Future of e-Procurement
Procurement is no more a personality-centric function. The changing expectations and the advent of digitization has given birth to a growing vision of ‘end-to-end’ procurement.
Considering fast changing scenarios in procurement systems and need of end to end procurement management, in future:
- e-Procurement will make way for an improved innovation level with prime focus on the best life-cycle value.
- Will be the driving force in supplier-enabled innovation and will be proficient to manage complex supply-chains in real-time.
- Procurement departments will soon be acting as interface managers between internal functions and external partners and will serve to catalyze the business processes.
- Will save time and costs, and will increase transparency and competition – for governments, SMEs and Multi-national corporations.
- Big data analysis will be a major element in Procurement. Big data analytics will prove vital in detection of global suppliers and thus help in breaking down monopolistic markets.
- Will also enable improvement in commodity strategies.