Center-led procurement will go mainstream by 2030, followed by hyper cybersecurity and procurement technology acceleration, according to ProcureAbility’s latest research.
"We are in the midst of a perfect storm of business disruption. Technology, economic fluctuations, and cultural transformations are all spurring fresh approaches to manage a successful supply chain. Our findings provide a realistic outlook for the direction of procurement,” says Conrad Snover, CEO of ProcureAbility. “Change can be challenging, but by scrutinizing your existing practices and making provisions for the future, you can be at the forefront of the modern procurement movement in 2030."
From PR Newswire:
- Technology advancements have made advanced crowdsourcing more feasible, and the procurement industry is adopting best practices accordingly. By 2030, at least half of all procurement activity will occur within the crowdsource domain and participation of smaller companies will increase by 70%.
- Artificial intelligence, machine learning and predictive analytics will replace human efforts for administrative tasks, significantly impacting procurement teams. Emerging technologies expected to gain mainstream acceptance by 2030 include Interactive RFx and purchasing, 3D prototype printing, wearables and intelligent assistants, machine learning contracting process and automated negotiation systems.
- Thanks to cognitive computing, by 2030, strategic sourcing is expected to take no more than two weeks. Cognitive computing will automate most administrative tasks in strategic sourcing, resulting in efficiency gains.
- By 2030, ProcureAbility forecasts a 30% increase in cybersecurity spending and predicts that firms will consolidate supplier pools.
- By 2030, there will be a significant transformation in procurement practices, with a predominant shift toward center-led procurement. In this new model, procurement organizations will feature a centralized business unit, with a core business unit and 90% of operational sourcing roles automated or outsourced.