How Technology is Transforming Procurement
Technology is transforming procurement, and the talent required. The key to success will be in recruiting professionals from varying backgrounds who can effortlessly apply technology into responsive and efficient procurement solutions.
Technology is transforming procurement. Traditionally, acquiring goods and services often through tendering or competitive bidding processes has consumed resources, time and money, as exercises are often complicated and inflexible. This is changing – the advances in technology has given the traditional procurement process the push that it needs to enhance decision making and improve the efficiency of many business processes.
So what technological developments are transforming procurement and how?
Cloud services have seen companies ditch clunky in-house systems. It is credited with being extremely helpful in determining services such as supply chain, process to pay, purchasing and much more. On-line platforms are streamlining businesses purchasing potential and helping them to get quick access to high quality suppliers while ensuring in-house compliance. This all helps organisations improve their view on future expenditures.
Artificial Intelligence (AI) is gaining trust across different sectors in almost all leading organisations and will continue to evolve – it will provide predictive analytics well beyond human capability. For our clients, AI platforms are speeding up processes and assisting in avoiding the risk of bias, fraud and human error. Finally, mobile applications are helping in the transfer of data through secured channels, cutting costs and enabling better resources to be utilised.
Artificial Intelligence (AI) is gaining trust across different sectors in almost all leading organisations and will continue to evolve – it will provide predictive analytics well beyond human capability.
Experts predict that technology will change the face of procurement. Those in the profession will have to adapt and make a more strategic contribution to the business. There is a growing need to recruit professionals into procurement from a wide range of backgrounds, who are able to deal with a new mind-set and who can effortlessly apply technology into responsive and efficient procurement solutions. Technology should become procurement’s best friend, a supportive enabler and intelligence enhancer, critical to an organisation’s success.
psd has helped many organisations enhance their procurement teams through the strategic recruitment of individuals who understand and fully embrace technology. Working closely with our other specialist practices, we source individuals who can cross over into procurement and add value to the technology processes, and also the traditional procurement specialist who is able to adapt.
If you wish to discuss any aspect of the effect of technology on procurement processes, or have specific recruitment requirements reflecting this significant shift, please contact Christian Shawcross, sector expert and Head of psd’s Procurement Practice.
Director - Procurement & Supply Chain
Christian is Director of psd's Procurement & Supply Chain practice, leading searches for senior executives in the Financial Services and Professional Services sectors in the UK and globally.