Earlier this month the Singapore and Hong Kong team attended ProcureCon Asia, which took place in Singapore. ProcureCon Asia is a premier conference that brings together CPOs, Heads of Procurement, industry experts and leading suppliers to explore the latest trends, innovations and best practices in procurement and supply chain management.
We’ve put together some of the key takeaways/ event highlights that the team took away from the recent event:
The pandemic and other global geopolitical events have clearly demonstrated the criticality or reimagining procurement in ways that involve a focus on creating resilient multi-relational networks rather than linear supply chains. This is the time for procurement to take the lead, as super connectors with various internal and external stakeholders, in creating strategic values within the organisation and contributing to revenue protection and generation.
Human and technical fusion for adaptability
Procurement in a nutshell is the combination of the human factor (relationship management with suppliers, internal talents and customers) and the technical factor (ability to adjust procurement operating models due to global trends such as sustainability/ESG and technology/AI).
Adapting to global trends
Envisioning global trends is an important step in strategic planning and investing. “decoupling”, “interdependence” and “de-globalization” are commonly used terms these days, and procurement needs to embed sufficient flexibility and planning for supply chain reinvention.