8 Procurement Trends to Watch in 2018
Willow Grove, PA, January 3, 2018 – In what has become an annual tradition, the cost reduction specialists at Source One Management Services, LLC offer their predictions for the upcoming year in supply management in What’s Next for Procurement: 8 Trends to Watch in 2018. Reflecting on the consistent surprises Source One’s 25th year, and the ways in which companies are overcoming the turbidity with enhanced procurement practices, Source One executives shed light on the factors they anticipate to drive supply management decisions in 2018 and onward.
“For all its turbulence, 2017 was very much a continuation of a shift in the supply management and procurement function,” remarks Steve Belli, Source One’s CEO. “Though political and economic unpredictability became almost the norm in 2017, forward-thinking organizations have continued to capitalize on the opportunity to tighten up supply management operations by redesigning Procurement’s organizational structure and strengthening supplier relationships.”
What’s Next for Procurement: 8 Trends to Watch in 2018 explores these overarching trends within supply management operations, as well as the hotly discussed talent challenges impacting the future of procurement departments. Source One’s experts explore the growing demand for collaboration between Generation X and the incoming wave of millennials.
“Discussions about Procurement’s so-called ‘talent gap’ tend to focus almost exclusively on millennials,” says Source One’s Vice President of Operations, William Dorn. “Tech-savvy, innovative, and collaborative, this generation of young professionals is constantly presented as the answer to any present or future supply management concerns. People seem to forget that millennials require experience. As senior Procurement professionals begin to retire, it will fall upon Generation X to bridge whatever gaps exist and help empower the future sourcing leaders.”
The spend management experts also stress the importance of planning for a potential economic recession. Ten years removed from the events of 2008, it’s easy to forget how quickly tides can turn for unprepared supply chains. Optimizing Procurement today could make the difference for companies facing economic hardships down the road.
2018 promises to be another banner year for the procurement consultants. The year’s early months will see major updates to Source One’s e-Sourcing platform WhyAbe.com. “We don’t need to predict the impact the new WhyAbe will have on Procurement teams,” says Dorn. “Source One can promise that purchasing professionals will find WhyAbe’s new streamlined interface, contract management offering, and subscription-based service welcome improvements to their favorite e-Sourcing tool.”
Source One will also return to the Institute for Supply Management’s Annual Conference as featured speakers and the premier sponsors of ISM2018’s executives-only ExecIn sub-conference. Held from May 6-9 in Nashville, Tennessee, the event will bring together supply chain professionals from around the country and feature keynote addresses by Arianna Huffington, Mitt Romney, and John Rossman. As always, Source One looks forward to networking and sharing Strategic Sourcing best practices with other industry leaders.
Corcentric is a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.