While the past two years showed procurement and supply chain professionals that disruption can appear fast and without warning, 2022 has so far been one heavy on planning and preparedness as companies begin to build back.

The term digital transformation has been around for a while now and most small to mid-sized companies would be forgiven for thinking it was a process reserved for only large organisations. However, in most cases, this most certainly isn't the case.

In early October, a global survey conducted by Jaggaer and Tealbook found that 70% of organisations are prioritising supplier diversity, but most of them are struggling to find diverse suppliers.

The majority of companies are investing big in technology. At least that's what the 2021 PwC’s 24th annual CEO survey  reported: 4,446 CEOs from 89 countries and territories responded that more than half of them will increase their digital investment by 10% or more in the next year – the biggest spending increase than any other category.

Bringing sustainability to procurement is one of the most important priorities for most companies and has been a popular topic around supply chain leaders, especially when it comes to identifying how to start and where to apply good sustainable procurement practices that will bring results and be maintained as time goes by.

Data has become one of the most valuable assets a company can have. And when it comes to procurement, having reliable, accurate and up-to-date data is the key to carrying out successful strategic work that will bring the company the best deals and savings.

With more and more companies following the trend in digitalising their supply chains, the potential risks of data-leaks and cyberattacks also increase.

Looking under the bonnet of a business and analysing where growth and increased margins can be achieved is what drives Richard Cotter, former CEO of Snow + Rock and entrepreneur.

Times have changed, and purchasing preferences have changed with it. Buying from a company that takes supply-chain sustainability seriously is now one of the most important criteria for consumers – and companies now need to adapt to help shape a better future.