The Development of Procurement

The nowadays trends in procurement departments will profoundly change the way buying is done.

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The nowadays trends in procurement departments will profoundly change the way buying is done. In this infographic, you will find the trends that characterize procurement in the short and long-term. Automation reduces the number of repetitive tasks and gives the opportunity to focus on more complex matters. Instead, digitalization allows the real-time and global activity.

Freelancing is growing as a way of working. Tasks that before were locally solved now can be fixed by experts that live in other areas of the world. E-business is the possibility of concluding transactions online by exchanging information.

This requires a good level of security as the information exchanged during the transactions are vital for the company. For this reason, cybersecurity is in the spotlight. Cybersecurity allows the protection of the companies interests from third parts that might tamper or steal that information. 

Big data is the systematic analysis of information which can help with the company’s development plans or optimize tasks. In the last part of the infographic, there are four possible scenarios which represent the future of procurement.

The first two scenarios are characterized by a digital approach to procurement. The first one indicates that algorithms will handle the procurement processes, thanks to artificial intelligence and machine learning. In the second case, the focus of procurement departments changes to data management. Procurement takes upon itself the task of decision making for operational functions.

The last two long-term trends are focused on the human approach to procurement. In the third scenario, project managers take over the procurement department by overseeing each project needs. In the last scenario, procurement becomes an agency for business model development and trend management.

In conclusion, knowing which are the present trends will help you be ready for future changes into the focus of procurement.