December, 20216 Procurement's role across the enterprise has evolved significantly. Today, procurement leaders are expected to work cohesively as part of the C-suite to form robust strategies to mitigate risks, create competitive advantage, and impel enterprise growth. In fact, according to the latest market report, the global procurement software market is expected to grow at a healthy CAGR of 10.17 percent to reach 10.2 billion USD by 2027. The factors driving this growth are the increasing need for procurement process automation and the rapid adoption of e-procurement technologies like AI, ML, cloud, blockchain, and data analytics, to name a few. Besides, the COVID-19 pandemic put an enormous strain on the global supply chains. At its onset, procurement departments switched to crisis-management mode to help businesses alleviate disruptions, including sourcing personal protective gear for employees and helping smaller suppliers manage their cash flow. But now, its critical procurement leaders collaborate even more closely with sales and demand-planning teams to anticipate and react to market shifts quickly.It won't be long before the industry witnesses the emergence of disruptive procurement, which relies on three core pillars: strategic sourcing, supplier management, and orchestration of the procurement engine. These tenets are often abandoned because procurement companies lack the fundamental insights and understanding needed to harness supply-market power. They, thus, fail to adequately track supplier performance and lack the talent to design systems. That being said, to lead in the `new normal,' procurement departments will need to transform how they operate and collaborate with internal and external stakeholders. For example, adopting an agile operating model will help procurement functions scale up or down quickly to respond to sudden supply challenges. Procurement of the future will focus on its true reason for being: how it can translate supply-market value into product value. Doing this effectively requires a new operating model and more advanced capabilities. In this edition of APAC CIO Outlook, we bring to you the story of some of the leading procurement solution providers in the APAC region that are leveraging innovative technologies to deliver the best outcomes for their clients. The magazine also offers a combination of thought leadership articles from subject matter experts and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the right assistance in choosing the procurement partner that best fits your business requirements.Let us know your thoughts!Annie JohnsonEditorialReimaging Procurement for the `New Normal' Annie JohnsonManaging Editoreditor@apacciooutlook.comArt & GraphicsAmelia StewartChris LynnToby LangtonJie Ch'angManaging EditorAnnie JohnsonSenior WritersLane Adams Clara MathewRoyce D'SouzaEditorialAlfred MardinLouis BeckerRachael ClarkRoy ChowDai ShihDan StanleyDECEMBER - 07 - 2021, Volume 07 - Issue - 25 (ISSN 2644-2876)Published by ValleyMedia Inc.Emailsales@apacciooutlook.comeditor@apacciooutlook.commarketing@apacciooutlook.comSalesJames Williamjames.william@apacciooutlook.comTo subscribe to APAC CIO OutlookVisit www.apacciooutlook.comCopyright © 2021 ValleyMedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.*"Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff"
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