The Value Created in 2023 We are actively promoting positive change in the financial sector through our focus on cultivating a sustainable and ethical supply chain. This commitment is demonstrated through various key initiatives, each playing a role in advancing our broader vision. 1. Embracing Innovation for Efficiency and Impact We are exploring new possibilities in procurement through technology, introducing cloud-based solutions and digitising procurement processes to improve the efficiency of our operations and support agile decision-making in our procurement activities. A. Cloud Procurement B. Digitisation of Procurement Processes To modernise procurement practices. To enhance our procurement processes, focusing on operational efficiency, data accessibility, informed decision-making, and proactive risk management. Objective: Objective: We implemented cloud-based procurement as a pioneering initiative among Malaysian financial institutions, aiming to significantly enhance our procurement practices. This innovative approach empowers us to achieve several key benefits, including: • Improving Supplier Management and Performance Monitoring: By adapting Supplier Performance Management, we can harness supplier performance and innovation to positively impact our business’ top-line value creation. • Negotiating Better Prices: Realtime access to data and insights from the cloud empowers us to make informed decisions during negotiations with suppliers. This could lead to securing more favourable terms. • Streamlining Procurement Processes: Leveraging cloud-based software automates tasks and consolidates activities, saving time and resources. This contributes to further cost efficiency. This initiative positions Bank Islam as an innovator in adopting agile procurement practices. It enables us to respond swiftly to new opportunities and maintain cost competitiveness in a dynamic market. Recognising the transformative potential of technology, we have embarked on a journey to digitise our procurement processes. The procurement system demonstrates our commitment to a more efficient and sustainable supply chain. Our focus on digitisation encompasses the following key areas: • Streamlining Operations: We utilise digital tools to reduce administrative tasks and boost productivity, reallocating resources for strategic initiatives. • Centralised Data Insights: Digitisation consolidates supplier data, providing accessible insights into performance, compliance, and environment. • Data-Driven Decision-Making: Detailed data guides sourcing, engagement, and risk management as well as sustainability and ethical practices. What We Did: What We Did: 153 1 2 3 4 5 6 7 8 9 www.bankislam.com SUSTAINABILITY STATEMENT
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