By: ProcurementIQ Staff Writer, Mara Michael
Procurement is a complex field that requires professionals to think responsibly yet inventively about internal structures and external relationships. In order to have strong external relationships with vendors and stakeholders, companies must first prioritize sourcing and retaining quality personnel.
Last month, ProcurementIQ revealed the top five procurement trends of 2018, which highlighted several changes in the procurement space and what those in the role can do to prepare. For example, as new technology, such as Artificial Intelligence and Blockchain, enters the playing field, companies will need to consider how to improve current processes and implement new innovations. As the procurement landscape changes at an accelerated pace, it’s in companies’ best interests to ensure that the next generation of procurement professionals is able to take these challenges head-on.
Millennials, those born between the early 1980s and early 2000s, will be that next generation. As more Baby Boomers leave the procurement workforce, taking their experience and expertise with them, companies are increasingly being called to replenish their teams with fresh talent. The millennial generation, just like the procurement profession, is undergoing an important shift. They’re no longer the youngest, least experienced generation; in fact, millennials are increasingly moving into higher-ranking roles.
These higher-ranking roles require millennials to exercise their strengths. Though their leadership skills and work ethic may be different than their predecessors’, research suggests this change may be exactly what the new frontier of procurement needs to thrive in the years ahead.