Top 5 Trends in eProcurement in 2022

eProcurement trends 2022

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.



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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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