The focus of procurement is moving from on cost reduction to value generation. This has major implications for strategy development, supplier relationships, adoption of new technologies, and team skills development.-BY Andrew Hale

Management consultants agree that the role of procurement in business success changed during the pandemic. Instead of sourcing goods and services to satisfy current needs at the lowest cost, procurement became the function that was a major contributor to minimizing operational disruption and all that implies. Going forward, procurement will focus on creating measurable new value through the utilization of technologies, developing higher-l....