Serving customers worldwide, bp is reimagining energy for people and the planet. By 2050, bp has set out to be a net-zero company all while continuing their enormous operations globally. Procurement is helping provide the fiscal space to grow its renewable energy business as it moves away from the traditional hydrocarbons. Fairmarkit was selected to accelerate bp’s digital transformation with the emphasis on doing more with less to better allocate resources. After just 18 months, Fairmarkit helped bp achieve a 50% reduction in cycle time, $100M in automated sourcing, incremental savings of over 5%, supply base rationalization, and overall risk mitigation. These results have allowed bp’s procurement organization to expand their presenve within the business and focus on higher-value strategic work.
Contributors: BP, FairmarkitCategories: 2022 Fall - Rancho Mirage, Summit Presentations
SRC Type: Disruptive Digitization