Procurement and services marketplace wishes 2022

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Continuing this year’s series of New Year wishes for the procurement, supply and services market for the year ahead (see our previous series of predictions here) from expert tech and service providers, let’s hear today from Atul Vashistha, founder of third-party risk intelligence solution Supply Wisdom.

Our series (read more about it here) of wishes runs from mid-December to early January, then our analyst Bertrand Maltaverne will wrap up with his own take on the key themes that emerge.

My three wishes:

1. Procurement will develop into the first line of risk defense

My first wish for 2022 is that procurement will develop into the first line of risk defence. Risk management will begin in the sourcing stage, where threats can be identified and mitigated. Low-risk third parties will be prioritized and partnered with, ultimately spurring competitors to drive change within their own risk management practices as well.

2. Companies will start fully mapping supply chains

My second wish for the New Year is for companies to finally begin fully mapping their supply risk dependencies, and discover they aren’t as diversified as they originally thought. I hope to see ‘traditional’ risk diversification strategies tossed aside as companies discover their diversified tier 1 suppliers are all relying on similar tier 3 factories, ports and sub-suppliers.

3. Continuous third-party risk monitoring and early indicators

My third wish is that continuous third-party risk monitoring and early indicator tools will finally replace point-in-time assessments. Businesses will invest in risk management automation to continuously monitor suppliers for early indicators of threats — before they snowball into catastrophes such as the semiconductor shortage.

And I have a fourth and bonus wish I’d like to share with you too. I wish that location becomes the most monitored risk category. Financial and cyber should no longer be the most important risks to assesses. Location risks, such as weather, geopolitical and people, will rise to the top of the agenda.

If you are looking for procurement technology to help with your wishes for 2022, try out Spend Matters TechMatch℠ to benchmark and shortlist providers 

And if you are looking for procurement services providers to help you with your 2022 decisions, look no further than our Procurement Services Market Landscape Directory.

Thanks to Supply Wisdom, and look out for more solution and services providers wishes/predictions over the next few weeks, with an overall take on the series from our analysts at the end. See more vendor predictions and wishes here with our analyst commentary from last year.