As we bid adieu to 2017, we recall the tumultuous events that impacted supply chains across the globe: near-nuclear war with North Korea, the Russian probe, security breaches for Wells Fargo & Equifax, systemic assault and harassment coming to light, and more. Procurement groups undoubtedly feel pressure to continue promoting practices that are not merely innovative and tech-enabled, but are also safe, sustainable, and ethical. Principled Procurement will only grow more essential as companies look to attract and retain young talent.
Senior Procurement professionals are increasingly retiring. As they leave, they contribute to an ever-widening talent gap within the supply management industry. It's clear that many industry blogs and organizations see millennials as the solution. In their newest whitepaper, Source One's cost reduction experts ask, "What about Generation X?"
Millennials certainly boast a familiarity with technology and thirst for collaboration. For all their diverse skillsets, however, millennials lack the wisdom of experience. That's where Generation X comes in. Procurement professionals between the ages of 35 and 50 need to bridge the talent gap before it grows too wide. Leading companies should encourage inter-generational collaboration to optimize their performance in the the next decade. Conducting an ongoing dialogue, Generation X and the new wave of millennial talent can form strategic bonds, share expertise, and drive Procurement's future.
In uncertain times, Source One also makes sure to caution Procurement teams against careless sourcing. Ethical business practices are more important to consumers than ever. What's more, with thorough investigative research only a few clicks away, anyone can easily expose immoral business dealings and mount campaigns against companies who violate human or animal rights. Expect more and more Procurement groups to function as reputation managers in 2018. Relationships with both clients and customers could depend on their efforts.
For more 2018 supply chain predictions, check out Source One’s newest whitepaper: What’s Next for Procurement: 8 Trends to Watch in 2018.