CHICAGO--(BUSINESS WIRE)--Increased pressure from the board, sustainability concerns and regulatory and ethical considerations that could impact not only a company’s bottom line, but also its brand and public image, are only a few of the obstacles that challenged procurement in 2015. To overcome these challenges, procurement teams across the globe are relying on BravoSolution, the strategic procurement company, to help advance their sourcing strategies to mitigate risk, improve supplier performance and drive new business value.
“The expectations for procurement have grown tremendously in 2015 and will undoubtedly continue to increase in the coming year,” said Jim Wetekamp, chief executive officer of BravoSolution. “With a new year comes new opportunities for creating change and generating value. The key for success is to invest in a smart, holistic sourcing strategy that will secure meaningful savings and increase visibility throughout the supply chain, and ultimately drive bottom-line results that directly shape the organization’s future.”
What will 2016 look like for procurement? Today, BravoSolution released its predictions on where procurement teams will have the biggest impact in 2016 and which mechanisms will fuel success. Procurement will need to become guardians of the corporate brand, advocates for sustainable business practices and innovators who help develop new products and services.
A sampling of the predictions include:
- Data will play a crucial role in procurement’s success: Powerful procurement organizations will have consistent and accurate access to actionable data. With an end-to-end, integrated view, teams will be positioned to easily share insight within the organization and make more informed and smarter business decisions.
- Procurement will impact social responsibility: Procurement will have a more direct impact on local socio-economic environments and will play a pivotal, strategic role in helping organizations find local and more responsibly-procured sources of supply.
- Procurement organizations will influence innovation and drive market leadership through savings: Companies will be more focused on looking for consistency between savings captured and the direct impact to the bottom line, ultimately solving the age-old debate on how to report accurate savings numbers that every department can understand and trust.
- Procurement will transform into a trusted advisor across the organization: Procurement will become the place for the best and brightest within an organization through its ability to embrace and leverage technology to deliver value, insight and innovation. The department will move from a back-room function to vital player in all strategic business decisions.
To learn more about what next year has in store, download BravoSolution’s latest whitepaper: 2016 Supply Chain Predictions: What’s Next for Procurement?
BravoSolution is a leading global strategic procurement solution provider. Our procurement technology platform and practitioner experience help more than 600 companies and 65,000 purchasing professionals in over 70 countries unlock the power of procurement to drive financial performance, develop procurement organizational excellence, manage risk and influence innovation.
BravoSolution’s approach to strategic procurement consistently delivers business outcomes to enable customers to outperform their market. BravoSolution has direct operations in 18 offices located in 12 countries across four continents, employing more than 600 procurement experts. To learn more, see http://bravosolution.com, read our blog Strategic Sourcing, follow us on Twitter @BravoSolution and connect with us on LinkedIn.