Industry 4.0: the evolution of procurement

Considering the huge opportunities a digital procurement function can have, it’s interesting that 43% of survey respondents said that their functions do not have a formal digital transformation strategy. 

Identifying your strengths is important but it is also vital to implement a plan to overcome your weaknesses. 

Big data analytics and cloud computing have been identified as priorities for implementation, so what does this mean for your team? 

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In a market of uncertainty, with new technology evolving and the pace of change increasing, it is crucial to consider your hiring needs for the future. Of course, you will need key skills as and when required, but it is important to keep a clear focus on where you want your procurement function to be in the next five or so years. 

Professionals who can demonstrate their ability to complete operational tasks, whilst driving a strategic digital agenda, will be increasingly sought after as the procurement function strives to increase influence. As technology continues to play a bigger part in securing and maintaining competitive advantage, there is a growing demand for candidates with a thorough understanding of technology but with the strategic vision to plan for the future.  

When hiring and preparing a job description and interview process, it is important to ask some future-gauging questions. What systems and capabilities will be needed in 3-5 years’ time? What action do we need to take now so that we can future-proof the journey?

As organisations, and the supply chain functions that support them, continue to evolve at a much faster pace, professionals that can demonstrate change management skills and experience will be key. Currently, candidates often reference specific projects and the part they played in their CVs but references to change management methodology or change processes are rare. However, when questioning a candidate, it can become clear that they do in fact have experience and knowledge in this area but few chose to proactively highlight this competency. 

To ensure you are hiring and attracting skilled professionals with the skills to drive and manage change, it is important to consider reworking your job descriptions. 

Traditional purchasing and supply chain skills that have been fundamental in driving competitive advantage for the last decade, may not be enough to stay ahead in 2030. Whilst, understandably, job descriptions still demand these skills, an understanding of and experience in complex technology-led projects that support organisational change and drive development should also be a focus. 

A flexible and innovative approach to procurement, hiring and skill development is going to be essential when looking forward and determining the future of your procurement team. Be sure you are assessing the personal attributes of your candidates as well as their technical abilities. People with a positive, can-do attitude towards changes and navigating challenges will be fundamental to the successful transformation of your procurement function. 

Do you have the right people on your team to navigate Industry 4.0? If you are looking to hire talented procurement professionals into your team, get in touch with your local Michael Page office for a confidential discussion.

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Operating Director, Michael Page

T: +44 121 230 9381

E: [email protected]