As digital marketplaces grow in popularity and number, challenges occur for procurement. “On the less regulated platforms, unknown suppliers that haven’t been thoroughly vetted, can sit alongside household names. It can be hard, therefore, for buyers to tell whether a purchase is ‘safe,’” says Ian Nethercot.READ MORE at Supply Chain Digital
Taking advantage of the opportunities offered by today's fast-changing technological landscaperequires procurement functions to blend these advances with activities for value enablement, capturing and sustainment, explains Khushalani, Woodcock and Mercker, partners at McKinsey & Company. “They also need to build deeper and more interconnected capabilities.” READ MORE at CIPS
The Hackett Group found there is still significant need for procurement to address its critical development priorities for 2019. This includes improving analytical capabilities, aligning skills and talent with business needs, leveraging supplier relationships, enhancing agility and achieving true customer-centricity. READ MORE at Supply Chain Management Review
A.T. Kearney’s authors explain that as digital trends disrupt the supply chain, business leaders are forced to rethink their traditional operating models. “With the advent of the digital age, expectations for procurement are no longer confined to the contribution to the bottom line.” READ MORE at A.T. Kearney Ideas and Insights
The mindset of working in silos is still prevalent in some companies, says Ravisekharan Jayakumar, despite organizations adopting a global approach to business and the increase in cross-functional interaction. “It is imperative to formulate robust category sourcing strategies that align with the company’s goal tree....” 2-MINUTE READ
