From a pandemic to geopolitical conflicts to inflation, procurement has seen more than its fair share of obstacles–with even more on the horizon. Ardent Partners finds that the best professionals are accounting for future challenges and restrategizing to stay agile. 

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What Can Procurement Expect for the Future?

Sourcing, procurement, and vendor management professionals around the world have retooled plans to bring suppliers closer to home while simultaneously working to manage costs and risk at every turn. Many markets must find new ways to manage the rising costs of business without offloading the difference to their customers, making the need for strong relationships, improved communication, and better performance management even more vital. 

All the data needed to forge those relationships and gain a competitive advantage lies in vendor contracts–accurate contact information, delivery clauses, etc. Unfortunately, too few procurement teams have the bandwidth or means to access that data quickly and remain agile in volatile times.

In response to disruptions, successful CPOs are realizing the power AI technology has in establishing a strong foundation for risk mitigation and uncovering hidden opportunities. By leveraging this technology, procurement professionals can easily search through thousands of contracts and review specific information at micro and macro levels, allowing for stronger decision-making across the organization.

As you forge ahead, you must ensure your plan accounts for what’s to come. See what other challenges you’re likely to face (and how you can prepare) in Ardent Partners’ Procurement 2023: BIG Trends and Predictions.

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