2019 Procurement Grinches
1. Mr. Tariffs Grinch
You’re a large one, Mr. Tariffs Grinch…
$200 billion of products are under new tariffs with more on the way, or are they easing up? It’s a roller coaster powered by the current political landscape. The Chinese market has been heavily impacted, so establishing alternative supply chains (India, Indonesia, etc) has become more important. The focus on total cost, including risk and long-term sustainability will play an important factor than when trying to avoid Mr. Tariffs Grinch in 2019.
2. Mr. Data Grinch
You’re a smart one, Mr. Data Grinch…
Risk, performance, spend, sustainability and more can be monitored and mined for procurement insights. A recent Forrester study cited, that a majority of enterprise organizations prioritize the need to leverage big data in better ways. Data is the new bacon, but access to it, with the right analytics and the supplemental market intelligence are your only chances to beat Mr. Data Grinch in 2019!
3. Mr. Talent Grinch
You’re an elusive one, Mr. Talent Grinch…
They U.S. Bureau of Labor Statistics is reporting that procurement and supply chain jobs are estimated to grow by 30% through 2020. With the gig economy growing, unemployment at historically low rates and an aging workforce, it’s becoming harder and harder to find and retain good Procurement talent. Most organizations will need to adjust how they recruit and how they excite, challenge, train and support their procurement talent, to have any hope against Mr. Talent Grinch in the new year.
4. Mr. Digital Grinch
You’re a one confusing one, Mr. Digital Grinch…
Blockchain, internet of things (IoT), Hashgraph (a new type of Blockchain…seriously), artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) are all gaining traction and can all be confusing. Forrester Research has stated that 60% of enterprise organizations are making the transition to digital a priority in 2019. The only way to stop the exponential growth of Mr. Digital Grinch in 2019 will be through a combination of general self-education, discussions with procurement technology experts and evaluating real ROI’s on the tech investment.
Your heart is full of unwashed socks, your soul is full of gunk, Mr. Procurement Grinches,
The three words that best describe you are as follows, and I quote,
“Stink, stank, stunk”!