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Podcast
The Spend Sessions Podcast, Episode 6: Pioneering AI-driven Sourcing at T. Rowe Price
Harold Wu is Chief Procurement Officer of T. Rowe Price, the global investment firm with some US$1.7 trillion of assets under management. A well-known figure in the industry and member of the Procurement Leaders CPO advisory board, he previously held senior roles at CIB and Bank of Montreal among others, and has served as a Chief Operating Officer and Chief Information Officer as well as CPO giving him a broad perspective of the challenges of leading a Global 2000 company.
In conversation with our Chief Customer Officer Keith Hausmann, Harold discusses the key drivers behind the digital transformation he is leading at T. Rowe Price including:
- Why a close partnership with his CFO has driven successful implementation of a new digital-led approach to spend management
- How AI-driven sourcing has already delivered US$43 million of cost savings across the business
- Why procurement is the perfect use case for transformative Gen AI-powered technology
- The reasons Globality's autonomous sourcing platform is helping procurement earn its seat at the table at T. Rowe Price
Technology like Globality is not incremental such as 5 or 10% improvements. We are going from months to weeks to days in terms of operating efficiencies. More than that the tool gives us the ability to have true natural language conversations to develop business requirements.”
Harold Wu, Chief Procurement Officer, T. Rowe Price
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