Transforming the Procurement Dynamics

The development of procurement in India is characterized by profound changes that are associated with technology, new regulations, and new business models. Historically, procurement in India was slow, paper-bound, and lacked supply chain integration; however, it has evolved into a more strategic field. Leading this process is digitalization. E-procurement platforms have benefited procurement by cutting down the time and cost through automation. These platforms provide supplier database which helps in managing the suppliers in a better way, tracking the real-time data and making accurate decisions. This transition to digital procurement is making the system more transparent and accountable and thus improving the business competition.

Other factors have also contributed and one of them is the regulatory reforms. The integration of the Goods and Services Tax (GST) has demystified the taxation system and the acquisition of goods and service across states. Schemes like ‘Make in India’ have made it mandatory to prefer indigenous manufacturing and sourcing which has boosted the economy. There is a notable involvement of start-ups in the evolution of procurement in India especially for the manufacturing companies. These innovative companies use emerging technologies like artificial intelligence, blockchain and Internet of Things IoT to solve procurement issues. Also, startups give solutions that have more flexibility and possibilities to change them quickly. New platforms created by startups help manufacturers expand their list of suppliers and get better prices and quality. These platforms offer analytics and insights that assist the manufacturers in making sound decisions hence cutting down on costs and enhancing operational efficiency.

In the current issue, we introduce you to the top startups in this sector. In this issue, Industry Outlook has identified the select few startups that have done particularly well in this industry with a high level of dedication. We have found that these companies have gone the extra mile in proving their commitment to meet the customer needs in an integrated manner.

We welcome your feedbacks and suggestion that you may have concerning this special issue.