The New Era Of Procurement

2020 would see 50% of its workforce comprising of the millennials - a big indication to re-think our existing workplace structure and the work pattern. Procurement presents a classic example. Today, companies are not looking for professionals who will tell them what to buy and from whom to buy. Rather, they are looking for useful insights on what is happening in the market. What are the trends, technologies and who are the emerging players? Managers are now category experts.

Procurement organizations are clearly making investments in digital transformation and are seeing real benefits. There are apps coming up to adhere to the needs of the managers. The six main points while deciding anything related to procurement are:

• Supplier Management
• Sourcing
• Contract Management
• Procurement
• Invoicing
• Strategy & Analysis

The decisions need to be smart, collaborative, and agile. These apps have the capacity to plan, give you actionable insights and improve the data quality while also checking for data discrepancy. Managers will also get to have an effective internal and external stakeholder engagement and better control over the workflow. Agile concept is also imbibed in these apps. They give you plans for quick processing and deployment as well as easy configurability for unique or evolving requirements.

Platforms like Ivalua, Precoro, Promena e-sourcing, Procurify are, in a great way, laying the ground for this digital transformation.

Still, it goes without saying that, now more than ever, organizations need to find highly skilled professionals who would be able to carry out the operation and help in a smooth transitioning of the organization.