“Innovation is change that unlocks new value.”
Top 3 Procurement Trends in 2018
Every New Year brings new trends. With great excitement we await for predictions and announcements of innovation and new technology that will bring positive changes in our lives in the forthcoming year. Since we’re very curious, we’ve done some research so we bring you the list of top 3 trends and innovations in Procurement in 2018.
1. Artificial Intelligence
Nowadays, artificial intelligence (AI) has become one of the most significant trends in technology. Computers and robots that show the ability to manage new situations are not news any more, and their application can be found in all areas of human activity. AI is, thus, already being used in Procurement. For now, the use of AI in Procurement is mostly limited to automation of processes of data gathering, cleaning, classification and analysis, which leads to generating more savings and improving productivity. However, since technology is advancing at breakneck speed, it’s pretty realistic to expect that AI will find even wider and more extensive application in 2018.
2. Blockchain Technology
Except for AI, another thing that will bring many changes in 2018 is wider application of Blockchain technology. Blockchain is a decentralized database – it consists of many smaller digitally connected databases (blocks), containing information about digital transactions of any type. By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchain technology can improve security measures and enhance transparency of the supply chain. It gives reliable and detailed insight into the identity of buyers and sellers, as well as the possibility to check every order and transaction in the procurement process. The main benefit of using Blockchain technology is data security and reliability and since it’s a new, growing technology, possibilities that will evolve not only in 2018 but also in the forthcoming years are unlimited and difficult to predict at all.
3. Digitally competent talent and openness to innovation
Every company that strives for success has to adapt its strategy to technological progress that’s constantly happening around us, and digital transformation of Procurement plays the key role in this process. However, all this technology is worth nothing if there are no people who know how to use it and are ready to learn constantly, as well as to adapt to changes. The market longs for young, adaptable people, for whom technology isn’t an obstacle, but an integral part of everyday life. In 2018 companies will increasingly look for young, motivated, open-minded employees whose vision of future will be in line with theirs.
All in all, 2018 will be a year of many positive changes. Trends predicted are already knocking on our door and our task is to embrace them strategically. Every company that manages to adapt to changes will surely be successful and survive on the market. Technology is progressing at a daunting pace, and the use of Procurement software is no longer a matter of trend or luxury, but a necessity. Choose Ensolva as your software solution and achieve success in your business today!