Three Procurement Technology Evolutions for 2023
By Costas Xyloyiannis, CEO of HICX
As we usher in 2023, the procurement and supply chain operating model will continue to evolve. Despite sustained uncertainty in the business landscape, consumers still need goods and services. And manufacturers still need to meet demand.
Suppliers hold a lot more power in today’s macro-economic environment than they have in the past. In certain sectors where supply is limited, the market is less open than businesses might like. Additionally, large manufacturers depend upon their supplier networks for on-time delivery, service and innovation.
It should come as no surprise that forward-thinking leaders place immense value on the contribution which their suppliers make. They understand that, without our suppliers, there would be no customers.
Last year, we saw leading businesses start to rethink the way in which they view their suppliers, and in 2023, I believe that this mindset will continue. Here are three key ways in which the procurement world will evolve this year.