The Emergence of the Renewable Energy Market in the UAE
With record temperatures soaring across the globe this summer, renewable energy and green & clean technologies are becoming even more important within the energy supply chain. Currently Europe is leading the way in green energy usage with an average 27.8% of gross final energy consumption. Given the need for more radical change there is a new renewable energy market emerging in the UAE.
Known as an oil rich nation, 5 years ago the UAE launched The 2050 Energy Strategy, which aims to have renewable energy reach a 44% share in the total energy mix by 2050. In October 2021, the government pledged to invest 600 billion UAE Dirham ($163 billion) into the development of the renewable energy sector in order to achieve these goals. Along with being known as an oil rich nation, the UAE is also known for having the ideal land and weather conditions for solar power generation. This does however beg the question, why have organizations been slow in jumping on this opportunity, and how can they fully embrace this change and strive towards a sustainable green supply chain? The answer lies with their procurement teams.
Procurement functions within an organization are no longer seen as just a cost center, they are now key partners to organizations business strategy. But what has been the hurdle in enabling these changes in the supply chain? Procurement teams have been held back due to lack of efficient technology. They’re stuck working with manual processes (think emails and large excels) or old, clunky systems that slow down the buying process. As a direct result, teams have no time to challenge the status quo of their supply chain, and help move the UAE towards the goals of The 2050 Energy Strategy.
The time is now for organizations to embrace digital transformation. New technology is emerging to empower procurement teams to make their daily processes more efficient, so they can win back time and focus in on making more strategic and progressive buying decisions. Insight Plum - one of our new strategic partners - are front runners of enabling this digital transformation. Their mission is to offer “new age procurement technology and transformation services, to enable companies of all sizes to modernize their business and talent, and prepare for sustainable growth.” Insight Plum work closely with organizations based in the UAE to address gaps in their supply chain, helping them to onboard user-friendly platforms that will enable sustainable and cost-effective procurement processes.
“I give entire credit to Mayank Chandla (Founder of Insight Plum) for training us and starting our Procurement Transformation Journey.” Azhar Syed, Group CFO at Tetra Pak
Our new partnership with Insight Plum has been founded upon our shared values of creating a greener supply chain future. Our RFx procurement software is built around the needs our users have to save time saved, reduce spend and carry out their transactions with complete confidence.
Our clients in the green energy sector IONITY and Britishvolt have seen big shifts in the way their procurement teams transact day to day. Saving users on average 3 hours per day has accelerated their business growth and moved them closer to their mission of reaching Net Zero emissions.
“I find it agile, fast and very intuitive. It is very easy to launch a new RFx for any size of procurement activity. The communication features between buyer and bidder are excellent, status/dashboard screens are clear and easy to understand. Using this tool eliminates wasted productivity in offline methods (emails & spreadsheets)” Riten Aghera, Procurement Analyst at Britishvolt
Onboarding new technology and ways of working should not be viewed as an obstacle, rather it should be seen as an opportunity to improve team productivity and create tangible business growth. Are you ready to make the transformation and help built a greener future? Talk to us today and find out how DeepStream and Insight Plum can help you create a future-proofed, sustainable business.