In today’s highly competitive marketplace, it’s imperative that shipping businesses adopt new ways to streamline their supply chain management and optimize productivity. We believe that organizations such as yourselves can create better visibility within your supply chain, get more control over your business, and stay ahead of the competition by pursuing a digital agenda. One of the key challenges that have the potential to disrupt the dynamics of the current supply chain is driven by big data.
Analytics-driven procurement will take the center stage
The latest analytical reports suggest that procurement is becoming smarter and more cognitive, meaning it uses more analytics-driven processes in decision-making and activities. This will, by the same analysis, increase cost efficiency by 10%, as well as increase service performance by 5% over the coming years.
As big data becomes increasingly more intertwined into corporate decision-making processes, best-in-class procurement organizations will need to utilize advanced data mining and analysis techniques along with benchmarking across different organizations to leverage and improve existing processes and drive lower cost.
New technologies will consolidate all aspects of the supply chain into one place, which will allow you to organize inventory data digitally, monitor and manage shipping and tracking information, and create electronic invoices with ease. You can reduce the time spent shipping, receiving, tracking, and compiling order data, which will save your company both time and money.
Simplify your supply chain
Its commonly known that negotiating fixed contracts across the world with suppliers is a preferred option, rather than purchasing through ad-hoc suppliers each time. By simplifying the supply chain and disposing of unnecessary suppliers, you can improve efficiency, reduce expenditures, and lower your risk.
Consolidation and management of contracts with suppliers directly can significantly reduce expenses and create a simpler and more efficient supply chain.
The journey to supply chain 2025
Of all the procurement trends we have seen in the industry, the implementation and utilization of procurement and payment systems allow procurement professionals across buyers, vendors, warehouses and freight forwarders to
handle the entire procurement process much faster and efficiently.
As a result, buyers buy more; vendors sell more and more freight is shipped.
The importance of robust procurement processes for both supply and logistics procurement needs cannot be overstated. Supply chain executives must understand industry trends when it comes to procurement and leverage this information to make informed decisions about change management, new technology, and ways to reduce procurement costs throughout the supply chain.
The future will be here faster than you think, and the speed at which the supply chain is evolving means that to be ready for 2025 initiatives, improvements and investments must be made now. This shift in finding tomorrow’s procurement leaders will mirror the overall transformation for all procurement teams, in which they move beyond the role of buyers that exclusively specialize in finding, acquiring and ensuring the timely delivery of goods and services. Companies that begin adapting to the new procurement landscape today will be poised to seize a competitive edge in the decade ahead.