In today’s interconnected world, employing a diverse team of problem-solvers offers significant advantages. A diverse team reflects the global backgrounds of suppliers and business partners, fostering stronger connections. Moreover, in times of talent shortages, tapping into the largest possible talent pool is crucial. A more inclusive company draws from a broader population and attracts candidates who value diversity.
The Shift to Remote Work
Geographical barriers to diverse hiring have become obsolete with the shift to remote work. A recent Gartner survey found that 43% of employees and 47% of knowledge workers would seek other jobs if required to work fully on-site. In a tight job market, businesses must adapt and cast their net wider.
Advantages of a Diverse Team
- Enhanced Brand Reputation: A diverse team improves the company’s reputation among stakeholders.
- Increased Operational Efficiency: Varied team members may work in different time zones and observe different holidays, reducing downtime.
- Innovative Problem-Solving: Diverse experiences bring heterogeneous approaches to problem-solving.
- Cultural Understanding: Greater understanding of international customs and cultures.
- Higher Employee Buy-In: Employees who value diversity are more likely to be engaged and motivated.
Beyond Hiring: The Role of DEI
Diversity, equity, and inclusion (DEI) extend beyond hiring practices. They influence decision-making and promotions within the organisation. Meaningful steps to diversify these practices build trust, which is critical when only about half of employees trust their organisations, according to Gartner.
DEI requires a proactive approach. Companies should actively recruit from overlooked communities and elevate previously ignored voices within their organisation. This ongoing effort ensures a more inclusive and effective workplace.
Leveraging Technology in Procurement
Staffing a team well is essential, but that team also needs the tools and training to navigate an increasingly complex environment. Procurement, already challenging, now faces additional pressures such as an increasingly multipolar world, demographic shifts, and the transition to low-carbon energy.
Key Procurement Trends
- Resiliency in a Multipolar World: Procurement leaders are shifting focus from cost improvement to resilience and supporting businesses adapting to volatile market conditions.
- Demographic Shifts: Shrinking workforces and rising skill gaps intensify competition for digital talent. Procurement departments must attract candidates with analytical skills and data competence.
- Transition to Low-Carbon Energy: Procurement can lead in minimising value chain emissions, securing high-demand green materials, and managing capital expenditure for net-zero goals.
Harnessing AI and Technology
Tracking changes and adapting in real-time requires extraordinary data collection and processing capability. Well-designed algorithmic AI software brings this to the table. However, the software needs to be selected, embedded, and calibrated into each procurement system, then operated by tech-savvy experts who bridge the gap between the business and its suppliers.
A Gartner survey found that 68% of respondents noted an increase in the importance of technology and data skills, while only 26% cited a rise in traditional procurement competencies. An Amazon survey indicated that 98% of procurement decision-makers plan investments in AI, analytics, and automation tools.
However, successful technology transformation in procurement is easier said than done. Deloitte reports that many Chief Procurement Officers (CPOs) either experience confusion about where to start or fail to yield the benefits of digitization. To unlock the full power of AI, experts suggest imagining the best conceivable method of decision-making in procurement and working backward to determine the logical steps involved.
Harnessing the power of diversity and technology is crucial for business success. A diverse team, supported by advanced technology and strong personal connections, can navigate the complexities of modern procurement and drive long-term organisational success.
Note:
This article is the final instalment in an ongoing series exploring trends in the APAC procurement sector. To download the entire series as a report, click here.
About the Author:
Ben McDonald is a Co-Founder and Partner at Connexus Global. With a 20-year track record in recruitment, particularly in Supply Chain & Logistics, Ben partners with clients to secure top talent, driving their success in the Asia-Pacific region.
About Connexus Global:
Connexus Global is a specialised recruitment firm operating in Singapore, Bangkok, London, and Austin, focusing on the industrial, consumer markets, commodity trading, and renewable energy sectors.
