Four Procurement Trends to Keep Top-of-Mind in 2023
Almost three years after the onset of the pandemic, supply chains may have recovered from early pandemic hurdles, but new challenges and trends have emerged as the economy changed. In a recent article, Supply Management provided insight into four key trends we can expect to see in the procurement space in 2023.
- Increased sustainability – Large organizations taking action will be vital to create more sustainable supply chains and combat climate change in the long term. For years, company executives have talked about how to increase sustainability practices for the future. But in 2023, companies will need to put words into action. People are becoming more aware of “greenwashing,” which is the practice of businesses promising more environmentally conscious practices but not meeting the goals outlined. And consumers and business-buyers alike are making decisions based on actual sustainability practices, not just those planned or promised.
- On-time supplier payments – Over the last year, 36% of businesses have extended payment terms for suppliers. With recent rises in inflation and a potential recession looming, businesses will need to make a shift to on-time payments in order to avoid negatively impacting cashflows and liquidity.
- Emphasis on technology – Industry leaders believe technology and automation will be more important than ever in the procurement business this year. Investing in the latest technology can help procurement leaders improve efficiencies and better work with their stakeholders.
- Fostering company culture – Having a positive, thriving company culture helps improve employee retention and attract top talent – two things that will only be more important in the predicted economic environment of 2023. Retaining and attracting a talented workforce can not only improve customer experience, but also enhance the company’s overall bottom line.
Source: “What are the key procurement trends for 2023?” by Supply Management
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