Are you a procurement professional looking to enhance your skills and stay competitive in the evolving landscape?
Procurement is a multidisciplinary function that involves working with many people and departments within your company. You can work your way up the career path for more challenging roles and higher compensation.
This list, recently published by The Chartered Institute of Procurement & Supply (CIPS), will help prepare you to thrive in 2024 and beyond with the most in-demand job skills:
- Inclusive relationship management
- Strong negotiation skills
- Impeccable time-management
- Strategic thinking
- Ability to adapt to change
- Understanding of risk management
- Understanding and enhancing sustainability
- Global market perspective
- Familiarity with core technology and systems
- Financial understanding
- Collaborate effectively
- Understanding key performance indicators (KPIs)
- Forecasting
- Quality control and assurance
- Supply chain management
- Warehousing
- Inventory management
- Warehouse management
Building on this list, we will look more closely at some top skills that will boost your procurement career.
Embrace the Digital Revolution
Procurement professionals must be innovation leaders to succeed in this era of rapid technological advancement. The majority (84%) of hiring managers in the UK said their top skill set is now digital rather than procurement first.
At the same time, 88% of companies find it hard to hire people with requisite digital skills for automation and data analytics.
With the growing adoption of automated intelligence, online auctions, and data analytics, being comfortable with learning new tech will make you an invaluable asset. Leverage technology to enhance your analytical thinking and negotiation skills, ensuring your organisation gets the best value for money.
Celebrate Collaboration & Inclusivity
Procurement is not just about spreadsheets and purchase orders. The ability to fruitfully collaborate with diverse stakeholders may be an even more critical component than technical prowess.
Foster an inclusive environment that values different perspectives and experiences. Your organisation can create a more robust and resilient procurement strategy by connecting with suppliers from disadvantaged populations and minorities.
Soft Skills for the New Normal
So-called soft skills separate the leaders from the order-takers. According to a recent survey, nine of the top 10 procurement skills, like stakeholder management and communication, are social or soft skills.
Soft skills are one area where your natural personality could be an asset. It’s easy to teach someone to use procurement tools. Being a good team player is a harder skill to teach.
As remote and hybrid work becomes more prevalent, effective communication and stakeholder management will play an even more prominent role for procurement teams. In a recent survey, nine of the top 10 procurement skills were identified as soft or social, highlighting the importance of these skills in the modern workplace.
However, being a leader requires more than technical skills. It’s about managing people, strategic thinking, and the ability to see the big picture. As technology transforms procurement, soft skills like leadership become increasingly important, differentiating you in a competitive field.
Your ability to navigate virtual meetings and presentations, coupled with your leadership skills, will position you as a valuable asset to your team.
Shaping Sustainability and Responsibility
Beyond the traditional procurement role, young professionals can make a significant impact by steering their organisations toward sustainability and social responsibility. By influencing purchasing decisions towards sustainable resources and expanding the use of renewable energy, you contribute not only to your company’s mission but also to global environmental and social goals.
Ethics in Demand
Procurement leaders are on the lookout for professionals who will willingly follow ethical and ESG guidelines.
Ethics was the top-ranked skill for success in future procurement roles in a recent study, with nearly 60% of leaders naming it as their top priority.
Pressures and expectations – combined with a lack of technology and staffing shortages – can lead procurement teams to fall short of their own standards.
In the Procurious/Ivalua “Procurement Under Pressure” Report, 32% of respondents reported that their teams don’t follow their own sourcing criteria and supplier selection standards. Taking shortcuts could lead to ethical, sustainability, or quality issues. With the rise of automated decision-making, human oversight is necessary to ensure unethical practices are averted.
Navigate the Future with Confidence
Procurement careers are unusual because there isn’t a clear development path like other professions. That means you’re in charge of your own career. People who can thrive in this ambiguous position have the mindset for making their own success.
As a young procurement professional, recognise the multifaceted nature of your role and adapt to the evolving landscape. Embrace technology, foster collaboration, develop soft skills and lead with impact. The future belongs to those who can blend technical prowess with interpersonal finesse.
Discussion Topic: What do you view as your USP? Can you identify your skill set gaps and do you have a plan/road map to realise your career aspirations?
