Top 5 Procurement Trends in 2022

The past couple of years have not been steady for anyone (to say the least), including the folks in the procurement industry. From dealing with a wide variety of unexpected problems—including supply chain disruptions, new virus variants, remote working mandates, and much more—we are all still slowly finding our way back and recovering from the shakeup caused by COVID-19. So, what procurement trends will we see in 2022?

Here’s a list of what we believe will be the top 5 procurement trends in 2022.  

1. The Procurement Talent Shortage in 2022  

The talent shortage in procurement is not a new issue, and the even worse news is that by the looks of things, it isn’t going away anytime soon. This means that securing top talent will need to be a priority for procurement in 2022 and that talent will run the job market. On a global scale, a Korn Ferry report revealed the direness of this situation, with stats showing that by 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them. 

2. Sustainability  

Sustainability has been an important word for years, but in 2022, action will replace organizations simply speaking impressive words, and we will see a shift that goes far beyond semantics. Put simply, The earth is in trouble, and the onus has been put on procurement and supply chain to ensure that organizations are more sustainable.  

Proof of the progress already being made is seen in regulations popping up that procurement must adhere to (think Scope 3, ESG, Net Zero Emissions, Labor, etc.). These stringent sustainability rules aren’t going away anytime soon, maybe ever. 

3. Agility  

Change in procurement today is moving at a breakneck pace, and it promises to only get faster, especially as it keeps up with ever-evolving technologies. It then makes complete sense that we are seeing an increased focus on procurement’s need for speed and adaptability (agility). These days, especially following the disruption of the pandemic, agility in procurement is no longer a nicety but an absolute necessity. Deloitte’s 2021 Global CPO Survey reveals just how much the CPOs of today are addressing the current change in business dynamics and increasing layers of complexity by building capabilities focused on agility. 

4. Diversity in Procurement in 2022  

Diversity has been an increasingly important topic in the procurement industry. Organizations are putting pressure on to ensure procurement and supply chain are supporting certified diverse suppliers, and this trend is likely to continue well into—and far beyond—2022. As you ensure that your own business has adequately incorporated diversity into your operations, our article on how to make diversity work in procurement offers some great insights and next steps. 

5. Blockchain  

Blockchain started to emerge (you could even go so far as to say it was on the verge of exploding) in 2021, and as we enter into 2022, procurement and supply chain professionals will continue to test it out. The huge pull of blockchain technology is that it offers organizations a way to protect their sensitive information, increase transparency in their supply chain, reduce disruption, and provide a high-quality and reliable service to clients. In short, blockchain brings security, efficiency, and transparency to the table and companies like what they’re being served. Our predictions—as well as those of Procura—are that blockchain will only continue to grow in popularity moving forward. 

From focusing on finding primo talent to improving agility, sustainability, and diversity—and even incorporating a bit of blockchain into the mix—2022 looks like it’s going to be one for the books. Are you ready?  

Written by Michael Cadieux