Digital Procurement Summit 2023, Kuala Lumpur

The event

The Digital Procurement Summit 2023 was held in Kuala Lumpur, Malaysia. Rrahul was invited as a guest speaker to talk about the metaverse for the procurement industry.

The talk

Rrahul addressed 50 global industry experts on the opportunities the metaverse offers procurement and how to put it into practice.

His starting point was that immersive technology is an "awareness first" industry. The first step towards adoption is to understand the details and possibilities fully. The metaverse is not for everyone, and certainly not for businesses that want it only because it is a trend.

Key points

Start with strategic alignment

Before adopting the metaverse, check that your core business objectives match what the technology can offer. It is not a one-size-fits-all solution. Identify the specific problems, opportunities or goals in your procurement operations that it can address.

Understand it fully first

Leaders should make understanding the metaverse a priority. Seek expert guidance on its applications, challenges and implications for your industry.

Long-term value over trends

Look at how metaverse solutions can bring lasting benefits to procurement processes, workforce development, customer engagement and business results. Put money into projects that fit your organisation's long-term vision and growth plans.

FAQ

Frequently asked questions

What did Rrahul Sethi speak about at the Digital Procurement Summit 2023?

At the Digital Procurement Summit 2023 in Kuala Lumpur, Malaysia, Rrahul Sethi, Managing Director of Metaverse911, spoke as a guest speaker on the metaverse for the procurement industry. He addressed 50 global industry experts on the opportunities the metaverse offers procurement and how to put it into practice.

Where was the Digital Procurement Summit 2023 held?

The Digital Procurement Summit 2023 was held in Kuala Lumpur, Malaysia. Rrahul Sethi of Metaverse911 was invited as a guest speaker to talk about the metaverse for the procurement industry, addressing 50 global industry experts. His talk focused on strategic alignment, full understanding and long-term value over trends.

What advice did Rrahul Sethi give procurement leaders about the metaverse?

Rrahul Sethi gave procurement leaders three pieces of advice: start with strategic alignment, checking that core business objectives match what the metaverse can offer; understand it fully first, seeking expert guidance on its applications and challenges; and focus on long-term value over trends, investing in projects that fit the organisation's long-term vision and growth plans.

Why did Rrahul Sethi call immersive technology an awareness first industry?

Rrahul Sethi described immersive technology as an awareness first industry because the first step towards adoption is to understand its details and possibilities fully. He stressed that the metaverse is not for everyone, and certainly not for businesses that want it only because it is a trend, so leaders should prioritise understanding before investing.

Is the metaverse a one-size-fits-all solution for procurement?

The metaverse is not a one-size-fits-all solution for procurement, according to Rrahul Sethi at the Digital Procurement Summit 2023. He advised leaders to identify the specific problems, opportunities or goals in their procurement operations that the technology can address, and to look for lasting benefits in processes, workforce development and customer engagement.

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