Knowledge of businesses :-
Let us look at some factors /challenges which are influencing knowledge of business in procurement and talent in recent times:-
- Retiring of key personnel- Experienced core of procurement and supply chain teams commonly called baby boomers are moving away from the profession at a brisk pace. Finding a replacement on par with their knowledge and experience can be a daunting task.
- Inexperienced nature of replacements – Nowadays, Millenials who mostly make up the majority of new recruits though they are very tech savvy often they lack procurement skills or supply chain experience and knowledge. Also their retainship capacity is off late becoming hard to maintain ,which can average less than two years in their respective professions.
- Expansion of Teams-Procurement teams nowadays are expanding in line which arises from the maturation of the profession and the greater alike, it will amount to lot of strategic responsibilities and the number of objectives will be put on procurement companies.
- Disbursement of teams- With the advent of growth and globalization , teams of procurement are becoming increasingly decentralized and also are located globally ,so it makes it harder for knowledge transfer & expertise to get passed through day to day personal interactions.