Riding the Technology Wave in Procurement
Rapidly-developing technology is both an opportunity and a challenge for procurement. Finding the so-called ‘sweet spot’ in effective procurement requires focus and investment to unlock the full value potential of technology, and to maintain a team with human expertise backed up by technological capability and skill.
Top talent will inevitably be drawn to companies that operate with cutting-edge technology. Procurement doesn’t get an exclusion on this and first impressions count. They will likely be put off if a company requires them to spend an unusual amount of time completing administrative tasks that would normally be automated elsewhere. Technology-savvy companies seek talent that create real value within the industry, and procurement teams need to get on board.
Nicholas Lawrence, Regional Director at leading recruitment firm Michael Page, recently commented: “Whilst leading organisations continue to invest heavily in the latest enabling technology, it’s important to remember that a major source of competitive advantage comes from recruiting, and retaining, top talent.”
Here are some easy steps procurement teams can take to make sure they become the best they can be at finding and keeping talent:
1. Every procurement professional should embrace technology and hone their wider skills to ensure that all data is enabling strategic decisions, consistent growth and development.
2. Procurement professionals shouldn’t look to what others are doing now. They should look at what Chief Procurement Officers of the future would be doing to make sure that they stay one step ahead of their competitors.
3. Motivate your team and any outside talent that you’re trying to draw in by making procurement at your organisation as desirable as possible. A voice at the top table of the organisation is key. This is the only way to ‘win’ top-talent from other companies.
4. It’s an uncertain economic world out there. Procurement can bring conviction and validity to managing cost and securing great service, if you use it right. If you drive procurement properly, the uncertainty of the industry will allow you to prove your worth and disrupt the status quo.
5. Procurement is all about hoping for the best but preparing for the worst. If you’re not ready for the impact of a major disruption to hit your supply chain, you won’t survive in this industry. Keep up-to-date with any changes and possible effects and have your contingency plan by the door just in case.