EMERGING TRENDS IN THE
WORLD OF PROCUREMENT
I N T R O D U C T I O N
The world of procurement has observed a massive boom over the last few decades, with an increasing number of service providing companies coming to the forefront. And this steady growth of sourcing subcontractors is exhibiting a shifting dynamics from cost savings to value-building.
ADOPTION OF DIGITAL TECHNOLOGY
The rise of digital technologies and its beneficial impact on procurement is a predictable trend. Cloud technology has advanced the procurement function and made it possible to achieve a smooth integration with the existing software packages from customer service, accounting, production, etc.
PRIORITIZED SECURITY
Data security continues to rank high on the priority list once it comes to procurement. With telematics and the Internet of Things (IoT) becoming prevalent, security risks cannot be overlooked. Naturally, security analytics, advanced security automation, threat intelligence, etc. will continue to dominate since companies seek to stay safe and protect their businesses from vulnerabilities.
RISK MANAGEMENT
With the advent of COVID-19, the world’s major economies have received an unprecedented shock. In such an unbalanced situation, the procurement function can protect a business and help it thrive. A transparent and secured procurement system will continue to remain at the top once it comes to risk minimization.
BIG DATA ANALYTICS
Big Data is one of the most innovative technologies to ever strike the procurement function. Right from recontextualizing the entire procurement process to supporting data collection from various external and internal sources, and finally enabling a transparent and accurate data analysis — the introduction of Big Data has eventually improved supplier relationship, decision making, risk management, and more.
QUALITY BEYOND PRICE
The changing landscape of supplier management has improved the relationship between suppliers and businesses. Now, buyers don’t communicate with the suppliers merely over the price. They are involved in making more strategic decisions.Thus the UK, US, Turkey, India, or China procurement freelancers have become an integral part of any supply chain and may play a significant role in setting or breaking the backbone of any business.
CONCLUSION
Previously, companies used to focus on outsourcing non-core functions to the service providers and conduct the core functions themselves. This trend, too, has readily changed. From human resource management to data warehousing, information technology to quality audit — companies are outsourcing such core functions to reliable and highly efficient service providers. Today, the companies look for services that may add value to their business and this trend will advance in the coming years.
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