Procurement Trends in 2019
Index Topics of discussion
Introduction Major Procurement Trends in 2019 Contact Us
Procurement Procurement is a viable strategy for most organizations to reduce their production costs which further helps in reducing the prices of goods and services. This is bound to intrigue a large number of potential customers. However, the procurement arena is undergoing rapid transformations in recent times. With the advent of digital technologies, marketers are channelizing their sourcing processes to their benefits.
Standing at this point, there are several procurement trends to watch out for.
Introduction
Having a ‘digital strategy’ With the emergence of digital technologies and its impact on the procurement arena, marketers are trying to formulate innovative digital strategies to gain an upper hand in today's competitive market. Cognitive procurement technologies like Big Data Analytics, Machine Learning, Natural Language Processing, Artificial Intelligence, and Robotic Automation are the call of the day. These technologies are very likely to dominate the sourcing scenario over the next 3-5 years.
Developing talent pool to embrace new technologies
A significant portion of the workforce in underdeveloped and developing nations are not aware of the latest digital technologies. The factory owners are focusing to enhance the skill set of workers through various talent programs. Marketers try to develop a holistic supply chain while facilitating enterprise-wide cost reductions. Modernday organizations rely extensively on new technologies like AI, Robotic Automation, and Blockchain.
Modern-day marketers focus to collaborate with suppliers rather than pondering upon their pricing strategy. Suppliers are an integral component of any supply chain. They play a great hand in constructing the backbone of procurement. This increased transparency is proving a boon to both suppliers and marketers. It also accelerates healthy competition between the suppliers.
Considering suppliers beyond price
Risk management The global economies are adopting all necessary measures to be prepared for the unexpected. The procurement operations of organizations also focus on minimizing the risks in every aspect of a business.
Focus on indirect spending
New-age procurement functions prioritize indirect spending more than anything else. Indirect spending adheres to the 80/20 rule. It comprises 80% of the suppliers spent and 20% of the organization spent. Organizations are successful in reaping the opportunities relating to dynamic discounting, budget accuracy, and supply chain visibility owing to the automated financial solutions.
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