You probably know 2022 was an exciting year for technology. AI advancements and a host of new roles mean the eSourcing industry is constantly evolving, but what does that mean for companies that are trying to keep up?
The future of the eSourcing industry will be one with more direct-to-consumer engagements and consumer behaviour influencing your purchasing decisions.
Let’s first dive into the basics of eSourcing.
What Is Outsourcing?
Outsourcing is when a company sends a task, or set of tasks, to another business. The outsourcing company takes on the responsibility to complete those tasks.
Outsourcing can be an effective way for companies to lower expenses. This is because you can find qualified professionals who are willing to perform a function at a lower cost than it would cost your employees.
What Is eSourcing?
In a nutshell, eSourcing is sourcing electronically. It uses electronic business processes and systems to help companies identify, evaluate, select, and manage their suppliers.
eSourcing is an electronic process that allows companies to manage supplier relationships electronically. It’s a way for companies to collaborate with their suppliers through the internet or other electronic means such as email or even video conferencing.
The eSourcing Industry Landscape Will Continue to Rapidly Evolve
The eSourcing industry is growing at a rapid pace, with new players entering the market and existing players expanding their operations. This growth is driven by several factors, including increasing complexity in sourcing processes and the need to access talent globally.
As a result, it’s crucial to stay up to date on trends in sourcing. This way, you can make informed decisions about how best to approach your sourcing strategy in the future.
We expect more companies to use outsourcing in the future, both within and outside their country. This is because finding and hiring people is becoming more complex and needs new ideas.
For example, some companies use chatbots or AI assistants to make the hiring process more efficient by doing tasks like scheduling interviews or giving feedback to candidates.
Why Should You Consider Outsourcing?
Many benefits come from outsourcing certain aspects of your business operations.
The most obvious benefit is saving money by hiring people who are paid less than your current employees but still have the skill sets necessary for completing their job responsibilities successfully and efficiently.
Saving time is another benefit. Maybe there are specific tasks that are taking up too much time or not delivering the results you want. Or maybe the project itself is too complicated for your team to handle on its own.
In either case, outsourcing might be a good idea—but there are many factors to consider before making the decision.
Sourcing and Procurement Will Continue to Engage in a Two-Way Street
Sourcing and Procurement are no longer siloed functions. There used to be a time when sourcing could be performed in a vacuum, where the only thing that mattered was price and quality.
But if your company is still operating in this manner, you’re going to find yourself falling behind the competition—and quickly.
Today, sourcing is integral to every aspect of the business. It’s an important part of any company’s overall strategy. Whether you’re looking for new customers or trying to keep existing ones loyal, it’s crucial that your team always has access to all relevant information.
You may want to consider our e procurement software to help you begin the process of sourcing for your company.
Technology Is Key to the Future of the eSourcing Industry
In the future, technology will help you make better decisions for your company. It can save money by reducing mistakes. It can also help you find candidates who fit your company’s needs.
Technology can also help you find potential candidates faster by looking for specific characteristics, like certain skills or job experience. This saves time and makes hiring managers happy.
The Skills Gap Will Continue to Exist
While the skills gap will continue to exist in 2023, it’s important to note that the term “skills gap” isn’t quite as simple as it sounds. It isn’t just about sourcing, nor is it just about technical skills or experience.
Rather, the problem is a combination of all factors. Sourcing companies need more talent with specific skill sets. This way, they can attract and retain talent to grow their businesses.
In fact, the skills gap grows as new jobs and skill sets emerge alongside new technology. For example, whilst companies will use chatbots and AI to outsource writers and illustrators, they will need editors who understand how to use these tools.
This creates an opportunity for eSourcing companies that know where to look to find people with these skills.
eSourcing Companies Continue to Evolve
The eSourcing industry has changed a lot over the years. It’s not slowing down. Much of this change is due to technology. This means that as an industry, you need to keep up with the times or risk becoming obsolete.
You should also consider how sourcing will impact other parts of your business when trying to find new sources using eSourcing companies. Or increase efficiency through automation. The good news is that there are plenty of resources out there for sourcing professionals who want more information on the subject.
For more on how Delta eSourcing can help with your procurement processes, contact us today.
