The latest episode of the Procurement Podcast from Procurement Magazine welcomes Hiten Parmar, Chief Procurement Officer at Beazley and a procurement leader with more than 25 years of experience driving transformation across global organisations.
Hosted by Aaron McMillan, Episode 8 explores Parmar’s career journey from his early days at Reuters through leadership positions at organisations including UBS, HSBC and GSK, before taking on his current role within the specialist insurer Beazley.
Drawing on decades of experience across financial services, healthcare and technology-driven environments, Parmar shares his perspective on procurement’s expanding role in business transformation, innovation and strategic growth.
Parmar explains that his career was built on a passion for problem solving, critical thinking and continuous improvement.
Reflecting on his early experiences, he discusses how a combination of curiosity, competitiveness and a desire to create value led him towards procurement and transformation leadership.
Throughout the conversation, he highlights how successful procurement functions are built on a combination of talent, people, technology and a relentless focus on delivering incremental improvements that collectively create significant business impact.
A central theme of the episode is the evolution of procurement from a traditional sourcing function into a strategic driver of organisational change.
Parmar believes modern procurement sits at the heart of how businesses operate, helping organisations grow, manage risk and navigate increasingly complex markets. Procurement leaders today are expected to influence business strategy, shape operating models and support enterprise-wide transformation initiatives.
He explains that successful change requires procurement teams to understand organisational culture, create transparency and build alignment with stakeholders across the business.
Technology and AI play a significant role in the discussion as Parmar reflects on the opportunities emerging across procurement and supply chain functions.
He argues that procurement leaders must remain curious about innovation and actively explore how technology can unlock efficiency, improve decision-making and support business growth.
However, Parmar cautions against viewing technology as a complete solution. While automation and AI can accelerate processes and provide valuable insights, procurement’s greatest value continues to come from human judgement, collaboration and the ability to navigate complexity.
For organisations pursuing digital transformation, the challenge lies in balancing technological capability with strong leadership and business understanding.
One of the most thought-provoking moments of the episode focuses on the future of leadership in an increasingly AI-driven world.
Parmar believes that emotional intelligence, trust, credibility and relationship-building will become even more valuable as automation continues to reshape business functions.
While data and technology will play a growing role in decision-making, he argues that procurement professionals must continue to develop strong judgement and the confidence to make informed decisions in uncertain environments.
For Parmar, successful leaders combine data-driven thinking with human insight, ensuring technology enhances rather than replaces strategic decision-making.
The conversation also explores leadership, culture and talent development.
Parmar discusses the influence sport has had on his leadership philosophy, highlighting the importance of teamwork, resilience and a continuous desire to improve.
He believes the strongest procurement organisations create environments where people can grow, collaborate and challenge themselves to achieve more. Building successful teams requires leaders to balance high expectations with a commitment to supporting individual development and creating long-term value.
Looking ahead, Parmar sees procurement becoming increasingly influential as organisations navigate technological disruption, economic uncertainty and evolving business models.
He believes procurement leaders will play a critical role in connecting technology, third-party ecosystems and business strategy to drive sustainable growth and resilience.
For procurement professionals looking to understand the future direction of the function, Episode 8 offers valuable insights into leadership, transformation and the human capabilities that will remain essential in an increasingly digital world.
Episode 8 is brought to you by Amazon Business, the one-stop destination for everything your organisation needs.
Catch up on Episode 7, featuring Mahbub Ahmed Chowdhury FCIPS, Senior Vice President & Head of Procurement at Citibank, who discusses supplier resilience, governance and the future of procurement leadership.
Chief Procurement Officer (CPO)
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