In the dynamic world of global business, procurement is a vital yet often challenging component of operations. Traditionally bogged down by human-centric processes like negotiation and relationship management, procurement has long been a sector ripe for innovation.
Enter Imad EL Boutaybi, the Cofounder of Costo and a seasoned Business Development expert with a deep understanding of procurement.
By skillfully blending artificial intelligence (AI) with advanced business development techniques he has created a unique solution to streamline what has always traditionally been a complex and labor-intensive process.
“Outdated and rigid legacy procurement platforms are falling behind in the face of AI’s potential,” says EL Boutaybi.
“There is an urgent need for intuitive, predictive tools in procurement, tools that can revolutionize it into a strategic function driving tangible profitability.”
Hailing from Morocco and fueled by a passion for numbers and strategy, EL Boutaybi’s journey in business development began early. At 17, he moved to France, seeking excellence in this field, and earned degrees in engineering and finance from Sciences Po and CentraleSupélec in Paris.
A firm believer in data-driven business decisions, EL Boutaybi spent nearly eight years working on projects across ten countries at Oliver Wyman, a top global strategy and management consultancy firm. Here, he recognized the critical role of data analytics and AI in shaping company strategies, marking a departure from viewing data merely as an operational tool.
This recognition led to the birth of Costo, EL Boutaybi’s brainchild. Costo leverages Machine Learning and AI to enhance procurement decisions. It acts like a data-savvy team member, offering structured data analysis and timely decision-making recommendations.
Under EL Boutaybi’s guidance, Costo has equipped procurement teams to swiftly adapt to market changes, avoid product shortages, and navigate volatile markets.
His approach marries business development insights with AI to handle the complexities of procurement with newfound agility and insight: “AI’s capacity to parse vast data sets, predict market trends, and automate tasks, even negotiations, is the key to addressing complex business challenges,” EL Boutaybi asserts.
But his vision extends beyond just technology; it also encompasses an understanding of the crucial balance between tech innovation and human expertise.
With Costo, EL Boutaybi combines his business acumen with his understanding of AI’s potential to create a platform for data-driven decision-making, cost reduction, and risk minimization.
He highlights the importance of aligning the solution with client needs and market demands, focusing on strategic implementation over coding skills: “Our goal was to align our solution with the requirements of our clients and the needs of the market. My experience in business development enabled me to connect the technological possibilities of the tech world with the real-world demands of businesses.”
Despite the tech-centric approach, EL Boutaybi values the importance of relationships in business. He advocates for strong relationship-building skills and consultative selling, integrating AI into the sales process: “It remains essential to skillfully build and sustain robust relationships with a range of stakeholders, including clients, suppliers, and technology collaborators,” he says.
As the lead in product and business development at Costo, EL Boutaybi now focuses on developing the product strategy, commercial planning, and fostering team collaboration.
His ultimate goal is to establish Costo as the go-to platform in AI-driven procurement, contributing to a legacy of innovation, determination, and success in the business world: “We want to create a lasting impact through innovation, perseverance, and achievement,” reveals EL Boutaybi.
“Ultimately, we aim to provide a service that enhances the value for businesses, boosting their efficiency and facilitating enduring expansion.”
