{"id":11303,"date":"2021-04-12T23:19:30","date_gmt":"2021-04-13T03:19:30","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/?page_id=11303"},"modified":"2021-09-28T10:24:15","modified_gmt":"2021-09-28T14:24:15","slug":"top-5-procurement-trends","status":"publish","type":"page","link":"https:\/\/www.certitrek.com\/nlpa\/news\/purchasing-articles\/top-5-procurement-trends\/","title":{"rendered":"Top 5 Procurement Trends"},"content":{"rendered":"

Top 5 Procurement Trends<\/h3><\/div><\/div><\/div>

PurchTips edition #435<\/p>\n<\/div>

What New Factors Are Changing Procurement Today?<\/h4><\/div><\/div><\/div>

It\u2019s been an active few years in the evolution of procurement.\u00a0 Here are five current trends that are reshaping procurement:<\/p>\n

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  1. Inflation.<\/strong>\u00a0The US Producers Price Index \u2013 a key measure of inflation for corporate purchases \u2013 has risen 4.8% from October 2017 to October 2018 for all commodities. The rate is even higher \u2013 a whopping 6% \u2013 for industrial commodities. This has meant that it\u2019s been more difficult than ever for\u00a0procurement professionals<\/strong>\u00a0to achieve coveted cost savings.\u00a0 Procurement must continue to innovate and update its practices and technology to battle the seemingly irresistible force of inflation today.<\/li>\n
  2. Trade War-Era Procurement.<\/strong>\u00a0The past year has seen one of the most brutal trade wars in recent memories, with governments of various countries slapping tariffs on imports from other countries. This has caused immense upward price pressure and has left procurement professionals scrambling to find new and more affordable sources of supply, both domestically and in emerging low-cost countries.<\/li>\n
  3. Procurement Platforms.<\/strong>\u00a0While the idea of different procurement software modules being united by a single provider isn\u2019t new, it\u2019s continuing to be refined to perfection. Thanks to mergers and acquisitions, the procurement field now has several choices of offerings that combine former \u201cbest-of-breed\u201d applications into integrated \u201cprocurement platforms.<\/strong>\u201d<\/li>\n
  4. Guided Buying.<\/strong>\u00a0Procurement leaders have realized that procurement is often too confusing for end users and too resource-intensive for providing adequate levels of personal assistance.\u00a0 As such, guided buying is a technological concept being pursued.\u00a0 Imagine a world where it\u2019s as easy to identify, evaluate and place an order with a great industrial supplier as it is to say, \u201cSiri, show me restaurants nearby.\u201d<\/li>\n
  5. Cognitive Procurement.\u00a0<\/strong>If you recognize guided buying as a near-term possibility, you can\u2019t ignore the developing broader use of artificial intelligence in procurement.\u00a0 Artificial intelligence has the potential replace much human involvement in procurement in the future, contributing to more informed decisions, in less time, and with less cost.<\/li>\n<\/ol>\n

    NLPA Library:<\/strong>\u00a0Looking for authoritative\u00a0procurement templates<\/a>, tools, webinars, and more?\u00a0Stop trying to create resources\u00a0from scratch and start taking advantage\u00a0of having exactly what you need right at your fingertips in the NLPA Library.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

    Want A More Rewarding Procurement Career?<\/h5><\/div>
    <\/span><\/div>

    Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Nothing will change unless you take action towards becoming a world-class procurement professional. Work your way up NLPA\u2019s CPO Suite Programs, an enhanced version of our SPSM certifications and bring the most modern procurement practices into your organization and achieve your career potential.<\/p>\n

    Download our NLPA Course Catalog<\/strong> for a comprehensive list of the CPO Certification Programs and their corresponding modules per level.<\/p>\n<\/div>

    Download<\/span><\/a><\/div>