Procurement has come a long way since its origins in the ancient world

Supplier management becomes established By the 1980s , procurement experienced an increase in supplier competition , allowing organisations to focus on supplier quality and dependability . Procurement as we know it today took shape , as supplier management and strategic sourcing became important factors .

Procurement takes shape as a profession Approaching the mid-1960s , the concept of ‘ materials management ’ took hold on a wider scale . The practice of competitive bidding became embedded , and this gave rise to trained procurement professionals who began to establish the function ’ s status within businesses .

Pandemic and digitalisation Following the pandemic , procurement is now no longer seen as a cost-control centre , but a means for businesses to seek competitive advantage to defy supply disruption and keep products available . Modern-day procurement is driven by Industry 4.0 tech that offers end-to-end supply chain visibility .

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