The Top Business Procurement Trends in 2018

While Tailor Train likes to focus on business procurement Manchester, we believe it’s important to keep an eye on the general trends of where global procurement is headed in the future. We have compiled this handy blog post with a few of the top trends we’ve noticed in business procurement for this upcoming year.

Keep on reading for insight into how procurement is changing and evolving, and how you can take advantage of it.

Big Data and Analytics-Driven Cognitive Procurement

Although 2017 was seen as the year for big data, that doesn’t mean that it won’t be just as important in 2018. Already at the start of this year, we’ve been seeing a variety of emerging technologies starting to play bigger roles in shaping the world’s economic and technological infrastructures.

Harnessing big data’s resourcefulness by using analytics-driven cognitive functionality will become commonplace in making decisions within business procurement Manchester and supply chain management.

Integration of Functions

Not as futuristic as using artificial intelligence to help make decisions and automate tasks, the integration of functions across company branches is still untapped and undervalued in the business procurement Manchester sector. Procurement and supply chain have become ever-growing players in a company’s ability to sustain and transform itself when necessary.

There has been a constant trend towards companies unifying and integrating their business platforms, ensuring that every department is collaborating and communicating for maximum efficiency.

Cybersecurity

Just as technologies have been growing exponentially the past couple of years, cyber threats and methods of exploiting these technologies have also been exponentially multiplying in number. There has been an unmistakable shift in the procurement and supply chain sectors from physical security to cybersecurity.

Companies aren’t worried about trucks being hijacked anymore, but rather are preparing themselves for online business disruptions and other interruptions within the supply chain. Business procurement Manchester highly advise that you take a look at your cybersecurity capabilities and infrastructure.

The Brexit Effect

While some still wonder how a single political decision had such a notable global impact, Brexit’s effect on European and global economies will only grow as this year progresses. In a recent study, 63% of European countries have revealed that Brexit has caused them to leave the UK out of their supply chains completely. While many large companies won’t be cutting the UK out entirely, it’s likely that certain procurement and supply chain branches of companies start to consider limiting their work throughout the UK.

The largest problem with Brexit’s effect on business procurement Manchester is the uncertainty about the ramifications of this political decision, and the general fear that it’s more beneficial for companies to abandon UK markets entirely.

For Business Procurement Manchester Solutions Call Tailor Train Today

Now that you’re up to speed regarding some of the top trends in business procurement be sure to check out our other blog posts that focus on business transformation and procurement. Of course, if your business is in need of a transformation, be sure to call Tailor Train at 07795 387 519.