Top 10 Procurement Trends for 2023

As we move into 2023, the procurement industry is going to see a number of significant trends emerge. Here are the top 10 trends we think are likely to shape the procurement landscape in the coming year...

1. Increased use of technology

Procurement professionals will continue to leverage a range of technologies, including artificial intelligence and machine learning, to automate routine tasks and make more informed decisions. Digitally transforming procurement processes will be imperative for organizations to reduce spend and grow.

2. Greater emphasis on sustainability

As sustainability becomes an increasingly important issue for businesses and consumers alike, procurement teams will become more focused on sourcing goods and services from suppliers that align with their sustainability goals.

3. Rise of strategic sourcing

Rather than focusing on just cost savings, procurement teams will shift their focus to strategic sourcing, which involves building long-term relationships with suppliers and considering factors such as quality, innovation, and sustainability.

4. Increased collaboration

Procurement teams will increasingly collaborate with other departments within their organizations, as well as with external stakeholders such as suppliers and JV partners, to drive better outcomes and create value in their supply chain.

5. More emphasis on compliance

As regulatory requirements become more complex and stringent, procurement teams will need to prioritize compliance in their operations to avoid penalties and other risks. Moving their RFx processes to secure cloud-based platforms will add significant compliance benefits.

6. Greater focus on data and analytics

Procurement teams will make use of data and analytics to gain insights into their operations and make more informed decisions.

7. Growing importance of cybersecurity

As the threat of cyber attacks continues to rise, procurement teams will need to prioritize cybersecurity and ensure that their systems and processes are secure.

8. Increased use of blockchain

Blockchain technology, which enables secure and transparent record-keeping, will continue to gain traction in the procurement industry in 2023, offering benefits such as improved traceability and reduced fraud.

9. Development of new skills

Procurement professionals will need to develop new skills and competencies, such as digital literacy and data analysis, to remain competitive in the changing landscape.

10. Growth of the gig economy

The gig economy, which is made up of freelancers and independent contractors who are hired on a project-by-project basis, will continue to grow in popularity. Procurement teams will need to adapt to this trend by developing strategies for managing and working with gig workers.

Overall, the procurement industry is set to undergo significant changes in 2023, as it continues to evolve and adapt to new technologies, changing market conditions, and emerging trends. By staying on top of these trends, procurement teams can ensure that they are well-positioned to meet the challenges and opportunities of the coming year.

DeepStream helps transition organizations from unsecured manual processes to best-practice automated workflows - saving teams significant time and money. Get ahead of next year's trends and book your demo today.

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