The last few years have been difficult for everyone, including those in the procurement industry.
Despite dealing with a wide range of unexpected problems, such as remote working demands, everyone is beginning to find their way back and recover from the crisis caused by COVID-19.
So, what procurement trends are we likely to see in 2022? Here are our predictions for the top five procurement trends in 2022.
Photo by Alexandr Podvalny on Unsplash
1. Shortage of Talent
The procurement skills shortage is not a huge revelation, and the bad news is that it does not appear to be going away easily.
This implies that attracting talented employees will be a top procurement focus in 2022 and that talent will drive the employment market. On a worldwide scale, Korn Ferry reported that more than 80 million jobs could become vacated in the near future due to the lack of talented candidates to fulfill those roles.
2. Sustainability
Sustainability has been a buzzword for years, but by 2022, businesses will be taking action rather than just talk, and we’ll see a transformation that passes well beyond semantics.
Basically, the earth is in turmoil, and the burden is on procurement and the supply chain to make enterprises more sustainable. Laws governing procurement are evidence of the progress that has already been made.
These strict sustainability regulations aren’t going to disappear anytime soon, if at all.
3. Speed
Procurement is changing at a frenetic pace today, and it seems to get even faster in the future, especially as technology evolves. It follows that there is a greater emphasis on procurement’s need for speed and flexibility.
Speed in procurement is not a luxury these days, especially after the chaos caused by the pandemic. Today’s CPOs are working to address the current shift in business dynamics and rising levels of complexity by developing agility-focused capabilities.
4. Diversity
Diversity has become a popular and even controversial topic in the last couple of years. In the procurement industry, diversity has become a hot topic. Companies are focused intensely on procurement and supply chain to support diverse, qualified suppliers, and this trend is expected to go well into 2022.
5. Blockchain
In 2021, blockchain began to emerge (some might even say it was on the cusp of blowing up), and as we move into 2022, procurement and supply chain experts will keep dabbling with it.
The main attraction of blockchain technology is that it allows companies to protect sensitive data, enhance transparency in their operation, decrease disturbance, and provide clients with high-quality and reliable services.
Bottom Line
Procurement leadership positions will be extremely crucial as new companies emerge in 2022. Procurement leaders must be ready for the unthinkable and be quick to respond.
That’s why so many businesses across all industries use automated procurement solutions like Penny’s cloud procurement software to enjoy all of the above benefits and stay ahead of the competition. So, don’t hesitate any longer and contact us.
