Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.MAY - 03 - 2021, Volume 07 - Issue 8 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe Phillip*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comEditorialThe Resilience and Fight Back of the Procurement LeadersAccording to The World Bank, the COVID-19 pandemic plunged most countries into recession in 2020. And although the global economy is growing again after a 4.2 percent contraction, many things remain uncertain. There's no arguing that the impact COVID-19 has had on procurement is massive. In 2020 alone, companies had to adapt by cutting costs and reducing budgets, and many financial leaders went searching for a quick solution to controlling spend in a distributed workplace. But while short-term solutioning was essential in 2020, putting a bandaid on a bullet wound doesn't stop the bleeding. In 2021, then, procurement leaders must begin implementing strategies and processes that address long-term change and that help businesses successfully adapt to this `new' normal. It would take an extremely stubborn procurement team to plow ahead with business-as-usual after the disaster that was 2020. Thankfully, most teams have adjusted their ways of working, with some changes intended to last for the duration of the crisis, while others will be permanent.Remote working now characterizes the operations of many businesses. This has been a major factor in setting the agenda for automation of procurement processes. The value of fast, efficient communications and the ability of businesses to operate without the benefit of face-to-face contact has been fully understood. Procurement in 2021 will see internal procedures increasingly predicated on automation of contracts, of authorizations, reorders and stringent stock controls. Further, Uncertainty in economies around the world demands that businesses can flex just about any of their functions to keep pace with rapid changes in their markets. Achieving flexibility is set to be a significant procurement trend in 2021.Together, the four main trends that we highlight here amount to businesses working hard to improve the resilience of their supply chains over the year ahead. But these trends should not simply be viewed as a reaction to Covid or a response to current uncertainties in the geopolitical landscape. What we see happening here is the evolution of the procurement process, making it fit for the future. It is not that there's an assumption that Covid may be here to stay or only that economies must now wrestle with challenges in a new world order which will affect customers' behavior across the globe. Rather, the quest is for tools to do procurement better from now on. Tools such as automation, digitization, data analytics, smart contracts and catalogs, also, perhaps, the more widespread use of distributed ledger technology for greater security, will be used to help businesses respond to current and future challenges, whatever they may be. Nothing is future proof but being flexible and agile in the face of these is a sensible approach to adopt to procurement in 2021.Let me know your thoughts.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipGraphics & ArtVictor cruzEditorial StaffBen JacksonDaniel HolmesEzra BenjaminJune MichaelRose DcruzSenior WritersClara MathewLeah JaneRoyce D'Souza
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