Global economic shifts in the past few decades have been dictated by growing numbers of consumers in emerging markets. These trends, coupled with the free flow of information by way of technological advancement, for some time, will remain very crucial determinants of any organisations’s bottom-line and value-creation activity.
After all, for any organisation to survive this rapidly changing global business atmosphere, it must be able to leverage its competitiveness in areas of technological advancement.
Modern-day procurement has evolved from a traditional function of buying at the right price, place, in the right quantity, quality and time to include visibility, agility, sustainability, risk management and being more strategic.
There is, however, the need to think anew based on the idea that systems, like that of procurement, in the business structure, will not have the longevity of previous decades. The long, drawn-out process of justification to buy - evaluation, acquisition, operation and replacement or replenishment cycle will need to be overhauled.
