I´ve being writing for a while about the future of procurement. Some 10 years ago you might hear about strategic sourcing and separating the negotiation and the purchasing or operational due diligence. Then we moved to an even more strategic procurement that sits along the business and add value instead of just hard benefits. Then recently, say the last five years Artificial Intelligence comes to play a big part. Well, it’s here, the future is now, and is not a commercial pun.
Procurement has moved or evolved to an even more strategic, more centric, more relevant piece of a successful business. This is what I called the big shift. Let me explain. It is not that in has changed in nature, rather it has grown and has become savvier, has developed expertise, best practices and has even more tools of the trade. It´s a Shift to a procurement with steroids.
Some Artificial intelligence concepts and ideas that can support procurement are now a reality. Data analysis and insight has come to life and now is a tool that procurement can rip really good benefits. Get quick deep insights with high level of accuracy, and quality.
The involvement in the strategic side of business has also improved intensely. Many business has included procurement as part of the team not only in the beginning of a project but in every part of any initiative that is relevant. CPO and Procurement leaders are at the front of the leadership team. Bringing insight from the business and from outside the market through deep partnership with suppliers and vendors.
I feel lucky to be a part of this big shift. Sit in the same seat that I was 5, 10 and 15 years ago and see how procurement has gone from a new department with a new vision, of how we negotiate and acquire goods and services, to a really matured strategic part of a successful business. A deep rooted part of everyday business that now has an array of tools that are far out tenacious on the AI part.
Let´s see what procurement can do with this tools and how the business landscape will get reshaped yet again into the future, for now experience how the future is happening now.