What are the latest trends expected this year for procurement processes and purchasing systems?
This article highlights new procurement methods and procurement system technologies that have developed remarkably in 2021.
Make or Buy
With the emergence of new technologies such as 3D printing and the need to enhance competitive business advantages, many organizations are turning to produce raw materials or production-related items themselves. This presents a new challenge for procurement departments and purchasing systems, requiring strategies that leverage procurement system technologies to analyze and evaluate the cost-effectiveness of purchases, as well as to generate savings and reduce organizational costs efficiently.
Blockchain
It is predicted that blockchain technology will increasingly be integrated into procurement processes and purchasing systems due to its data security, transparency, efficiency, and speed, while also reducing errors.
The Era of Digital Procurement: Voice Commands and AI
This year, procurement processes and purchasing systems are expected to operate more through voice commands and AI. This will make procurement tasks easier, similar to using a smartphone. Imagine selecting products for purchase simply by speaking, and AI automatically filters the relevant items. Quite convenient, right?
Online B2B Marketplaces in Corporate Procurement
Whether you use traditional procurement methods or electronic purchasing systems, the rise of B2B marketplaces is an unavoidable trend this year. They benefit both sellers and suppliers by increasing sales opportunities, reaching new customers, and expanding product markets internationally at low costs. For buyers, the advantages include more options, access to a wider range of suppliers, competitive pricing, and faster, easier sourcing of goods, materials, or services from a single platform.
Robotic Process Automation (RPA)
Procurement system functions are evolving to enable complete end-to-end procurement processes, reducing the workload for procurement staff, especially for repetitive, high-volume tasks. RPA can handle these tasks, increasing operational efficiency and allowing employees to focus on work that adds real business value instead of spending time on paperwork.
