The outbreak of the COVID-19 pandemic has thrown challenged the survival of many organizations. But the procurement and supply chain industries, especially in the Asia Pacific, have obtained a horizon of opportunities to make their footprints in the global market.
Every sphere of human civilization is shaken by the adverse impact of this pandemic. Though vaccines have rolled out in many nations and the restrictions have also been eased, the doctors opine that normality needs more time to come back to human life. Still, Asia procurement has not felt the worst impact of the pandemic.
Stringent lockdowns, banned traveling, and severe restrictions became a part of daily life in the Asia Pacific region (APAC) like other parts of the world, but the procurement industry has commendably dealt with the situation and continued the supply without any interruptions.
You might be thinking what are the forces that keep procurement running smoothly in Asia pacific regions. Read on the blog to find out the key forces:
Executive support
It has been found that the Asian region has stable and robust executive support that is continuously boosting the strategic procurement of this area. Procurement experts in most Asian companies have witnessed that top executives have made greater enterprise-level and strategic procurement control and management mandatory. 82% of Asian procurement teams have welcomed it to manage the total enterprise spending.
Procurement pros evaluating strategic maturity
This metric is lower in comparison to similar businesses situated in other regions. However, there are some strong indications that imply that the Asian procurement companies can surpass their global counterparts easily. This strategic maturity is one of the strongest pillars of the success of Asian suppliers who deal with global businesses.
Quality of procurement information
The quality of information has a great space for improvement. Procurement companies across the continent offer ample strategic business information to serve fair services to their clients.
Most measure procurement on cost-saving
More than 90% of Asian procurement experts have opined that cost-saving is the main force working behind the growth of the enterprise strategic procurement process. While the developed countries offer procurement services at higher prices, Asian countries provide affordable services, even during the pandemic.
The labor intensity of procurement processes
Over the years, the labor intensity of procurement processes has been high across Asian territory. If you measure on a 1-5 scale, Asian procurement pros would obtain the highest mark. Automation has geared procurement automation in the best possible way.
A final takeaway
Even though Asia procurement companies have belligerent plans to advance their procurement technologies, 62% of procurement managers have marked “internal resistance to change” as their main obstacle to growth.
Every country should learn from Asian procurement companies how to serve the world’s best services at competitive prices. Global businesses, on the other hand, are taking a keen interest in Asia and exploring Asian regions to leverage maximum benefits out of Asia-based procurement services. This is the right time for global businesses to grab the opportunities and support provided by procurement services in Asia.