LONDON--(BUSINESS WIRE)--Procurement professionals across the globe are unceasingly faced with many challenges to reduce costs and achieve savings, manage stakeholders, find the right supplier, procure accurate data, etc. Procurement is rapidly evolving in response to changes and advancements in technology, personnel and hiring requirements, consumer demands and concerns, and business practices.
SpendEdge, a procurement market intelligence firm acts as a strategic partner for leading companies across all industries, helping them achieve procurement excellence. Here is there list of top 10 procurement trends for 2017:
Top Procurement Trends for 2017 from SpendEdge
Big data: Very soon, big data will become a core element of procurement and will help facilitate procurement decisions, form processes, and choose suitable procurement solutions. There will be a collaboration of big data and artificial intelligence to revolutionize the speed and overall efficiency of the supply chain and procurement processes. Companies will maximize their cost and time saving with the combination of machine learning algorithms and big data.
Decline in decentralized buying: Decentralized purchasing will continue to decline while more companies will strengthen their procurement departments to improve their spending decisions and profits. Many companies will begin to prioritize relationships with suppliers and contractors and embrace the procurement process more efficiently and enthusiastically.
Agile procurement: With technological advancements and improved relationships between suppliers and businesses, and between procurement teams and other parts of businesses, there will be a clear improvement in agility of procurement processes. Companies will also want to increase their speed to meet increasing consumer demand to remain competitive in their industries.
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Increased transparency: Social media will play a significant role in the future procurement processes, and the prevalence of social data will require companies to be more accountable for their practices and actions, and will also give them a greater channel of communication with established and potential customers.
Sustainability: Sustainability will become a bigger part of companies’ procurement solutions and strategies. The role of procurement will be to produce sustainable and environmentally-friendly supply chains, partnerships, and agreements that are also economically viable. As more millennials and young professionals become involved with procurement, the impact on both environmental and economic sustainability is expected to increase due to their openness to innovation and their different views on economics.
View the whole top 10 procurement trends for 2017 list from SpendEdge.
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for leading Fortune 500 firms and other leading companies across industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills.
Our procurement market intelligence coverage extends across critical processes of sourcing strategy planning process and helps clients achieve more than mere monetary savings. Our procurement insights are well-defined to meet the information needs of the procurement organizations and are aimed at helping category managers extract hidden values out of sourcing teams, suppliers, contracts, and processes.