Changing Facets of Procurement Management Market

Changing Facets of Procurement Management Market

My blue-sky rainbow world would also include the ability to do a financial comparison of the vendors as well for pricing.

Could you tell us about the challenges that are prevalent in the market today?

The biggest challenge that we have seen and are seeing in the market today is the supply chain issue. Everyone from a big organization to a small grocery store has failed to keep their items in stock or stay well-stocked at one point of their operation since the start of the pandemic. The pandemic has brought on the need to diversify and find more diverse suppliers for every organization to ensure a company’s own internal stability. The essential variegation has compelled companies to implement cost-containment strategies to ensure their financial stability to withstand the next market disruption.

Is there any project initiative you are working on to address some of these challenges?

We are working on implementing workflow automation software. Using it, we can automate many processes like sending out RPCs, gathering information, trending the received information, approvals, etc. Utilizing the newly generated workflow, we can provide different departments access to the specific items they want to see from the proposal. Consequently, we can segment the contract agreement so that different departments can only look at the clauses relevant to their expertise. Then, based on the document, they can give their individual views which will allow us track and archive approvals for audit and/or any future questions.