Welcome to the Spring edition of the Education Procurement Service Newsletter!
As procurement professionals, we understand that things are constantly evolving, and it is essential to stay ahead of the curve by keeping up with the latest trends. The purpose of this newsletter is to keep our customers and stakeholders informed and up-to-date with the latest trends and developments to assist you in your procurement journey.
In 2023, I see the following five key trends which I expect will impact on procurement practices significantly:
- Sustainability: Organisations are expected to continue to prioritise sustainable procurement practices that reduce environmental impact, achieve cost savings, and enhance brand reputation.
- Digital Procurement: The use of digital technology, including software tools for sourcing, supplier management, contract management, and payment processing, will continue to streamline procurement processes and improve efficiency.
- Artificial Intelligence (AI): AI technology will become more prevalent in procurement practices, automating repetitive tasks, providing insights into spending patterns, and identifying potential risks.
- Increased Focus on Supplier Relationships: Procurement teams will increasingly recognise the importance of building strong relationships with suppliers to achieve better pricing, higher quality products, and more innovation.
- Data-driven Decision Making: Procurement professionals will increasingly rely on data analytics to inform their decision making, identifying opportunities for cost savings and process improvements.
As procurement professionals, we must embrace these trends to enhance our practices, improve efficiency, and achieve better outcomes for our organisations. We hope you find this edition of the Education Procurement Service Newsletter informative and useful and welcome your feedback’
Director Education Procurement Service