Building Momentum in 2019: Sourcing Predictions for a Crazy Successful Year
We anticipate a number of big, if not surprising, changes just over the horizon. We’ve seen momentum building around these topics for months, but what caught our attention was how rapidly the tides in the Sourcing industry are shifting. We’re excited to see how these trends develop, and we’re rooting for many of these Sourcing predictions to come true.
Sourcing Predictions: Setting Up the Pipeline for 2019
It’s predictions season again. Among the two million new blog posts that are published daily¹, I boldly predict that ‘trends and predictions’ related content will dominate your newsfeed through the beginning of next year. But which ones are worthy of your time and attention? Since you’re stopping by the Scout blog, I wanted to share some 2019 Sourcing and Procurement predictions and help you chart a course into the new year.
First: Technology Buyers Favoring Best of Breed vs. Suites
First off, let’s start with the pendulum swinging away from big sourcing suites to more nimble, best-of-breed solutions. It’s an oft-repeated pattern in enterprise technology, reaching all the way back to the days when Yahoo! ruled the earth as the one-stop shop for search, news, and email. However, because they optimized for “good enough” across a wide array of features, the tech giant was beaten by an upstart competitor who focused on simplicity, adoption, and effectiveness. This disruptor changed the market by removing every bell and whistle, leaving only a single search field for the user. Checkmate, said Google.
The connection to Sourcing? Faced with a market saturated with inflexible, overbuilt, and barely “good enough” end-to-end suites, Sourcing leaders will seek out new tools that favor simplicity, best-in-class functionality, and deliver irrefutable benefits directly to the end user. Indeed, history tends to repeat itself, and industry analysts (and Scout customers) are paying attention.
Second, What’s Digital Got To Do With It? Data, Insight, and Collaboration
Next up: Sourcing truly goes digital. There are a number of threads weaving together here, from an increased focus on collaboration, to a rising need for data skills, to the availability of more connected, agile applications. Ultimately, what does it mean for Sourcing? We’re about to get access to a lot more data, fast – potentially faster than our teams can manage it.
As a result, Procurement teams need to seek out new tools that can accomplish one key task: create the single source of truth for their teams, combining data, insight, and collaboration in one easy-to-use place. As the team at AT Kearney put it earlier this year: “Successful Procurement technology has one job: to provide a robust yet easy-to-use system for transforming needed goods and services into value for a company so it can excel at its own business.”
What’s Sourcing’s Next Big Priority? Building a More Engaged Supplier Ecosystem
Finally, Supplier Engagement is moving to the top of the priority list for CPOs in every industry. As Sourcing leaders look to drive more innovation, continual refinement, and lower risk from their supplier base, finding ways to build stronger relationships becomes critical to success.
Cloud-based platforms not only facilitate clear communication between buyers and suppliers, but they also make it easy to collect and combine data sources to drive better decisions. The larger trend of connected apps via APIs that have transformed other teams will start driving rapid change in Procurement.
Shaping the Future: Sourcing Predictions Front and Center at SPARK 2019
What’s your take on the predictions shared here? I’d encourage you to discuss with industry peers, or even *spark* a debate on what will transpire.
Conveniently, all three of these conversations will be front and center at SPARK in February. Scout customers from Anaplan to Zebra Technologies will be sharing how they are tackling these opportunities and bringing their teams to the forefront, and they’ll probably share their own Sourcing predictions. Come hear from leaders who are already pushing the boundaries of new technology, better collaboration, and more innovative supplier relationships.
Rampton, John.“How to Write Content That People Actually Trust.” Forbes, https://www.forbes.com/sites/johnrampton/2017/02/02/how-to-write-content-that-people-actually-trust/#52b5d29275d5. Accessed Dec. 17, 2018.
Greetings! On behalf of the Scout founders, we wanted to take a moment to announce some amazing news and also reflect on what success we’ve seen in 2018. Today, we’re incredibly excited to announce Scout has raised $33M in Series C funding. The round was led by Scale Venture Partners, with participation from previous investors… read more
What do a British cyclist coach and a Japanese hot dog eating champion have in common with sourcing transformation? The answer: they both focus on making small, but powerful, changes that lead to big outcomes. At last week’s Chicago Sourcing Leaders event, Simon Geale of Proxima Group, a leading procurement services company, and Stan Garber… read more
Once again, the new year is here, and with it comes a new opportunity to shine. How are the world’s leading enterprises upping their sourcing strategy to shine even brighter? Sure, there are classes, webinars, and articles; but, what if you could combine these resources into one giant, learning support system? SPARK 2019 is just… read more