How can supplier sourcing professionals adapt to changing customer needs and expectations in the future?

1 Embrace digital transformation

Digital transformation is the use of technology to improve business processes, products, and services. It can help supplier sourcing professionals streamline workflows, enhance collaboration, automate tasks, and access data and insights. For example, you can use cloud-based platforms, artificial intelligence, and blockchain to manage contracts, monitor performance, and verify transactions. You can also use digital tools to communicate with suppliers and customers, conduct market research, and identify new opportunities.

2 Focus on value creation

Value creation is the ability to deliver value to your customers and stakeholders beyond the price and quality of your products or services. It involves understanding your customers' needs, preferences, and pain points, and offering solutions that address them. It also involves building long-term relationships with your suppliers and co-creating value with them. For example, you can work with your suppliers to develop new products, improve processes, reduce waste, and increase efficiency.

3 Adopt a circular economy approach

A circular economy is a system that aims to eliminate waste and pollution, keep products and materials in use, and regenerate natural resources. It can help supplier sourcing professionals reduce environmental impact, save costs, and meet customer demand for sustainability. For example, you can source from suppliers that use renewable energy, recycled materials, and biodegradable packaging. You can also collaborate with your suppliers to extend the life cycle of your products, recover and reuse materials, and minimize waste.

4 Diversify your supplier base

Diversifying your supplier base is the practice of sourcing from a variety of suppliers that differ in size, location, industry, and background. It can help supplier sourcing professionals mitigate risks, increase resilience, and access new markets and innovations. For example, you can source from local suppliers to reduce transportation costs and emissions, support the community, and respond to local needs. You can also source from minority-owned, women-owned, or social enterprise suppliers to promote diversity, inclusion, and social impact.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?