Nov 27, 2023
Digital procurement tools are already shaping procurement practices in the public and commercial sectors. So how will the process evolve as our technology develops further? Let’s take an in-depth look at some of the digital innovations that will shape the future of procurement in years to come.
Better access to data, analysis and insights
Like all other technology-driven endeavours, the future of procurement inevitably involves harnessing the power of artificial intelligence (AI). AI tools will be invaluable in managing supply and demand, analysing historical data, market trends, seasonality and other relevant factors in order to make accurate predictions about future needs.
AI-powered analytics will also help organisations of all types to get the best value for money, by categorising and analysing spending patterns to identify cost-saving opportunities.
Improved assurance and compliance
At Arrimo, we support our clients through the procurement process, including compliance and assurance, with value-for-money, bespoke solutions in digital procurement. Digital procurement tools provide a clear audit trail of all procurement activities, making it easy to demonstrate compliance and accountability.
The technology to support these processes will continue to evolve. What if it were possible to detect fraudulent practices automatically? Our experience in assurance and compliance leads us to predict that the future of procurement technology will involve the harnessing of artificial intelligence tools to uncover anomalies and potential cases of fraud or non-compliance.
Transparency and equal opportunities for public sector suppliers
Thanks to the Procurement Bill, which is likely to become law in 2024, we’re optimistic that the future of procurement in the public sector will involve a significant shift towards greater transparency. Part of the Bill involves the launch of a central online “transparency platform” where all suppliers will have equal, public access to opportunities available. There will also be a digital platform that makes it easy for suppliers to register their details just once, rather than having to enter the information again and again for multiple bids.
Sustainability and social responsibility
Sustainable procurement practices are an important way for businesses to operate fairly and ethically, minimising waste and respecting the rights of workers and communities throughout their supply chain. And this emphasis on sustainability is only going to increase in the future of procurement.
To support this, AI technologies will be used to analyse sustainability data about every step of the supply chain, helping procurement professionals to select suppliers with the best social and environmental credentials. Artificial intelligence will also be harnessed to minimise waste and optimise logistics and delivery networks, reducing the distances needed for goods to be transported.
Support with procurement solutions, from a business of the future
At Arrimo, we see ourselves as a business of the future. We’re driven by our values and motivated by a care-first approach to our people, our customers, our community and our planet. We offer expert procurement solutions to customers in the public and private sectors, harnessing the latest technology to ensure efficiency and compliance. Contact us for Arrimo's expert procurement support.
