April 2016

The Evolution of Procurement: Past, Present, Future – Part 1 of 2

By Aswathram Viswanathan

Procurement:

Supply chain is no longer as simple as getting goods from point A to B, as it is about understanding and executing a complex set of variables. Global competition, changing economies, and new supply chain challenges, have brought into focus the need for procurement leaders to develop strategies that will yield sustainable competitive advantage.

Current trends:

In response to these challenges, procurement has evolved from organizations focusing on buying goods from suppliers with lowest price quotations, to harnessing the power of big data analytics and cloud computing, to make better decisions. Here are some of the trends that are affecting procurement today: