By: ProcurementIQ Staff Writer, Kiera Outlaw
In 2018, the evolution of procurement shows no signs of slowing. The continued push to cut costs and reduce risk means that procurement departments need to constantly rethink and redefine their procurement strategies. For CPOs and other department heads looking to set themselves up for success in the coming year, focus on these innovative and exciting top 5 trends occurring in procurement in 2018.
1. The Emergence of Disruptive Technology
The two most notable disruptive technologies for procurement right now are Artificial Intelligence (AI) and Blockchain technology.
AI will provide procurement leaders with predictive technology that can model future scenarios, allowing them to manage their supply chains more effectively.
Blockchain, a digital database that collects information and functions as a register that helps simplify business processes, has the potential to have huge positive implications for procurement. The technology essentially records every transaction by creating a new record or “block” of that information, which is then added to preexisting blocks to form a chain of information.
The strongest aptitude for these disruptive technologies is more effective and transparent management of the supply chain. For example, Blockchain can potentially track every step of the sourcing process from origin to destination.