Four Trends in Procurement and Supply Chain to Keep an Eye On

With companies building their efforts to develop and monitor tracking data across the supply chain, they need to ensure that their interpersonal connections remain strong.

Fremont, CA: The COVID-19 pandemic has presented an unstable environment for procurement professionals globally. And these problems will likely continue to exist for a while. To manage it, here are four procurement and supply chain trends to keep an eye on:

More companies are putting tech first

As companies find ways to find their supply needs, they are also increasing the technology investments that help them get higher visibility into their operations.

Regulatory changes could be coming

Regulations, especially those concerning international trade, have changed in the past years and are expected to have more future changes. Procurement professionals will closely monitor the developments, especially with a new U.S president. However, most of them will likely be predictable as the U.S. leans to normalize trade relations in 2021.

Relationships become even more critical

With companies building their efforts to build and monitor tracking data across the supply chain, they need to ensure that their interpersonal connections remain strong. A good relationship with suppliers and other partners will be essential for any company to quickly and easily scale when needed.

Outsourcing and global supply chains will become less common

Ever since the pandemic, companies are faced with the unpredictability of supply chains in the procurement process. This is why businesses are trying to broaden and shorten their chains. Many organizations in different fields have some dependence on outsourced work and supply chain extending thousands of miles.

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