Future Trends in Purchasing
Most consumers in emerging markets have better access to mobile devices than to banks and financial institutions, so mobile payments make up for this gap. Traditional digital procurement systems were designed with a one-size-fits-all mindset. But with exponential growth in transaction volume and increasing need complexity of each business and suppliers, they demand customized offerings out of these systems.
For process efficiency and optimization, large organizations are shifting towards developing their own:. Once lose your phone, the e-wallet password will be locked.
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The diagram above shows the various ways of using digital wallet for payments. Artificial Intelligence or AI can quickly help solve some of the major difficulties faced by the whole industry. It can identify recently developed markets, manage supply chain risks, track exchange rate volatility and even find the ideal value without the quality being affected.
Making use of big data is another area for the purchasing executives to be concerned about. Artificial intelligence can be accomplished by spending analysis software, which has helped the purchasing department to determine their savings.
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Collaboration and cooperation between the company and its suppliers will improve or create procurement services and other services, shifting the focus to value, quality and teamwork. Collaboration is a great way for companies to get the best value, and core purchasing skills are still valuable, but they apply to processes and technologies.
What are We Seeing Firsthand?
Core Purchasing skill is important and global experiences are necessary even for companies with primarily domestic end market focus. The ability to quickly learn, apply and leverage technical knowledge for direct materials, indirect and internal process. Transferable relationships with suppliers where category more directly. The various specialised courses at SIPMM Academy equip purchasing professionals with the essential skills and techniques on purchasing and procurement in the global marketplace.
The Future of Procurement Technology in
Drive simplicity and automation that can help procurement create advantage for their organizations today. Smart, forward thinking companies are looking to discover inefficiencies along their supply lines. Who is not taking advantage of every opportunity to maximize efficiency? Who can we afford to cut-out or replace with something more effective? With the right data, a supply chain manager can look at the big picture using cold, hard facts in order to make decisions. More and more consumers are paying attention to where their products are being developed and shipped from. During the recent economic crisis, many looked to companies who outsourced their supply chain overseas to countries with a cheaper labor force.
This practice is becoming harder and harder to defend in the eyes of the ultimate consumer. If you base your supply chain locally, using home-grown companies to fuel it, you will not just build up good will in the eyes of your customers.
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You will start seeing more and more of their money as well. Prices have been squeezed hard over the last 8 or so years, so the biggest impact will come from challenging demand and scope, rather than boring old price.
To do this, sourcing will need to incorporate more PMO functionality, as future projects will encompass demand management activities such controlling waste, reducing overall demand, and eliminating excess quality. Another area to look at is cost structure transformation. Projects in this area will focus on things like process re-engineering, consortium-based purchasing and supplier continuous improvement programs.
Organizations that are unprepared will be chasing the same low value targets as always - cutting travel and Post-it notes, and freezing laptop upgrades.
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The only certain outcome of all this uncertainty is that overall spending will be down. The growth of home-grown supply may lead to a small reduction in overseas dependency. For too long, most of us have done little more than muck about in the shallow water. As more companies deploy spend management platforms that automate or enable employee self-service for tactical procurement activities, procurement departments will find mundane supplier activities waning.
That will give professionals across the source-to-pay process more time to focus on higher value add from suppliers, including suppliers of services.
Future Trends in Purchasing
Working collaboratively with suppliers to develop innovative solutions is second nature to much of the retail and manufacturing sectors, but its high time the services sector stopped talking and started acting. This is a team objective, not just a leadership one. Procurement should reposition itself as a business enabler by proactively analysing spend data patterns and supply markets.
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