Tag: procurement analysis

IR2

The Largest Consumers of Crude Oil in the World

The world runs on money! Or oil! Crude oil to be more specific. It is unnecessary to explain the importance of crude oil in the world. We just have to look at the news, and how countries with oil resources have become rich. The Middle East is the biggest example of this statement. The statement, “the world runs on oil” not only talks about the political influence of oil-rich economies but also in its literal sense. It is because of crude oil that most of the vehicles are running on the road and the manufacturing units all across the world are still functional. The global crude oil consumption as of 2017 stood at 3.72 trillion metric tonnes. (SpendEdge – Procurement Market Intelligence Report) Although the world is moving towards clean energy, oil is still a significant part of the global economy.

Largest consumers of crude oil

APAC region

High economic growth in countries such as China, India, Singapore, and Indonesia has driven consumption and made APAC the leading market for crude oil in terms of consumption. Gasoline, kerosene, diesel fuel, and paraffin wax are amongst the major crude oil products consumed in this region. Such fuels are powering various industrial and domestic applications including automobile, chemical manufacturing, and road construction. In India, LPG consumption is very high, as it is the primary source of energy for daily cooking needs. Over the last decade, the production of natural gas in China has been shooting up; thus, driving the manufacturing of chemicals as it’s a clean fuel source. As a result, the overall demand for crude oil is expected to grow at a CAGR of 3%–4% over the forecast period

North America

In terms of consumption, the US is the largest market for crude oil, not only in North America but also globally. The country accounts for more than 20% of the global crude oil consumption. It is no wonder that the US has either issues or diplomatic relations with many countries in the Middle East. A high number of per capita vehicle ownership and energy consumption are the significant factors driving the consumption in this market. Additionally, the discovery of shale oil in the region has resulted in an increase in domestic production volumes of crude oil, which, in turn, has led to a decline in both price and imports of crude oil.

However, the growth of the natural gas market in the region, which can be attributed to the discovery of shale gas in the region, has resulted in several chemical suppliers using natural gas as fuel and feedstock to produce chemicals such as olefins and ethylene. These factors are expected to lead to a minimal growth in demand for crude oil in the region

Europe

Europe ranks third in terms of global crude oil consumption. The strong chemical and automotive market in France, Germany, and Russia are driving the consumption in this region. The region is also the fastest growing in terms of green energy as countries such as Sweden and Denmark are focusing on clean energy. Europe is also the leading market for electric cars (sales per capita) worldwide. Moreover, governments across the region have passed legislation to reduce the consumption of crude oil by employing stringent limitations on emissions of pollutants from the use of crude oil products. Consequently, the overall market for crude oil is expected to decline over the years.

MEA

MEA is one of the largest production hubs for crude oil. The region uses crude oil to produce chemicals such as EDC, VCM, ethylene, benzene, toluene, and olefins. Apart from the Middle East, high economic growth in African countries, such as Nigeria, is leading to the higher consumption of crude oil-based fuels. The only concern for crude oil market in this region is the surrounding political instability, civil war, and financial downturn. Such events can have a negative effect on both the demand and supply of crude oil, which will hamper the market growth.

South America

Venezuela is the country with largest oil reserve in the world, with an estimated proven oil reserve of over 250 billion barrels. In terms of consumption, it ranks third followed by Brazil and Argentina. Majority of the crude oil is used in the production of chemicals such as EDC, olefins, gasoline, diesel, and kerosene, which are then used in several end-user segments. The region, however, experiences a decline in crude oil demand due to the preference for biofuels such as ethanol.

 

Read more about the top consumers of crude oil with supply market insights, procurement challenges, pricing insights, and technological advancements in SpendEdge’s upcoming report on the global crude oil market.

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IR30

Upcoming Trends, Growth Drivers, and Burning Challenges in the Artificial Food Coloring Market

Looks and smell are the primary factors that attract people towards food. These two factors play such a significant role that it can psychologically alter human perception even if the food taste was different from how it was presented. Apart from enhancing the visual appeal of food products, artificial food coloring is also used to protect minerals and vitamins within the food during exposure to sunlight. Artificial or synthetic food colors are manufactured using chemical processes and are most commonly used in food and pharmaceutical industries. Such food coloring is available in powder, liquid, gel, or paste forms. Sunset yellow, tartrazine, carmoisine, erythrosine, Ponceau 4R, and brilliant blue FCF are some of the most commonly used food colors in the food sector. The procurement market intelligence report on global synthetic food color market identifies Europe as one of the largest markets occupying a 34% market share.

Request Free SampleTrends in artificial food coloring market

  • Today, the consumers increasingly prefer clean-label products which are free of any additives, preservatives, stabilizers, enhancers, and thickeners. Because of such preferences, consumers have prefer natural food coloring over synthetic food colors.
  • In the salmon aquaculture sector, the farm-raised salmon lack the pinkish color that is present in wild-salmon. As a result, artificial food colors are used in salmon fish fillets and in pigmenting supplements as a part of fish feed as well.
  • Colorful concoctions such as rainbow bagels and unicorn lattes in food products are possible because of innovations in the synthetic food coloring market. For instance, multi-color cereals, Marshmallow Only Lucky Charms launched by General Mills, are becoming increasingly popular among consumers.

Growth drivers in the artificial food coloring market

  • One of the largest application areas of artificial food coloring is its use in processed foods such as confectionaries, sausages, soft drinks, baked goods, cereals, and snacks. With the processed food and beverage market estimated to reach US$6 trillion by 2021, it’s a significant growth opportunity.
  • Synthetic food colors are preferred over natural food color by manufacturing companies as they are cost-effective and have relatively better heat and moisture resistant properties. Additionally, naturally derived food colors are generally not as concentrated as synthetic food colors.
  • Artificial food colors are extensively used in dairy products such as butter and yogurt. It’s a significant growth opportunity for the food coloring market as the dairy industry is expected to grow at a CAGR of 3% by 2021.

Challenges in the synthetic food coloring market

  • Growing health awareness and lifestyle changes in developed regions has resulted in a large number of buyers adopting natural colors over synthetic food colors. As a result, food companies such as Nestlé and General Mills have drastically reduced the use of artificial flavors in their products.
  • Synthetic food coloring can sometimes change the properties of the end-product. Buyers have to incur additional costs for additions or alternatives to be implemented in the end-product formulation. Such switching costs can halt the growth of the synthetic food coloring market.
  • Petroleum products, aluminum, and coal are the primary raw material used in the production of synthetic food colors. Global demand and supply lead to fluctuations in the price of such raw materials posing problems to procurement teams in the artificial food coloring market.

For more information on the synthetic food coloring market along with supply market insights, pricing models, category management, and supplier selection criteria in SpendEdge’s upcoming report on the global synthetic food color market.

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IR34

Growing Demand from Automobile Industry Driving the Demand for Electric Motors

Electric Motors ProcurementLondon, Mar 12, 2018: There has been an increase in demand for electric motors from the automobile industry due to increased production of electric vehicles. Electric vehicles do not pollute the environment and do not require fuel. Hence, their demand is rising, which is driving the growth of the global electric motors market.

SpendEdge’s latest procurement research report on the global electric motors market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report is a part of the heavy industry, also offers detailed insights into the key market developments, supply chain management, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“The automobile industry being one of the major end-users of electric motors holds nearly 30%–35% of the global electric motors market. In the automobile industry, electric vehicles, which include hybrid vehicles, are the major application for electric motors. The growth of the automobile industry is directly contributing to the market growth of the electric motors market.” – Bhuvaneshwari Udayakumar, heavy industry expert at SpendEdge.

Buyers often encounter difficulty in assessing the suppliers based on the likely maintenance cost during the on-boarding of suppliers. During the analysis of the LCC of electric motors, maintenance cost is an important factor considered in the evaluation process. However, during real-time operation, due to fluctuations of parameters such as load and current in the operating environment that alter the power and performance of electric motors, the life of electric motors is affected. As a result, buyers face procurement challenge in assessing expected maintenance cost during procurement.

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  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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Government Initiatives to Replace Ageing Transformers Increasing the Transformers Sales Across the World

Transformers MarketLondon, Feb 20, 2018: Rapid economic growth in APAC, especially in countries such as India, Indonesia, and China, has resulted in investments by governments and private organizations in many power generation and distribution projects. This has led to a rise in demand for both power and distribution transformers. Also, electric utility companies across the globe are increasingly replacing their old and aging transformers with modern ones increasing the sales in the global transformers market.

SpendEdge’s latest procurement research report on the global transformers market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the utilities, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

 “Governments across the globe are taking initiatives to improve the efficiency of transmission and distribution of electricity. Hence, they are replacing aging transformers with new ones. This is because, over the years, due to wear and tear of coil windings, the performance of transformers reduces and the energy loss during transmission increases. As a result, sales in the transformers market across the world has been on the rise.” – A Kowshik, facility management expert at SpendEdge.

Buyers face issues in evaluating the performance and reliability of transformers due to the lack of in-house expertise and technical know-how related to power generation systems. This may lead to the procurement of inappropriate transformers, which can increase buyers’ cost of ownership. As a result, buyers face procurement difficulty in hiring technical experts that have complete knowledge of electrical devices and equipment who can assist in selecting transformers.

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This procurement report on the transformers market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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IR36

Top 5 PCI Compliance Solutions Provider Securing Digital Payments

The world is moving towards a cashless economy with debit and credit cards being the preferred mode of payments over cash. The number of transactions processed by the card industry is growing significantly, and so is the concern for the security of payments and cardholder’s information. As a result, Payment Card Industry (PCI) compliance laws are put in place to reduce the risk of debit and credit card data loss. PCI compliance solutions include consulting and remediation solutions that help to fulfill the Payment Card Industry Data Security Standard (PCI DSS) and other requirements of organizations. PCI compliance solutions are used across industries such as BFSI, manufacturing, technology, media and entertainment, construction, healthcare, and retail. However, the rapid increase in adoption of digital payments modes within the e-commerce industry is driving the demand for PCI compliance solutions. The procurement market intelligence report for global PCI compliance solutions market forecast a CAGR of 7.3% for the period 2017-2022.

Request Free SampleVerizon

Verizon is an American telecommunication conglomerate and the largest wireless communication service provider in the US. The key services offered by Verizon includes wireless communications, mobility, internet of things, IT solutions and cloud, and business communications. Verizon’s PCI compliance solutions help clients to understand the requirements that affect business, avoid common pitfalls that increase risk, and navigate the road to compliance. In 2017, Verizon released a Payment Security Report, which demonstrated the correlation between organizations PCI compliance standard and their ability to defend themselves against cyber attacks.

AT&T

AT&T provides network, cybersecurity, and mobility services to businesses. The company provides services and solutions to end-user industries such as finance, healthcare, retail, hospitality, consumer goods, and transportation. AT&T offers a robust suite of solutions for PCI compliance including consulting, managed security, strong authentication, and project planning and management services. Here are some of the detailed solutions offered by the company:

Build and maintain a secure network·         AT&T Consulting Firewall Assessment Services

·         AT&T Managed Security Services

·         AT&T Managed Firewall Service

Protect cardholder data·         AT&T Encryption Services

·         AT&T VPN Services

·         AT&T Web Security Services

Maintain a vulnerability management program·         AT&T Endpoint Security Services

·         AT&T Managed Endpoint Security

·         AT&T Consulting Application Services

Implement strong access control measures·         AT&T Token Authentication

·         AT&T Consulting Secure Network Integration

·         AT&T Managed Hosting

Regularly monitor and test networks·         AT&T Internet Protect

·         AT&T Security Event & Threat Analysis

·         AT&T Security Device Management

Cisco

Cisco manufactures and sells networking hardware equipment and telecommunications equipment. It also provides solutions to ensure compliance with standards such as PCI and HIPAA. The company is also a member of the PCI Board of Advisors, Technical Working Groups, and DSS Special Interest Groups. On June 26, 2017, Cisco announced new training and developer programs for its 28,000 networking professionals at the company’s annual user conference to accelerate the adoption of internet-based networking.

IBM

IBM is one of the oldest technology company that provides hardware, software, and middleware apart from hosting services in areas such as mainframe computers and nanotechnology. The company offers a range of services for businesses including cloud services, business consulting, financing, analytics, unified communication services, and compliance services. Recently, IBM announced that it is teaming up with Toronto-based FinTech company, Dream Payments to generate new revenue streams from mobile payment solutions. The partnership has allowed Dream Payments to maintain bank-grade security, scale its cloud infrastructure, and improve PCI compliance and data sovereignty.

Trustwave

Trustwave Holdings in an American company that offers solutions to help organizations fight cybercrime, protect data, and reduce security risks. The company caters to industries such as education, restaurants, payment services, financial services, retail, and government. The company offers around-the-clock support, a full suite of PCI services, access to world-class PCI experts, and security portfolio that enables compliance. In 2017, the company was named the best PCI compliance provider for the second year in a row at the CNP Expo held in Orlando, Florida.

Read more about the top vendors in the PCI compliance solutions market along with pricing models, procurement best practices, supply market insights, and category management in SpendEdge’s upcoming report on the global PCI compliance solutions market.

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IR36

Growth in Pharmaceutical and Biotechnology Industries Driving the Demand in the Lab Consumables Market

Lab ConsumablesLondon, Feb 07, 2018: Recently, the pharmaceutical and biotechnology industries in India and China have noticed a dramatic growth due to increased healthcare investments by offshore organizations in these regions. Due to the boosted growth, buyers from these industries have a greater demand for lab consumables to meet their operational requirements.

SpendEdge’s latest procurement research report on the global lab consumables market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the pharma and healthcare, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Increased R&D in pharmaceuticals and biotechnology for molecular research and drug discovery applications have led to the growth in demand for lab consumables globally.” – Bhuvaneshwari Udayakumar, pharma and healthcare procurement research specialist at SpendEdge.

The end-user segment of lab consumables is highly dependent on the timely arrival of products for the smooth functioning of its daily operations. Any delay in turn-around-time can lead to increased cost and low profitability. As a result, suppliers and buyers in this market are facing major procurement challenge in ensuring timely delivery and avoiding additional shipping costs.

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This procurement report on the lab consumables market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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High demand for high-oleic sunflower oil from F&B industry in the global sunflower market

Sunflower OilLondon, Jan 22, 2018: Growing economies such as India and China are expected to drive the growth in the consumption of sunflower oil market over the next decade. The drive in the consumption of sunflower oil can also be attributed to changing dietary habits and increasing per capita consumption of processed food items in these countries.

SpendEdge’s latest procurement research report on the global sunflower oil market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the agro commodities and raw materials portfolio, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“High-oleic sunflower oil improves shelf life for baked food products and makes them resistant to oxidation. Brands in the F&B industry are increasingly demanding sunflower oil as this property translates into high-cost savings, especially for high-heat applications.” – A. Kowshik, agro commodities and raw materials procurement research specialist at SpendEdge.

Sunflower oil’s sourcing and production processes are such that there are high chances of the oil getting adulterated or losing purity. As a result, seeds sourced should be inspected for quality and stored as per quality standard guidelines to prevent the risk of getting infected by fungus. Buyers in the sunflower oil market are facing sourcing challenges in order to obtain pure and unadulterated sunflower oil.

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  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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Illegal supply chain of vanilla causing procurement problems for end-users in the global vanilla market

Vanilla Market

London, Jan 16, 2018: Vanilla is one of the main ingredients used in the manufacturing of bakery and confectionery products. The consumption of vanilla-based products such as bakery, confectionery, beverages, and other food-based products is high across North America. However, Europe remains one of the largest consumers of vanilla products in the global vanilla market.

SpendEdge’s latest procurement research report on the global vanilla market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the agro commodities and raw materials portfolio, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

 Suppliers focus on positioning themselves as clean label brands because of the increasing demand by end-consumers for total transparency across the supply chain of vanilla products is driving the growth of the global vanilla market. – A Kowshik, agro commodities and raw materials procurement research specialist at SpendEdge.

The vanilla market, especially in regions with an unorganized market, is prone to have the presence of illegal supply chain of adulterated vanilla. Many traders and processors in the global vanilla market are indulging in adulteration practices of adding chemicals that are not easily traceable due to a shortage in the supply of vanilla beans, impacting the health of end-consumers thereby presenting some major procurement problems for the buyers.

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This procurement report on the vanilla market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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Procurement Issues Bothering Buyers in the Sweeteners Market

Sweeteners are widely used in food products to improve the taste and shelf life of food products and balance the bitterness, sourness, or saltiness of the food. Sugar is the most common type of sweetener used widely across the world. However, the advances in science have paved the way for new generation of artificial sweeteners such as aspartame, saccharin, sorbitol, sucralose, stevia, and xylitol. Although such artificial products received much heat in the past due to health issues, many research studies have provided strong evidence that it is safe for human consumption. The procurement market intelligence report from SpendEdge reports that the demand for sweeteners is on the rise due to increasing demand from emerging economies such as China and India. The surge in demand can be attributed to growing number of restaurant chains, changing dietary patterns, rising disposable incomes, and the growing availability of chocolates and confectionery products.Request Free Sample

Procurement challenges in sweeteners market

High sulfur content in sugar

The process of refining sugar involves a standard supplication process that makes use of sulfur at two stages. At times, traces of sulfur content remain in sugar even after the final processing. Numerous countries have banned products with high sulfur content as higher sulfur content can cause certain respiratory problems among other health problems in humans. As a result, buyers should engage with suppliers that use alternative methods of refining sugar, which does not involve the use of sulfur. Using carbon dioxide instead of sulfur is one of the emerging alternatives.

Use of GMO

In recent times, the use of GMO ingredients has come under scrutiny due to concerns over its health effects. As a result, governments across the world strictly monitor the use of GMO, making it essential for food manufacturers to ensure that the sugar or sweetener sourced is not produced using genetically modified sugarcane or sugar beet. In order to avoid the use of GMO ingredients in the product, buyers can ask suppliers to provide a certificate that states that products are not made using genetically modified ingredients.

Lack of supply chain transparency of suppliers

The big suppliers of sweeteners source their raw materials such as sugarcane or sugar beet from small family-owned farms. The raw material is then processed through refineries and goes through complex production system before getting converted into raw sugar. This system does not provide clarity in the supply chain of the sweeteners as sources of raw material, quality of crops used, and the conversion process is not so transparent. It is essential that buyers ask suppliers to submit periodic documents containing traceability details such as the source of raw material and farm location. The new blockchain technology can also assist buyers to assess the overall supply chain.

Fair-trade and sustainability certified sugar

There have been numerous instances and debates on the unfair trade practices which pays sugarcane farmers small sums of money for their products. Majority of the sugarcane farmers are from developing regions and Fairtrade certification aims to protect these farmers against the volatile market and hazardous working conditions. Also, end-consumers prefer sustainably manufactured sugar which implies that production practices used for sugar are environmentally safe and sustainable. Buyers should look out for suppliers that provide fairtrade and sustainability certified sweeteners. End-consumers are willing to consume products which support fairtrade practices and sustainability.

Read more about the trends in the sweeteners market along with sourcing strategies, procurement best practices, and pricing insights in SpendEdge’s upcoming report on the global sweeteners market.

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IR17

Digital Transformations: The New Torch Bearer for Procurement Excellence

Digitalization is not just transforming the customer experience but is also making significant changes in the way businesses operate, especially by creating new job roles in organizations. We are familiar with the designations of CEO, CFO, and CMO, but CDO or chief digital officer is a relatively new job role that is cropping up in most companies currently. With the growing inclination of the target market segments towards digital media, a good digital marketing team and chief digital marketing officer have become inevitable for businesses. However, there is more to the function of a chief digital officer than merely watching over the digital media strategies of a company.  They also play a crucial part in vital business functions such as strategic procurement.SE_Demo2

Role of a chief digital officer

As mentioned earlier, the chief digital officer is a new role in most industries. They indulge in various operations such as back-office functions, supply chain, and procurement to name a few. Every company might have different understanding of digital strategies. Therefore CDOs have to decide how they want to drive digitalization into their core business. Some of the aspects that they examine for the transformation of procurement are:

  • Do the current procurement strategy drive innovations for collaboration with suppliers
  • The existence of proper risk management
  • The sustainability of the supply chain

The CDOs’ efforts ensure that the current business model is future ready and drives saving by reducing transaction cost.

Key areas for digital transformation in procurement

 The advent of technology has given birth to some considerable changes in the procurement process in the past few years and is expected to do so in the coming years as well. Given below are some of the critical aspects that can benefit from digital transformations:

Stakeholder experience

Several successful companies have already started implementing digitalization into procurement to boost the value of their organization and gain the trust of various stakeholders. Technology is helping these organizations to personalize stakeholder experience across multiple channels. Digital transformations also allow companies to look beyond savings and boost efficiency.

Build a procurement-as-a-service portfolio

To align procurement more closely with the requirements of stakeholders, companies should work to create an ‘as-a-service’ portfolio that would streamline the overall buying experience. Digital strategies can help businesses to ensure that the resources are placed globally and also keeps a check on the efficient functioning of their centers of excellence.

Analytics, data, and insight

The aim of procurement should be beyond creating an isolated organization- it should become a trusted business advisor that works to optimize its functions and boost value across the organization as a whole. Digital advancements have made it simpler for companies to gain proficiency with advanced technologies such as big data analytics. These techniques enable more sophisticated and accurate decision making based on crucial data.

Accelerate transformation with technology

Procurement should leverage tools that can accelerate its digital transformation. Social media, RPA, cognitive computing and big data tools can be used to make the organizations more profitable and efficient. The management must identify the tools that are proving to be most beneficial in accelerating procurement and find ways of refining it further and duplicating it across the business.

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