The Future of Procurement: Embracing CIPS and Latest Industry Trends
Procurement as a function has evolved from being purely transactional to being a strategic cornerstone of modern business operations. From being about obtaining goods and services at the lowest possible cost, today, procurement teams are tasked with creating value across the entire supply chain, managing risks, analyzing data, fostering innovation, and driving organizational growth.
Since it can be hard to keep up with all the changes, we thought we’d cover a few updates and trends for you in the procurement and supply chain industry. We’ll also talk about how you can upskill and make yourself more employable through CIPS.
What are the Latest Trends in the Procurement Industry?
- Sustainability and Ethical Sourcing: A Gartner study predicted that by 2026, 70% of technology sourcing, procurement, and vendor management (SPVM) leaders will have environmental-sustainability-aligned performance objectives for their functions.
- With the climate crisis looming, there is a growing emphasis on sustainable procurement practices and reducing carbon emissions. Organizations are increasingly prioritizing ethical sourcing, reducing carbon footprints, and ensuring that their supply chains are environmentally friendly. This trend is driven by consumer demand for transparency and corporate responsibility.
💡To become a sustainable procurement business, you could choose to go for local suppliers over suppliers that are far away, purchase renewable energy, source recycled raw materials, reuse materials that can be reused, etc.
- Digital and Technological Adoption: IDC has predicted that by 2026, 60% of Asia’s top 2000 companies will use generative artificial intelligence tools to support core supply chain processes and dynamic supply chain design. This will reduce operating costs by 5%.
- No other tech advancement has been so widely adopted and implemented as artificial intelligence (AI). The procurement industry’s adoption of digital tools such as AI, blockchain, and robotic process automation (RPA) has helped streamline operations, improve efficiency, and reduce costs, and it will continue to do so.
- Agility and Resilience: Changing consumer needs, tech advancements, disruptions in the supply chain, or global pandemic—disorder is the new norm. All this can lead to chaos and financial loss if teams are not prepared to overcome them. That’s why, there’s a growing need for the purchasing industry to become resilient and agile in supply chains.
- Organizations are now focusing on building flexible and resilient supply chains that can quickly adapt to disruptions and be future fit. Instead of focusing on reducing purchasing costs, organizations are increasingly focusing on building systems that can adapt to the changing needs of the market. And this leads us to the next trend.
- Talent Development and Upskilling: Business owners and CPOs lack confidence in future talent readiness. As the procurement function becomes more strategic, there is a greater need for skilled professionals to close the skill gap in the procurement industry.
- Investing in in-house talent development and continuous learning is crucial for organizations to keep their system relevant and maintain an edge over their competitors. Relevant training and certification courses in purchasing and supply chain can equip teams with the right skills and keep them up-to-date with the latest advancements in the industry.
What is The Role of CIPS in Procurement Upskilling?
CIPS is a globally recognized professional body that offers comprehensive training and certification programs for procurement and supply chain professionals. CIPS qualifications train you in critical thinking, troubleshooting capabilities, and brainstorming capabilities to help you reach your true potential at the workplace.
💡Did you know: CIPS-qualified professionals earn almost 25% more salary and perks than professionals without a CIPS diploma?
CIPS logistics & supply chain management diploma is designed to provide in-depth knowledge and practical skills essential for navigating the complexities of modern procurement.
A CIPS Diploma helps you:
- Become successful learners with transferable workplace skills, such as communication, teamwork, and effective task planning, that can be applied across organizations and industries.
- Gain operational and tactical competencies, paving the way for you to take on managerial roles and responsibilities.
- Hold a dependable indicator of your knowledge and skills. Make well-informed decisions that align with industry standards.
By obtaining a CIPS certification, professionals can demonstrate their expertise and commitment to excellence in procurement practices, making them more employable.
How Does WingsWay Training Institute Supports Your Journey ?
Only 14% of leaders in procurement feel they have adequate talent needed to meet the future needs of their function. This highlights a growing demand for qualified and skilled professionals.
WingsWay Training Institute offers a range of procurement and supply chain courses, including CIPS qualifications, that empower professionals to unlock their potential and showcase their strategic leadership abilities.
Our courses cover essential topics such as evaluation, analysis, contract negotiations, risk management, and change management. With expert instructors and state-of-the-art facilities, WingsWay ensures that you receive the best possible training to excel in your career.
WingsWay Training Institute in Dubai also offers multiple courses, qualifications, and certifications in Aviation, Travel & Tourism, Finance, Corporate Trainings, Stock Market Trading, and more.
By combining the comprehensive training offered by CIPS courses with the expertise of WingsWay Training Institute, procurement professionals can stay ahead of industry trends and make a positive impact on their organizations.
Whether you’re just starting your procurement or supply chain career or looking to advance to a leadership role, these certifications and courses provide the knowledge and skills needed to succeed in the ever-evolving world of procurement.
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