Sourcing & Procurement is the essence of every business and plays a pivotal role in majority of the organizations due to its major influence on the overall costs of the business. According to the Deloitte Global CPO Survey 2016, the majority of CPO’s agree that cost reduction is their number one priority. However, 62% expressed dissatisfaction with their procurement strategies or its execution. So, needless to say, there’s room for improvement in each and every area of the entire source to pay cycle.

Listed below are some important approaches that can help enhance Sourcing & Procurement performance.

1. Develop strong risk management policies
2. Prioritize supplier relationships
3. Invest in the right supply chain talent – expertize
4. Assess key performance indicators
5. Take advantage of outsourcing opportunities
6. Leverage robotics process automation

Era 20-20 is an esplanade for Industry 4.0. Robotics and Internet of Things (IoT) & Sensors, combine to automate large areas of manufacturing, hi-tech, CPG, etc., linking wired and wireless networks throughout the world in the making of products, and relying on both structured and unstructured big data to get the job done. In the world of Industry 4.0, it’s not all about products but rather RPA. IoT plays a significant role in streamlining the services as well.