What are Procurement Trends in 2020?

The modern commercial world sees many changes every year. Growing and developing sectors are looking for ways to become more efficient. Procurement is one of the most important factors ensuring efficiency for companies. Acquisition, which enables companies to profit on cost, is also an ideal field for more strategic moves. As in all areas, this unit is keeping up with change, helping the growth path even more greatly.

By 2020 purchasing departments or managers can be in a brighter period than ever. This space, which moves forward with the digital world behind it, brings with it the trends of the new era.

What are the 2020 purchasing trends?

In 2020, the innovations that are underway for purchases focus on suppliers and digital transformation, as always. Businesses strengthened by digital transformation manage their relations with suppliers in a good manner and lead their industries. 2020 could be profitable for businesses that evaluate skills well and manage risk successfully. Issues such as artificial intelligence, cloud-based systems and cybersecurity brings with them significant benefits

1. Relations with Suppliers

Businesses unable to develop themselves in procurement cannot expect success from purchasing departments. Relationships with suppliers need to be strong and any potential risks need to be well identified. Besides existing suppliers, alternative suppliers also need to be properly evaluated.

There are many ways to strengthen relations with suppliers. The best will undoubtedly be technology.

With an automated system, supply-related solutions can be developed. Existing supplier data can be reviewed and analyzed and predictive data can be generated to help make decisions. Use software to determine supplier availability.

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2. Digital Transformation

Lowering costs leads to strengthening your purchasing function and making a profit for your business, but it cannot be enough on its own. Your procurement activities always require optimization and improvement.

Considering the convenience technology and the digital world have brought, digital transformation can be your medicine. Machine learning, the internet, AI, and cloud-based systems can help you gain momentum through digitization. It helps you make more strategic decisions.

With software that’s faster and more productive, you can view your reports in real-time from any device. If you are a manager, you don’t have to wait for purchasing professionals to report to you. You can follow all transactions and give the necessary approvals in the system.

3. Security

Although digitalization brings many benefits, it is important to address your concerns about the security of your data. You can protect data about your business with encrypted software. Choosing software with strong technical support is always an advantage.

4. Talents

It is important that experts are able to keep up with the innovations required by digital transformation. There is a need for leadership, strategic thinking, operational expertise, creativity and analytical skills as a result of changing talent needs. Qualified workforce is a trendy industry.

5. Expenditure Analysis

We’ve mentioned that better decision making and optimization processes are possible with automated buying solutions. Cost analysis is becoming a part of this. Expenditure analysis improved with the impact of technology and became important for the purchase; provides more transparent data on suppliers or spending on goods/services, savings can be achieved, and unnecessary purchases can be reduced.

Result

Managers and leaders who want to keep up with the future should be open to the benefits of technology to allow them to fulfill the requirements of their activities and to move forward. With its advanced solutions, SmartProcure,  helps you complete your digital transformation, progress strategically, and save and reduce costs.