3 Procurement Trends In 2018 You Need To Implement Today!

Want to make your procurement better? You need to incorporate innovation, simplicity and sustainability into your practice.

We are all familiar with traditional procurement methods being time-consuming and tedious. But have we ever wondered why?

Imagine creating a requisition, waiting for an approval, and then placing an order. While this process sounds easy, it can take a few days or sometimes even a week. Plus, since your procurement team will be doing all this manually, there is high chance that your suppliers might get ignored in this process. As a result, you might not get a fair quote or might miss out on a good tender. This entire process is tedious and less efficient.

If anything, traditional procurement and digital procurement have been stark opposites of each other i.e. traditional procurement has been plagued with extremely complex processes and lack of innovation.

Today procurement has become increasingly competitive and we need to adapt to the changing trends in the industry. Cloud-based procurement has now been adopted by many organizations and they are succeeding in their field because of the same. However, there are three trends which we found evident in this industry and are relevant with the changing times too.

We have listed the most prominent trends for your benefit and at Eyvo, we believe that these three factors have helped us grow at a consistent pace over the years. Hopefully, it will help you as an organization too.

Sustainability

A sustainable business is one which has little or no negative impact on the environment, community, society or economy globally or locally. A business strives to impact the environment, society and economy positively. The composition of all these three elements is called the triple bottom line, and a business that looks to meet the triple bottom line is known as a sustainable business.

Procurement organizations are considered sustainable when the basic procurement processes are carried out in a way that achieve value for money. Procurement is an essential part in your supply chain processes. Maintaining sustainability in procurement needs high level of engagement and collaboration between all parties in the supply chain.

Eyvo understands its environmental responsibility and hence, with every communication we let out through mail, we make the receiver aware of their environmental responsibility.

Innovation

Competition in today’s world dictates innovation, as it has become difficult for us to survive in any industry without it. Innovation does not mean to invent. Innovation simply means to make changes in existing methods or products by introducing new methods or ideas.

Innovation has been a topic of discussion for a long time in the procurement industry. In our industry, what drives innovation are things like developing a co-operative supplier base with complementary capabilities. Innovation also depends on the skill set the employees of an organization possess. If there is a culture of learning in an organization, your employees will easily adopt to any innovative ideas coming their way or even better, come up with their own ideas.

At Eyvo, we encourage our employees to contribute with ideas and are always open to innovation. That is the kind of culture we encourage and innovation is a huge part of the way we operate. We believe that with good communication and synergy in thinking, come fresh and innovative ideas.

Simplicity

The word ‘simplicity’ literally means being easy to understand or uncomplicated. Most companies have complicated aspects of the business processes for years in a drive to earn more profits. Eventually, the same organizations concluded that shifting to less convoluted work is in order. This ultimately leads to less mistakes and more profits. In short, simplicity comes back around when complexity starts making less sense.

Traditional procurement methods have been anything but simple. With the advent of eProcurement, the procurement processes have been less complicated. Even within digital procurement, organizations tend to make the entire procurement too complex, making it hard for you as the users to wrap their mind around.

With Eyvo’s eBuyerAssist, you can experience simplicity in every aspect of eProcurement. While building our purchasing software, simplicity was of primary importance to us. We know that our prospective clients would not need a lot of hand holding from us because of the ease-of-use design of our solution.

The above trends are not the only trends in our industry but, they certainly are the more significant ones which have a lot of relevance in today’s time. Every trend having its own unique effects, so it is essential for your organization to make sure to keep innovating and follow principles of simplicity and sustainability.

Contact Us for more information.