Pantavani launches ground-breaking supplier due diligence service “Supplier360'' to reduce risks and raise standards for international benchmarks, announcing three-year business plan to lead the e-procurement sector in Southeast Asia
Pantavanij has announced an ambitious three-year business plan to solidify its position as the leading e-procurement company in Southeast Asia. The company's strategic roadmap includes the launch of a ground-breaking supplier due diligence service called 'Supplier 360', aimed at establishing a new standard for sustainable business practices. Pantavanij aims to lead the way towards a more sustainable and efficient business environment by mitigating risks and raising operational standards to international benchmarks. Pantavanij has established itself as the first Thai e-procurement company ready to compete on a regional scale and is poised to dominate the sector through market expansion and branch establishment. The company has allocated a significant investment of 100 million baht in research and development and aims to leverage cutting-edge technology to provide comprehensive services to all market segments, especially the mid-sized customer market.
Central to Pantavanij's vision is the launch of its 'Supplier 360' service, which requires rigorous due diligence procedures to handpick a roster of high-quality suppliers. This initiative is in line with new international peace, counter-terrorism, human rights and sustainability regulations. Expecting 20% customer growth and 30% revenue growth in 2024, Pantavanij is poised for exponential expansion under the company's Managing Director Mr. Wichit Sri Kreepthana. We are preparing.
Wichit commented on the company's operating guidelines for 2024 and highlighted Pantavani's commitment to providing comprehensive 360-degree services. Services that help you navigate the evolving digital environment. As the dynamics between buyers and sellers rapidly change, Pantavanij is dedicated to improving operational efficiency, reducing costs, and driving data visibility.
According to this year's business plan, the company aims to deliver value in three areas:
- Increased efficiency: Automation streamlines processes for both buyers and sellers.
- Reduce costs and generate savings: Generate direct and indirect cost savings and enhance profitability for both parties.
- Data-driven decision-making: Use artificial intelligence (AI) to provide users with insights from AI-driven data analysis.
“With e-procurement transaction value in Thailand reaching approximately 500 billion baht annually, Pantanisi recognizes that fostering a strong ecosystem is essential to instilling confidence in buyers and sellers,” Wichit said. he said. “Facilitating over 200 billion baht worth of transactions and over 3 million orders annually, Pantavani’s platform serves as the foundation for B2B commerce across the ASEAN region. The platform brings together 30,000 products and services, covering more than 31 categories, with a variety of functions, from requesting purchases and recruiting sellers to seeking payment and financial support. You can quickly select products from over 1,000 sellers.
Pantavanij also offers advice on how to use digital information efficiently to reduce costs. Storing all data in a central database makes it easier to collect and review, making future orders even more convenient. Online auction systems allow businesses to compete in bidding, allowing sellers to save up to 45%.
Pantavani’s excellence has earned it awards such as “Best E-Procurement Solution Provider – Thailand 2023” and “Most Innovative Cost Reduction Strategy Development Product – Thailand 2023” from Global Economics, a leading UK-based business media outlet. There is no doubt that efforts are being made.
Looking ahead, Wichit said Pantavani is ready to expand across Southeast Asia over the next three years, with plans to set up offices and cater to diverse industries. 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 strengthens its existing customer base across multiple industries such as telecommunications, retail, finance and banking, as well as new sectors such as real estate and midmarket businesses, while acquiring new We aim to enter the market. An organization aiming for overseas expansion.
“After more than 22 years of providing e-procurement services, the Pantavanij e-procurement platform has proven to reduce costs and work time by implementing a fully digital system. By implementing the system, companies can save 10-15% on labor, reducing paper costs and labor time by 50% by the second year, while creating a new standard in purchasing. will be reduced by at least 20%, and the stored data will be able to be further developed by combining big data techniques,” Wichit said.
In addition to its core e-procurement services, Pantavanij launched its latest venture, Supplier 360, this month. This supplier due diligence service aims to promote sustainable business practices and ensure compliance with international standards. Pantavanij scrutinizes suppliers for compliance with ethical principles and regulatory obligations to reduce risk and promote responsible sourcing practices across our vast supplier network.
“Supplier 360 services reduce buyer risk – financial, operational and reputational – and promote a culture of transparency, integrity and sustainability across the business environment. We conduct regular audits on the quality of our products and services.'' This way, buyers always have ethical suppliers to do business with, and the Supplier 360 service reached approximately 20,000 companies in its first year. Pantavanij expects to increase revenue by at least 30%. Our customer base will increase by another 20%,” Wichit concluded.
