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Procurement has opened new avenues for the e marketplace. It is now a primary strategic tool necessary to double in on profits and consumer engagement. While saving organizations a considerable amount of money, procurement also enhances operational efficiency. But this domain is so dynamic, which is exactly why one needs to keep in touch with all the latest procurement trends to ace this tool to the best of its capability.
Here are the Top 8 Procurement Trends in 2018.
Procurement trends of 2018 include big data & AI in procurement, innovations, blockchain technologies, near shoring , Cloud technology and IoT here are the latest trends in Procurement.
As the big data revolution took the world by storm the previous year, the next big thing in 2018 is what we refer to as cognitive procurement. This is one of the most exciting procurement trends and will enable complex and dynamic decision making and will also be instrumental in automating spend analysis, supplier management, and contract lifecycle management. It can be harnessed to the best its capability using tools like natural language processing (NLP) which will further be helpful for spot buys, best value identification, and contract analysis.
With so many cyber attacks affecting databases worldwide, the relevance of cyber security is more important than ever. Malware and ransomware immunity is one of the important procurement trends this year in view of the imminent threat to data security.
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Incorporation of Blockchain
The increased prevalence of blockchain is one of the most prominent procurement trends to watch out for. Since procurement depends largely on provenance, decentralized coordination, and transaction history, which all work on data, blockchain continues to dominate the sphere.
Cloud technology and IoT
Cloud-based technologies are better and more efficient ways of tacking the procurement data and also enable accessibility and centralization of systems and supply chains this enhancing the efficacy of procurement function. IoT incorporated with cloud technology will be even better and will further elevate the status and demand of Software-as-a-Service (SaaS) applications.
Corporate social responsibility (CSR)
Another trend which is growing more popular now is the incorporation of sustainability in businesses which form a part of Corporate Social Responsibility due to heightened consumer awareness towards environmental and social causes.
With scientific and technological advancement, companies are now adopting newer innovations to battle it out in the e marketplace. While innovation will minimize risks, and enhances efficacy and opportunity, it may require some investment and may involve challenges in the initial changes but it is a worthwhile investment indeed.
Learn how to maximize on your revenue using predictive analytics in procurement
Keeping it simple
While procurement trends involve complex and sophisticated technologies, the relevance of simolicity and accessibility is all the more significant today. This includes cost advantages and cash flow improvements.
While outsourcing significantly reduced costs for companies, nearshoring has fast caught up and companies are now investing and harnessing resources and opportunities in their home base and are now utilizing country based opportunities, shared laws, etc.