Procurement Predictions Throughout the Years
Sharing predictions and commenting on Procurement trends is an annual tradition for Source One’s expert team. Why not take a walk down memory lane with some of our trends whitepapers from the last several years. As you’ll see, a lot has changed about Supply Management, but a lot has also stayed the same.
2018 Trends and Predictions
What’s Next for Procurement
Following a turbulent year, Source One’s team looked into an uncertain and unpredictable future. Accepting supply chain disruption as a new normal, we discussed topics including the value of mentorship programs and the dangers of ‘one-size-fits-all’ hiring. We also call on the Procurement function to broaden its vocabulary and messaging to better engage stakeholders from other business units. Other topics include:
- Strategies for leveraging millennial talent.
- The looming threat of another recession.
- Procurement’s role in reputation management.
- The importance of consistent audits.
- Retaining leading talent.
- As 2017 started, Source One predicted that organizations would begin to blur the lines between services and solutions. A few years later, that prediction looks like it was spot-on. End-to-end spend management is a growing trend and countless organizations are looking to distinguish themselves as truly full-service. The whitepaper’s calls for a new kind of hiring should also sound familiar to anyone in Procurement today. The whitepaper also touch on subjects including:
- The end of decentralized buying.
- Strategies for carrying out a Procurement Transformation.
- The need for real action – not just empty ‘insights.’
- Open-minded, inclusive hiring.
- The changing nature of benchmarking.
- and more.
Source One Looks at the Trends and Topics That Will Define Procurement in 2019 and Beyond
The forward-looking Procurement specialists discuss 2019’s Procurement trends. Click above to download the insightful whitepaper.
It’s an exciting time to work in Procurement and Supply Chain Management. Evolving technologies promise to drive next-level results. A new generation of talent is entering the workforce, bringing new skills and priorities with them. Procurement’s role continues to evolve as the function settles into its place at the executive table.
It is also, however, a stressful time for Procurement and its people. Like the years preceding it, 2018 saw Supply Chain professionals face a wealth of new challenges and risk factors. Unexpected legislation, cybersecurity threats, extreme weather, and more have all combined to make sourcing a stressful endeavor.
Looking into both the promise and peril ahead, Source One discusses emerging trends and topics in Procurement in 2019. Check out some of subjects covered:
The Value of Storytelling in Procurement
Procurement has come a long way over the last several decades. Long dismissed as a tactical, low-value function, it’s finally started to exert control at the executive level. There’s still plenty of room for improvement. Occasionally, the unit still struggles to engage stakeholders in areas like Marketing, IT, and HR. It’s not enough to speak the same language. Procurement has to communicate its worth and engage stakeholders with language designed to inspire action. They’ve got to move beyond presenting data and start telling a story.
Data and Cybersecurity Skills
We read all the time about the ‘talent gap’ in Procurement. In certain areas, this gap is much more like a gulf. Cybersecurity and data science are increasingly looking like core competencies for the effective Procurement organization. They’re totally necessary if businesses want to combat evolving threats and make the most of their efforts. Analyzing data and boosting cyber defenses are no longer job for IT units alone. Supply Chain hiring managers need to start casting a wider net throughout their talent search. Only then can they bring the right set of skills in-house.
New Metrics for Procurement
Like ‘soft skills,’ ‘soft savings’ are often dismissed as inessential. There’s nothing low-impact, however, about metrics like cycle time reduction or cost avoidance. Tracking and reporting on them effectively is an essential part of communicating Procurement’s value proposition. The function needs to take an active role in bringing these metrics to the organization’s attention. What’s more, they need to update their tracking and reporting processes to include sustainability, ethics, and social responsibility data. These figures will prove essential in attracting a new generation of socially-engaged professionals.
Want to read more commentary and predictions from Source One’s team. Download Procurement in 2019 today to learn what’s next for the world of Supply Chain Management.
Read Procurement in 2019