Pantavanij unveils 3-year business plan to lead Southeast Asia's e-procurement sector by launching the groundbreaking supplier due diligence service, 'Supplier 360', in a bid to reduce risks and raise standards to international benchmarks
Pantavanij has unveiled its ambitious three-year business plan to solidify its position as a premier e-procurement enterprise in Southeast Asia. The company's strategic roadmap includes the launch of a groundbreaking supplier due diligence service dubbed "Supplier 360", which aims to establish a new standard for sustainable business practices. Pantavanij seeks to lead the charge to a more sustainable and efficient business landscape by mitigating risks and raising operational standards to international benchmarks. Setting itself apart as the first Thai e-procurement company ready to compete on a regional scale, Pantavanij is primed to dominate the sector through market expansion and the establishment of branch offices. With a hefty investment of 100 million baht allocated to research and development, the company aims to leverage cutting-edge technology to provide comprehensive services to every market segment, particularly the medium-sized customer market.
Central to Pantavanij's vision is launching its "Supplier 360" service, which entails rigorous due diligence procedures to curate a roster of high-quality suppliers. This initiative aligns with emerging international peace, counterterrorism, human rights, and sustainability regulations. With a projected 20% customer growth and a 30% rise in revenue anticipated for 2024, Pantavanij is poised for exponential expansion under Mr Wichit Srikreephuthana, the company's Managing Director.
Commenting on the company's operational guidelines for 2024, Mr. Wichit emphasized Pantavanij's commitment to providing comprehensive 360? services to navigate the evolving digital landscape. As the dynamics between buyers and sellers undergo rapid transformation, Pantavanij is dedicated to enhancing operational efficiency, reducing costs, and fostering data visibility.
According to its business plan for this year, the company aims to deliver value in three areas:
- Boosting efficiency: Streamlining processes for both buyers and sellers through automation.
- Reducing costs and creating savings: Generating direct and indirect cost savings to bolster profitability for both sides.
- Data-driven decision-making: Using artificial intelligence (AI) to empower users with insights from AI-driven data analysis.
"With Thailand's e-procurement trade volume standing at about 500 billion baht per year, Pantavanij recognizes the imperative of cultivating a robust ecosystem to instill confidence among buyers and sellers," Mr. Wichit said. "Facilitating trades worth more than 200 billion baht and over 3 million purchase orders annually, Pantavanij's platform serves as a cornerstone of B2B commerce across the ASEAN region. It has also brought together leading organizations, including buyers and sellers from more than 12 countries. Through the platform, buyers can quickly select products from more than 30,000 sellers, covering more than 31 categories of products and services, with various functions, ranging from purchase requests and recruiting sellers to paying and seeking financial support."
Pantavanij also provides advice on efficiently using digital information to reduce costs. It stores all data in a central database that makes it easy to collect and review, making future order placement even more convenient. An online auction system allows companies to compete in bidding, resulting in savings of up to 45% for sellers.
With accolades such as the "Best eProcurement Solutions Provider - Thailand 2023" and "Most Innovative Cost-Saving Strategy Development Product - Thailand 2023" bestowed upon the company by the UK-based leading business media, The Global Economics, Pantavanij's commitment to excellence is unmistakeable.
Looking ahead, Mr Wichit said Pantavanij is poised to expand its footprint across Southeast Asia over the next three years, with plans to set up offices and cater to diverse industry verticals. This year, it plans to invest nearly 100 million baht in hardware and software to support research and development. With a strategic focus on customer acquisition and retention, Pantavanij aspires to penetrate new markets while fortifying its existing client base across several industries, such as telecommunications, retail, finance, and banking, as well as new sectors like real-estate and medium-sized organizes that hope to expand overseas.
"After more than 22 years of providing electronic procurement services, the Pantavanij e-procurement platform has proved that implementing a fully digitized system can reduce costs and time spent working. By implementing a fully electronic system, companies can save 10-15% in labor and paper costs and reduce working hours by 50% while building a new standard in purchasing. By the time the second year rolls around, costs will be reduced by at least 20%, and the stored data can be further developed by combining big data technology," Mr. Wichit said.
In addition to its core e-procurement offerings, Pantavanij launched its latest venture?"Supplier 360"?this month. This supplier due diligence service aims to foster sustainable business practices and ensure compliance with international standards. Pantavanij scrutinizes suppliers for adherence to ethical principles and regulatory mandates to mitigate risks and promote responsible sourcing practices across its vast supplier network.
"The Supplier 360 service will reduce risks for buyers - financial, operational, or reputational- and foster a culture of transparency, integrity, and sustainability across the business landscape. Pantavanij will also conduct regular audits on the quality of products and services to ensure partnerships with reliable and competent suppliers. This way, buyers will always have suppliers who are ethical when conducting business. With the Supplier 360 service poised to take on board approximately 20,000 companies in its first year, Pantavanij anticipates revenue growth of at least 30% and an additional 20% increase in its customer base," Mr. Wichit concluded.