Procurement as an industry has evolved considerably since its inception. With an aim to capitalize, businesses are re-evaluating their market strategies as well as procurement operating models which also help them to withstand the market forces. It is expected that B2B e-commerce will outgrow the B2C e-commerce with respect to volume of sales. The change is expected to happen very soon, that is within next 3-4 years. Up till now, B2B e-commerce has been walking on the path of B2C e-commerce, but the future looks different.
The much needed change
Businesses are expecting consumer-like experience in procurement. Several initiatives, all around the world have consumerized e-procurement and B2B e-commerce successfully. Businesses of the modern day world are switching to e-commerce from traditional commerce because of the several fundamental benefits it brings to the table. The change is the need of the hour as e-commerce offers more transparent information, better efficiency in making decisions, better analytics and is a self-serve model offering structured buying.
The top trends shaping modern procurement
Improved perception of procurement- the focus has now shifted from just cost saving to strategic investments. Businesses across the globe are relying heavily on creating value rather than responding to cost pressures. The increased cross-organizational collaborations have increased the adoption of procurement technologies which is empowering procurement professionals around the world.
Increased automation and agility- procurement systems are now cloud-based technologies which are more efficient and faster. The approvals are happening on the go rather than being stuck in inboxes, budget reports are being viewed on tablets or smart phones to make a smarter decision and the procurement teams have easy access into metrics. Faster purchasing processes help organizations to keep up with the consumer demand and stay competitive.
Advanced spend analytics- automated procurement solutions have built-in or easily customizable spend analytics capabilities that help in finding complimentary procurement technologies, creates better processes and make data-driven decisions.
Growing consciousness of supply management- with the help of streamlined supply chain processes, organizations can better focus towards sustainability. The modern day consumer demand ethically sourced products, greater transparency in ingredients and environment-friendly methods of distribution, which are forcing companies to create partnerships that are ethically sound as well as economically viable.
Cyber security concerns- procurement teams must protect financial as well as personal information fiercely and that the supply chain is protected. Therefore security plans must be in place that ensures compliance in the organization and within procurement, and stays updated with latest schemes so as to avoid the risk of exposure.
Furniture, Fixtures and Equipment should always be of highest possible quality and at the most cost-effective price. FEBC’s FF&E procurement team works with the client to design, plan, deliver and budget as per the exact project requirements. It all starts with understand the precise needs and goals. The design intent, operator standard and styling is also important. A comprehensive budget is then designed to keep the total cost minimum. FEBC’s FF&E procurement process is deemed complete only after delivering goods on site, installing it and ensuring that it is in full working order.
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