“Savings, Risk, Friction, and Velocity” Procurement Insights from Harold Wu, CPO at T. Rowe Price
September 19, 2024
Welcome to "Meeting of the Minds - The Legal AI Podcast," brought to you by Evisort. In this episode, Memme and Hal sit down with Harold Wu, Chief Procurement Officer at T. Rowe Price, to explore the critical intersection of legal and procurement functions in the asset management industry. Harold shares his insights on the complexities of vendor contract management, emphasizing the delicate balance between legal precision and commercial practicality. He highlights how procurement serves as a bridge between the business’s urgency and legal’s cautious rigor.
If you're interested in learning how AI-driven tools like Evisort are transforming procurement processes, making contract management more efficient, and enhancing collaboration between legal and procurement, this episode is a must-listen.
Theme music: "Load" Copyright © 1996 by Hal Marcus.
Welcome to "Meeting of the Minds - The Legal AI Podcast," brought to you by Evisort. In this podcast, we delve into the dynamic world of legal AI, exploring the critical intersection of law, business, and technology. Join our hosts, Memme and Hal as they converse with industry leaders, legal experts, and innovators to uncover the latest trends, challenges, and breakthroughs in contract management and AI-driven legal solutions.
In this episode, we're thrilled to welcome Harold Wu, Chief Procurement Officer at T. Rowe Price. Harold brings a wealth of experience in scaling operations and integrating technology to optimize business outcomes. Join us as we discuss Harold’s journey through the evolving landscape of procurement operations and the strategic role AI plays in enhancing efficiency and transparency within organizations.
Throughout the conversation, Harold shares his experiences on the frontlines of operational transformation, offering insights into the complexities of global operations in a rapidly changing digital world. He emphasizes the importance of leveraging AI to streamline processes, reduce risk, and improve decision-making across business units. Harold also delves into the challenges of maintaining compliance and operational consistency while scaling a global organization, highlighting the vital role of technology in achieving these goals.
With a career spanning various high-impact roles in technology and media companies, Harold has been at the forefront of integrating AI and legal technology to drive business success. His leadership in transforming operational frameworks and his strategic approach to implementing AI in contract management are reshaping how modern organizations approach legal operations.
If you're interested in how AI can revolutionize legal operations, enhance compliance, and drive business efficiency, this episode is a must-listen. Harold Wu’s expertise and forward-thinking perspective offer valuable insights for anyone looking to navigate the complexities of global business in the digital age.
Episode Highlights
- 0:00 - Intro
- 2:25 - Introduction to Harold Wu and T. Rowe Price
- 4:13 - Procurement Contracts: Legal vs. Commercial Perspectives
- 5:41 - The Necessity of Artful Legal Language
- 11:26 - The Art of Contract Negotiation: Bridging Legal and Business Needs
- 12:11 - Creating a Single Source of Truth: The Role of AI in Contract Management
- 18:01 - Navigating Regulatory Changes: The Power of Procurement-Legal Collaboration
- 21:25 - The Role of Commercial Terms in Cost Reduction
- 22:55 - Building a Knowledge Base for Contract Management
- 25:34 - Evaluating AI Tools for Contract Management
- 27:39 - Changes in Procurement Focus: Friction and Velocity
- 29:31 - Advice for Legal Leaders on Collaboration with Procurement
Episode Resources
- Harold Wu Bio on T. Rowe Price Website
- T. Rowe Price Website
- Memme Onwudiwe on LinkedIn
- Hal Marcus on LinkedIn
- Evisort Website
Theme music: "Load" Copyright © 1996 by Hal Marcus.
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