Tech and other improvements have procurement promiseCompanies hoping to improve their procurement strategies have plenty of different potential approaches to consider. When this function isn't running at 100 percent of its potential efficiency, leaders can consider everything from cutting-edge tech adoption to a full restructuring of the departments involved. While every organization has its own particular path forward, just about every business should be able to find something to update.
While some of the approaches to procurement - and supply chain management in general - are well-tested over time, others have only emerged in recent years. For instance, try and explain the blockchain to an executive from 1999. Considering these latest developments, and judging whether they serve as effective and relevant solutions, can energize and improve procurement departments.

Finding the advantages
A recent report, summarizing research on European companies' procurement needs, explained that plenty of executives, at many different levels of their respective companies, are considering improving their processes in the years ahead. Few of these respondents are completely satisfied with their current level of performance in areas such as strategic alignment and technology usage. Rather than being a bad sign, this dissatisfaction shows that executives are willing to let their companies evolve and improve, and actively looking for programs that will accomplish this goal.
Ayming Senior Consultant James Bousher told the news provider that a recent spate of tech improvement is one of the potential sources of improvement. Furthermore, it's not just procurement-exclusive development that is presenting possible advantages. New communication and visibility boosts, enabled by electronic data interchanges and the blockchain promise to change the way information flows from one partner to another in supply chain situations, provided companies commit to learning about them. explained that alongside the interest in new technology, C-suite executives remain interested in training their team members. Developing individuals' skills, especially their ability to effectively use advanced digital systems, can change the operational profile of a supply chain practically overnight.

Government tech use is a great harbinger of new private-sector innovation.Government tech use is a great harbinger of new private-sector innovation.
Tech from the public sector
Becoming comfortable with new tech options is a process rather than an event - it will take time and happen gradually. According to Bloomberg BNA, the use of solutions including blockchain technology by government agencies is a great way to get the ball rolling. When companies see state and federal agencies ready to investigate these new projects, to the tune of a $1.3 million investment in 2017 thus far, their own faith in the technology will naturally increase.
The developers behind useful blockchain tools now have even more of an incentive to improve their own offerings - government contracts. Bloomberg BNA added that, from there, the adoption of the platforms in question has the potential to expand beyond public-sector agencies and reach the corporate world. Government agencies trusting blockchain platforms to exchange information in their procurement efforts could help the technology shake off some of its image and security woes. Now, rather than being associated with Bitcoin and the dark web, the blockchain will gain a new, more reputable image.

The move toward better sourcing can take many different forms. However, with technology improving so steadily, it's natural for executives to consider new IT investments among their options.
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