Today, most procurement recruitment agencies are looking for procurement professionals who are IT savvy. These individuals have to juggle multiple things simultaneously – it can be difficult to balance costs, meet the organisation’s social responsibility targets, mitigate risk, ensure cost reduction and also manage supplier relationships. At the same time, procurement and sourcing professionals have to use the latest technology to ensure their brand enjoys a competitive advantage.

It is not merely IT procurement professionals who need this type of skillset within the supply chain. In fact, it is imperative for sourcing professionals from all spheres to be capable of applying IT to procurement strategies, analysing data and coming up with responsive and efficient sourcing solutions.

Technologies trending in procurement

Sourcing professionals are expected to use the right technology-driven methodologies to benefit the organisation. Some of the technologies that these professionals must know include:

Cloud: Today, in-house systems have become superfluous as many companies have turned to the cloud to store records, supplier and vendor details, and more. This allows procurement professionals to work from anywhere while remaining productive and efficient.

Online marketplaces: The need to find the best suppliers and reduce costs has become the key mantra for organisations looking to conquer the global marketplace. Online markets allow sourcing professionals to find prospective suppliers with relative ease.

Mobile apps: Routine and mundane activities, like approving estimates, raising purchase orders and checking delivery times, can now be handled effortlessly through mobile apps.

Data gathering: Data capture has taken precedence over everything else as it allows companies to perform spend analysis. Some experts have predicted that advanced analytics will modify and alter procurement functions over the next ten years.

Artificial intelligence: The vast amount of data that organisations store will require artificial intelligence to perform predictive analysis. In fact, AI has the ability to disrupt the entire procurement function to gain insights into consumer behaviour and improve the supply chain. It minimises errors, fraud and human bias, making the supply chain and procurement processes more efficient and cost-effective.

It is now necessary for procurement professionals to improve their skillset and ensure they possess thorough knowledge and understanding of how IT can be used in procurement to benefit the organisation and ensure success.