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Procurement trends, image, image, image, image, image, image, image, image…
Procurement trends
1. The Rise Of Digital Procurement
Automating many of the tedious
manual tasks
Reduces the risk of errors
"
Digital vendor onboarding"
Use of technology (vendor portals) to manage the process of onboarding new vendors
Online forms, digital signatures, and automated workflow systems
Biggest barriers
Lack of talent
Poor vendor support
New technology not being supported
2. Vendor Management Turns Its Focus To Sustainability
Prioritize suppliers that have strong sustainability practice
sourcing goods and services locally
use renewable energy
eco-friendly materials
Ex. Nike: reduced labor costs by up to 50%
Sustainability help companies
reduce environmental impact
improve their reputation
save money
3. From Transactional To Strategic Sourcing
Removing low-value work and focus on high- value work
Strategic sourcing (ESG Sustainability)
Carefully analyzing an
organization’s procurement needs
Identifying the most cost-effective and efficient sources
Increasingly optimized via
technology.
4. Becoming Partners With Our Vendors
Helps to ensure a steady supply of goods and services.
Work with third-parties to identify cost-saving opportunities.
Improve the quality of their products and services.
Advantages:
New services/goods offered to you before
Increased collaboration
Lower total cost
5. Prioritizing Vendor Risk Management
Helps to protect your organization against potential risks and threats.
Product defects
Poor performance
Unfulfilled ESG requirements
Develop strategies to mitigate risks
Implementing contract terms
Tracking vendor obligation fulfilment.
Building more resilient and agile supply chains.
Betsy Martínez Gutiérrez
LII
