PRUDENTIAL FINANCIAL
The pace of change in procurement over this time, particularly in recent years, means large-scale change is essential if major organisations want to remain robust, resilient and competitive, he says.“ The mission remains the same: ensure supply, manage costs, quality and risk, and drive innovation – that won’ t ever really change.
“ But when it comes to technology, our marketplace has moved from procurement applications installed behind a firewall to where we are now, with Gen AI and agentic AI rewriting the way procurement works,” he notes.“ The growth of AI, and its requirement for paramount attention to data fidelity, means transformation for all corporate functions, not just procurement, needs to start with data hygiene. It’ s no longer an option or something that can be pushed down the road in favour of other priorities.”
Transformation and foundation building The need for creating a robust data foundation on which AI and other technologies can be deployed was part of the impetus for transforming procurement at Prudential Financial.
The business, which was founded in 1875 and operates through subsidiaries in the US and internationally in Asia, Europe and Latin America, provides insurance investment management and other financial services including financial planning and retirement solutions.
“ Within this context, we operate a centre-led global procurement function
“ Building a strong, robust data foundation – regardless of how complex that is or how long it takes – is critical”
Richard Porcaro, VP, Global Head of Sourcing & Category Management, Prudential Financial
that’ s tailored to be flexible and agile while also supporting the company’ s overall growth trajectory,” Richard explains.“ Naturally, our role is to ensure the supply side is optimised for cost, risk, quality and robustness, but equally as important is our ability to provide strategic support as the business evolves.”
The company embarked on transformation to bring together the procurement capabilities federated across the organisation, initiating a tech-focused programme designed to strengthen resilience, optimise supplier relationships and future-proof operations.
The strategy integrates risk management, sustainability, digital tools and data-led decisioning.“ The idea is that the sum of the parts is greater when brought together,” Richard says.“ It’ s been a rapid transformation that will enable us to support strategic growth by revolutionising our technological base.”
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