Recent years have highlighted the indispensable role of procurement in value creation. As we look ahead to the trends of 2024 and beyond, we see that procurement can make an even more critical contribution. The world experienced significant turmoil between 2020 and 2023: supply chain disruptions, geopolitical tensions, technological advances, changing consumer needs, new sustainability commitments and more. These changes are not temporary but structural, ushering in a new economic era characterized by volatility, regionalization of supply chains, dominance of AI and scarcity of talent.
The new environment
To succeed in the new environment, organizations are now integrating agility, technology and innovation into every aspect of their value chains. The visibility of these movements is obvious, but their long-term success depends on a much less obvious action: changing what the organization buys, whether it is raw materials that meet new environmental standards or analytical talent that can identify what companies value most.
At Xentys, we understand the critical role of procurement in today’s dynamic marketplace. Our expertise in connecting top professionals with procurement vacancies enables us to support organizations in navigating these changing times. We offer not only recruitment and selection, but also interim solutions for your procurement needs. Find out how we can help shape your procurement strategy in line with current trends by exploring our services.
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Four megatrends shaping the future of procurement
- An increasingly multi-polar world: The interconnectedness of global value chains is being challenged. Procurement leaders are therefore shifting their focus from just cost improvement to resilience and support for companies adapting to volatile market conditions.
- Advances in AI and Machine Learning: These can quickly extract deep insights from previously unstructured data. Procurement can make a crucial contribution by improving spending transparency and taking advantage of movements in supplier markets.
"Sustainability and procurement are inextricably linked. By purchasing smartly and strategically, organizations can not only benefit financially, but also contribute to a better world."
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- Demographic shifts: Shrinking workforce and rising skills shortages are intensifying competition for digital talent. The task for procurement departments is to attract and nurture candidates with the analytical skills and data competency needed to unlock value from agile ways of working and digital business models.
- Moving to lower emissions: Procurement can take the lead in minimizing emissions in the value chain, securing green materials in high demand and managing the capital expenditures needed to achieve net zero.
At Xentys, we understand the importance of these trends and how they can transform the procurement function. Our role in connecting companies with the right procurement professionals is crucial in this time of change. Find out how we are shaping the future of procurement by checking out our insights and job postings through our news page.
Find a buyer through xentys
At xentys, your experienced procurement recruitment agency, we are happy to help you find the right professional for your procurement team. Send a message today and strengthen your purchasing department.
To ‘Procurement 2030’
In an era defined by volatility, procurement faces the imperative to reinvent itself with a new vision and new capabilities to help companies through the coming storms. At Xentys, we support this transformation by not only connecting the right talent with our clients, but also by providing a platform for knowledge sharing and development. Visit our procurement wiki for more information and to join the discussion on the future of procurement.
In this new economic era, it is clear that procurement plays a key role. At Xentys, we are dedicated to supporting your business through these changes with our specialized services and deep industry knowledge. Let’s work together to shape the future of procurement and take your organization to the next level.
News
What is the meaning of SKU?
A SKU, or Stock Keeping Unit, is a unique code used to identify a specific product that is in stock. This alphanumeric code is indispensable for inventory management and logistics operations, as it allows products to be tracked and managed. SKUs can contain information about a product’s features, such as
What is meant by the 80 20 rule?
The 80/20 rule, also known as the Pareto principle, is an economic rule that states that 80% of all results come from 20% of all efforts. This rule was first introduced by Italian economist Vilfredo Pareto, who discovered that 80% of the land in Italy was owned by only 20%
What does 3PL & 4 PL mean?
The terms 3PL (Third-Party Logistics) and 4PL (Fourth-Party Logistics) play an important role in supply chain management today. But what exactly do those terms mean? 3PL refers to a logistics service provider that outsources specific logistics functions, such as transportation, warehousing and distribution, to an external party. These service providers
What is a freight forwarder?
A freight forwarder, also known as a forwarding agent, is an essential link in the logistics chain. This party organizes and coordinates the transportation of goods from one location to another. In this context, the necessary means of transportation, such as trucks, ships or aircraft, must be arranged and the
