Innovative Procurement Trends to Watch in 2023

Posted on Aug 13, 2023 at 10:08 PM

Procurement is an ever-growing process; thus, following procurement trends is essential to achieve the best strategic sourcing management for your business in your industry.

Moreover, following the actual procurement trends and technologies will help leaders build better supply chain solutions and sourcing management for their companies. At the same time, avoiding resource waste and chain challenges.

In this article, our experts will share the latest information and terms about procurement trends and predictions in 2023.

What Are Procurement Trends?

Procurement trends refer to popular and emerging procurement strategies in the public procurement cycle and private ones.

Furthermore, procurement trends work to identify the overall direction of procurement and sourcing within a specific market depending on accurate insights and concerns. Moreover, include cost, transformation, cybersecurity, blockchain distribution, and marketing analytics.

However, each procurement trend may change depending on time, requirements, vendors, inflation, and other critical factors that could make a movement more potent than another trend.

Benefits of Following Procurement Trends:

If you are curious about the impact of procurement trends on your supply chain and sourcing management. Then let us share with you the direct effects of following successful procurement trends on businesses efficiency:

Better supply chain management, as you will know and expect what and when you need to buy more based on your company's demand.
Staying current regarding sourcing technology, cloud programs, and digitisation adoption.
Making the procurement strategy more resilient and efficient for your business.
Procurement trends help you to cut all unnecessary costs and protect your business assets and production processes.

7 Most Important Procurement Trends in 2023:

It is time to present the latest emerging procurement trends you need to adapt in your sourcing and supply chain management strategy.

Note that these trends are based on the professional procurement training course in London:

Procurement Trends

Resilience Supply Chain:

As we all know, the business world always has changing conditions and needs. Thus, when you create and implement your supply chain strategy, you must keep a space for changing factors. Being able to embrace these changes is essential for your strategy's success.

Automated Procurement Process:

It is a known fact that the future of procurement in the era of artificial intelligence is changing. Therefore, procurement professionals must monitor, update, and protect their business's sourcing. And start the automation process of their procurement with the right procurement software.

Better Sustainability Level:

Protecting the environment is our responsibility. However, to do so while keeping our companies' economy working without disruption, we need to follow sustainable trends in procurement.

By using better equipment and eco-friendly materials, moreover, dealing with providers with green supplying strategies.

Investing in Safety Stocking:

One of the most vital emerging decisions in procurement. And followed by many procurement leaders.

This trend aims to stock goods in the best way to keep them in the best shape and avoid resource waste, including investing in the proper insurance to protect your interests and assets.

Effective Risk Management:

The procurement process has many attached risks, including movement damages, stocking, and transportation.

Thus, you must use the latest technology, train your team, deal with the best vendor, and organise the process to protect your supply chain from any possible damage.

Strong Supplier Relationship:

However, you should always search for better offers in the market. But you should still build the best relationship with your current suppliers.

Strengthening your relationships will make them provide goods for you first and share your best offers.

Data Analysis:

All procurement trends highlight the power of data analysis through the years. Thus, with practical and powerful steps, you should always collect and analyse real-time data to know what you need to improve in your sourcing and supply chain management.