A Letter to ProcurementBusiness | January 03, 2023 | By
Dear Procurement Professionals,
As we start the new year, we want to take a moment to recognize and appreciate the hard work and dedication that you bring to your role in procurement. Your efforts ensure that organizations have the resources and materials they need to operate effectively and efficiently, and your contributions are invaluable.
As you look ahead to the new year, Zumen encourages you to continue evolving in the way you work with, in and for procurement. Right now, one cannot emphasize more on the need for technology in a critical function as yours. Technology plays a significant role in the world today. And it is likely to continue to do so in the future. In fact, many experts believe that technology will fundamentally transform procurement in the coming years.And it cannot be a better time for the field of procurement to digitally transform into an impact driven force that keeps the system running.
It is key for procurement professionals to stay up-to-date with the latest tools and technologies in order to be effective in a way that is impactful with the larger scheme of things. This will ensure and drive the importance of the procurement lifecycle in the manufacturing process. Thereby pave the way for the future, one that is ripe and fortunate to the world at large.
With the right technology you can leverage:
- Automation: Technology is expected to automate many routine tasks in procurement, such as data entry, creating and sending purchase orders, and tracking shipments. This will allow procurement professionals to focus on more strategic and value-added activities.
- Data analysis and decision-making: Technology will enable procurement professionals to analyze large amounts of data and make more informed decisions about sourcing and purchasing. For example, they can use data analytics tools to identify trends and patterns in spending, or to evaluate the performance of different suppliers.
- Supplier relationship management: Technology will facilitate better communication and collaboration with suppliers, allowing procurement professionals to build and manage stronger relationships with them. For example, they can use e-sourcing platforms to collaborate with suppliers on bids and negotiate contracts.
- Sustainability: Technology will enable procurement professionals to identify and source more sustainable products and services. For example, they can use sustainability ratings and certification data to evaluate suppliers and make more environmentally-friendly purchasing decisions.
This will help the industry as a whole to streamline processes, improve communication and collaboration, and make more informed decisions. And it can also help you optimize the procurement lifecycle, reduce costs and improve your GTM. When the whole world is going digital and technologically sound, it is important for procurement professionals to stay up-to-date with the latest tools and technologies in order to be ahead of the curve right? So let 2023 be that year.
In the meantime, don’t forget to take care of yourself as well – remember to set aside time for self-care and work-life balance.
We wish you all the best for a successful and fulfilling year ahead.
Thank you for all that you do.