting, and preventing operations that deviate from ethical standards, moral principles, and legal regulations, such as unfair competitive bidding or unjustified vendor exclusion. Additionally, it encompasses ensuring transparency, like being unable to register without the required data as requested by the system.
Cost Reduction
The company continues to prioritize the primary objective of procurement: ‘cost reduction,’ alongside providing new service formats that adapt to economic trends or consumer behaviors. This is to instill confidence and stability in our partners and customers. This is evidenced by the achieved savings metrics, with price-related savings reaching up to a maximum of 50%, and time-related costs in operations reaching a maximum of 70%. These metrics are generated from a system that acts as both an assistant in responding to procurement strategies from buyers and also providing better pathways for buyers. For example, improving quantities or consolidating purchases to achieve lower prices through system analysis, resulting in less time spent on making good decisions and gaining trust from relevant units.
The increase in cost reduction does not solely stem from price strategies but also from supplier competition through the bidding and auction systems, fostering continuous online competition, ensuring the best prices are always available. This differs from traditional bidding and auction processes, which took more than 2 weeks to reveal results due to constraints that limited the visibility and variety of price ranges. In contrast, bidding and auctioning through the system can yield results in just 30 minutes, significantly reducing time costs, such as automation, employee working hours, and travel, which also positively impacts material costs, such as paper and electronic equipment, along with service fees paid to multiple providers, network fees, or communication service fees with partners.
Supply Chain Finance
The company sees suppliers on the system as more than just customers but as crucial partners that drive the economy in Thailand by maintaining stability in the supply chain. To ensure it remains uninterrupted, the company collaborates with financial institutions to introduce ‘Supply Chain Finance,’ providing easy approval credit for suppliers on the system. This is facilitated by an evaluation system analyzing transaction data through Pantavanij, allowing suppliers easier access to funding sources to sustain the flow of goods/services amidst economic and societal challenges. Furthermore, it extends support to the supply chain, ensuring sustainability and resilience.
Pantavanij Company Limited continues to push towards its goals with clarity, aiming to maintain confidence from every business entity by providing modern and business-purpose-driven services simultaneously. At the same time, it doesn’t cease to uphold its position as the sole leader in providing electronic procurement platform services in Thailand and in the Southeast Asian region.