October 15, 2024
More than two-thirds of UK adults believe that retiring in their 60s will soon be a thing of the past, according to new research from Canada Life. The findings, released in the company’s inaugural Life100+ report [promotional content], claims to highlight shifting expectations as people prepare for longer lifespans, with retirement plans and financial security becoming major concerns. More →
October 15, 2024
The Design Guild Mark has opened entries for the 2025 edition, inviting designers and companies to submit entries for three categories: furniture, lighting and interior elements. Entry is open to British designers working in the UK or abroad, and designers with UK based design practices. The Design Guild Mark is a non-profit award programme that was established in 2008 by The Furniture Makers’ Company to raise the profile of British industrial design and to recognise excellence in this discipline. More →
October 8, 2024
Millions of workers aged 57 and over in the UK are being overlooked for job opportunities, as employers increasingly consider this age ‘too old’ to hire, according to a new poll. The survey, conducted by Totaljobs, claims that a third of people over 50 worry they will struggle to find work due to age discrimination, with one in seven reporting being rejected for jobs because of their age. The study suggests that two-fifths of HR decision-makers have faced pressure to hire younger candidates, placing older workers at a disadvantage when looking for work. In response, more than a fifth of over-50s have chosen to omit their age from their CVs, while a quarter hesitate to apply for roles, fearing potential bias. More →
October 3, 2024
A new poll from instantprint claims only around a third (39 percent) of respondents think they could make it through the day without looking at their phone. This means nearly two in five workers think they could stay focused and avoid their phones entirely, which is an impressive display of self-discipline in an era where we are constantly connected. According to the survey , one-third of respondents (33.33 percent) said they check their phones every time a notification appears, whether it’s a message, social media alert, or app update. More →
October 2, 2024
Around a third of companies already use wearables to track their team’s activity and better gauge their physical, mental and emotional wellbeing, according to Deloitte’s 2024 Global Human Capital Trends Report. Deloitte predicts that usage will increase to two thirds by 2027. Neurotechnology, which uses electronics to read brain activity and can contextualise employee behaviour and interactions, is also anticipated to ramp up dramatically in use in that timeframe, from 3 percent to 31 percent. More →
September 26, 2024
In recent years, procurement has transformed from a back-office function to a strategic driver of business value. As global supply chains become more complex and businesses strive for greater efficiency, sustainability, and agility, the future of procurement is set to change even more dramatically. Technological innovations, data-driven insights, and a shift in priorities are reshaping the way organizations manage their sourcing, purchasing, and supplier relationships.
This article explores the future of procurement, focusing on the trends, technologies, and strategies that will define this critical business function in the coming years.
One of the most significant trends shaping the future of procurement is digital transformation. Traditional procurement processes, which were often manual and time-consuming, are being replaced by automated, digital solutions. Technologies such as artificial intelligence (AI), machine learning, robotic process automation (RPA) are streamlining procurement workflows, enhancing transparency, and improving decision-making.
Artificial Intelligence (AI) and process orchestration are transforming procurement by streamlining complex tasks and improving overall efficiency. As highlighted in Tonkean’s blog, AI can eliminate time-consuming manual work like managing approvals, chasing stakeholders, and navigating complex systems. The use of AI-powered orchestration allows procurement teams to unify systems, automate routine tasks, and facilitate collaboration. This leads to faster cycle times, better process adoption, and more time for high-value strategic work, ultimately positioning procurement as a key business partner.
Key Areas of Digital Transformation:
– Automation of Routine Tasks: Tasks like purchase order creation, invoice processing, and supplier matching can now be fully automated, allowing procurement professionals to focus on more strategic initiatives.
– AI-Driven Insights: AI can analyze vast amounts of data to identify trends, predict demand, and assess risks, enabling more informed decision-making.
Impact:
The adoption of digital technologies will lead to faster procurement cycles, reduced errors, and significant cost savings. Procurement professionals will need to adapt to new tools and skills, such as data analytics and AI-powered decision-making, to remain competitive.
Data is becoming the new currency in procurement. With the vast amount of data now available through various channels—supplier data, market trends, and performance analytics—procurement teams have the opportunity to make more strategic decisions. Advanced analytics tools are enabling organizations to turn raw data into actionable insights, optimizing procurement strategies for cost reduction, risk management, and supplier performance.
How Data Impacts Procurement:
– Supplier Relationship Management: Data analytics can help procurement teams evaluate supplier performance, identify key areas of improvement, and foster stronger, more collaborative relationships.
– Risk Mitigation: Predictive analytics can forecast potential supply chain disruptions, allowing organizations to proactively manage risks such as supplier bankruptcies, geopolitical instability, or natural disasters.
– Cost Optimization: By analyzing purchasing patterns and market trends, procurement professionals can negotiate better contracts, reduce maverick spending, and ensure cost savings across the board.
Impact:
The ability to harness and analyze data will be critical for the future of procurement. Organizations that leverage data to drive decisions will be able to build more resilient and cost-efficient supply chains.
As consumers, investors, and regulators increasingly prioritize sustainability, procurement teams must align with corporate social responsibility (CSR) and environmental, social, and governance (ESG) goals. This shift means that procurement will play a central role in ensuring that businesses source goods and services from environmentally and ethically responsible suppliers.
Key Areas of Focus:
– Sustainable Sourcing: Procurement teams will need to ensure that suppliers adhere to environmentally friendly practices, such as reducing carbon emissions and minimizing waste.
– Ethical Labor Practices: Ensuring that suppliers comply with labor laws, prevent human rights abuses, and foster fair working conditions will become a priority.
– Circular Economy: Procurement will increasingly focus on sourcing products that can be recycled, reused, or repurposed, contributing to a more circular economy.
Impact:
Sustainability will no longer be optional for procurement teams. To remain competitive and compliant, procurement professionals must prioritize ethical and sustainable practices in their sourcing strategies.
In the future, procurement will shift from a transactional function to one that focuses on collaboration and innovation. Instead of simply managing suppliers, procurement teams will work more closely with them to co-create value and drive innovation. This shift will require a new approach to supplier relationships, one that emphasizes trust, transparency, and mutual benefit.
Key Changes:
– Supplier Collaboration: Rather than viewing suppliers as vendors, procurement teams will treat them as partners in innovation. This collaboration can lead to the development of new products, improved processes, and shared efficiencies.
– Long-Term Relationships: Procurement will focus on building long-term, strategic partnerships with suppliers, ensuring that both parties can innovate and grow together.
– Innovation Hubs: Some organizations may establish innovation hubs or programs where procurement teams and suppliers collaborate on research and development, bringing cutting-edge products and services to market faster.
Impact:
Collaboration with suppliers will become a competitive advantage, enabling organizations to innovate, adapt to market changes, and deliver more value to customers.
As procurement evolves, its role within the organization will become more strategic. Instead of being seen as a cost-saving function, procurement will increasingly contribute to business growth, innovation, and resilience. This shift will require procurement professionals to develop new skills and capabilities, such as strategic thinking, cross-functional collaboration, and leadership.
Key Areas for Strategic Focus:
– Procurement as a Value Creator: Procurement will move beyond cost-cutting to create value through innovation, risk management, and sustainability.
– Cross-Functional Collaboration: Procurement teams will work more closely with other departments, such as R&D, marketing, and finance, to align procurement strategies with broader business objectives.
– Leadership and Influence: Procurement leaders will need to influence key stakeholders and contribute to strategic decision-making at the executive level.
Impact:
The strategic elevation of procurement will lead to greater influence within organizations, enabling procurement professionals to drive business success through innovation, resilience, and sustainability.
Conclusion
The future of procurement is one of transformation and opportunity. As digital technologies, data-driven decision-making, sustainability, and supplier collaboration reshape the procurement landscape, professionals in this field will need to adapt and embrace new skills and strategies. By doing so, they will not only optimize procurement processes but also contribute to the long-term success of their organizations.
Procurement is no longer just about sourcing the best deal—it’s about building resilient, ethical, and innovative supply chains that drive business
September 24, 2024
With all the talk about generative AI, the impact it will have on people, businesses and industries, I started to think what will be the impact on change management and particularly the role of a change professional? And I realised that change management, like potentially most professional roles, is actually split into two halves with one being science and the other being art. The science element is made up of the products that one can typically see/point to, like a change plan, stakeholder map, training plan, etc. Whereas the art element is made up of what you can see as well, but only if you take the time to observe and notice the impact it has on environments, people, productivity, retention rates, etc. because it involves the people side of change. More →
September 23, 2024
Nottinghamshire based business The Workplace Depot have been getting into the groove in recent weeks by working with music licensing organisation, PPL PRS to share why playing music is important to their business. The industrial and workplace stockist based in Bingham, just outside of Nottingham, have teamed up with PPL PRS, the company who issue TheMusicLicence to businesses who use music, to create a video and Q&A about the positive effects music has on their team. More →
September 23, 2024
UK chief executives see implementing Generative AI (GenAI) as an opportunity to change the nature of work and create highly skilled workforces without reducing the number of jobs in the market, according to KPMG’s 10th annual CEO Outlook survey. KPMG surveyed more than 1,300 CEOs around the world – 150 in the UK – in July and August, revealing that two thirds of UK CEOs (65 percent and 76 percent globally) see GenAI as a positive disruptor with 68 percent (65 percent globally) agreeing that GenAI remains a top investment priority. More →
September 20, 2024
When you fixate on deciding precisely how much time everybody has to spend in an office, somebody is going to decide the answer is five days. The peculiar obsession with pronouncing the answer to be two days or three days can be dated back to 2020 when a load of people who had never previously taken much interest in the matter decided to reinvent a world that had never existed, by replacing it with something that couldn’t exist. We invented hybrid working when we didn’t need to. More →
September 19, 2024
A new poll claims that two-thirds of workers feel powerless to disconnect from work to fully manage the blurred boundaries between work and life, leading to stress, burnout, and anxiety. On average, this results in five days of sick leave per employee each year. The UK government’s planned ‘Right to Switch Off’ for employees is just the beginning for organisations aiming to tackle the negative effects of ‘unboundaried’ work on both businesses and employees. According to the report titled The Work-Life Boundary Gap – Why it Matters and How to Fix it [registration], published by Protime UK, work-life balance is critical for overall wellbeing. The report, based on a survey of 2,000 UK employees, found that 93 percent of respondents believe maintaining this balance is vital. However, 67 percent of employees feel they are unable to fully switch off or maintain their own work-life boundaries. More →
October 10, 2024
Striking the delicate balance of AI regulation and innovation
by James Fisher • AI, Comment, Technology