For nearly a decade, our team gathers to discuss and review the prior year and lay out plans for the new one. We review, in depth, the key findings and trends from the prior years’ market research studies. We also discuss the highlights and takeaways from the previous year’s briefings delivered by solution providers, consultants, and investor groups.
Our goal is to develop a list of the big trends impacting procurement today as well as a list of predictions for the industry this year and share them with you all.
Three Breakthrough Technology Predictions
“Apps” Have a Breakthrough Year (for procurement departments everywhere). In yet another example of how the B2B technology world follows the one in B2C. The modular approach to utilizing different apps for specialized purposes while still operating within one main platform has been the default approach to smart device technology since the first iPhone. Apps have been building momentum in the B2B world for several years due to their ability to enhance the value of investments made in enterprise technology. As many procurement departments that have automated their core processes have discovered, it is nearly impossible for a solution suite to cover the entirety of their requirements.
Enter Procurement Apps, which tackle unique problems in a generally user-friendly way, while also offering light integration and an ability to close gaps across the source-to-settle process. In 2022, CPOs looking to optimize their technology stack will realize that there is an “App for that.
Vendor Payments Go Digital. Simply put, the time is ripe for digital payments to impact the B2B world. Successful digital payment platforms for B2C are starting to pursue the B2B market and will begin to gain traction. Additionally, cryptocurrency will be used (in small amounts at first) to pay suppliers. Cryptocurrency is now a completely viable investment instrument for some individual investors and as its regulation increases, it will become a more legitimate method to pay invoices. In 2022, many companies will begin pilot programs that use crypto as a way to pay a small segment of their suppliers. 2023 will be the breakthrough year, but 2022 is when this will start.
Predictive Technologies Impact Sourcing Strategy and Results. Predictive AI tools that analyze market data, market and industry factors, and eSourcing bid information will allow procurement teams to better identify and react to pricing trends and inefficiencies that have been hiding in plain sight for years. Given the challenges ahead, this technology is arriving at the right time, which is very exciting.
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Procurement 2022 Big Predictions Part 1
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