How will AI and new technology shape the future of strategic sourcing and procurement?
They will enable us to get best and fast insights from all internal and external data available. This will make us, as a function, to move up to the level of strategic advisor to the business but also become much more efficient and do more with less while focusing on strategic relevant activities.
What can be done in order to develop effective SRM?
Make sure the suppliers are connected seamlessly in the value chain e.g. by using network capabilities now available. Suppliers need one point of contact so many SRM variants are probably not optimal but one face to the supplier is. Make sure full breadth and depth of the SRM is used, ranging from supplier innovation to invoice collaboration.
Futuristic vision of workforce required in procurement. What skills will be needed?
As a general statement all of the transactional and most of the tactical procurement tasks will be automated. So we will need less but higher qualified people. The pendulum will switch from people with hardcore procurement skills like negotiation excellence towards people with more soft skill that can e.g. do consultative selling and connect stakeholders over the value chain. Another key must have will be the analytics skills using the latest technology solutions.