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Technology has shaped all future plans for businesses over the last couple of decades. But the changing nature of the corporation and the world of work is also having an equally deep impact upon companies.
Procurement is not except from these changes, but the question is how?
We have seen, over the many years that Procurement Leaders have been conducting research, that the function continues to transform itself, but it will have to adapt to these wider changes if it wants to continue to deliver.
Procurement Leaders has recently launched its planning study for 2017. This annual survey explores the plans at two different job levels: executive and category manager.
On the executive side, we explore the budgeting and resource allocation plans for next year as well as the transformational intentions of functional leaders. In the past, we have seen the sourcing and negotiation aspect of the function diminish as CPOs commit more resource to more strategically valuable activities, such as SRM.
On the buyer side, we are surveying our category manager community to obtain their insight over the future movement of key indirect categories. This includes forecast price changes as well as other market dynamics, such as perceptions of buyer and supplier strength.
If you would like to see the reports of this study, you can take part here.
The role of intelligence though is becoming increasingly integral to buyers. Not only old data, but also information that has a predictive capability. The power of the crowd to unlock concrete forecasts about the future is a key means to add real impactful data into buyers’ plans.
This study is just one part of the answer, but there are a wide array of sources of insight that can deliver more savings and add more value. Indeed, it is the more creative category managers that will find more information from unusual sources that can make a difference.
It is time for buyers to become savvier as to the information available to them and use these data to enrich sourcing plans.