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HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY

Markit
Markit

This document discusses 9 key procurement predictions for 2021 and their potential impact on indirect IT procurement. The predictions are: 1) Continued economic uncertainty raises focus on business agility and risk mitigation. 2) Trusted supplier relationships will be even more important. 3) Acceleration of procurement automation will increase transparency and spend visibility. 4) Shortening supply chains while solving global vs local consolidation. 5) Increased B2B marketplace usage. 6) Technology will touch more business aspects increasing IT demand. 7) Increased sustainable procurement initiatives. 8) HR will optimize talent for adaptation and agility. 9) CFOs will continue minimizing fixed and non-essential costs. The document suggests how these trends could impact areas like IT contracts,

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HOW KEY PROCUREMENT PREDICTIONS FOR
2021 IMPACT THE INDIRECT IT CATEGORY
DISCOVER THE POTENTIAL IMPACT ON IT PURCHASING
BASED ON THE 9 KEY PROCUREMENT PREDICTIONS.
JANUARY, 2021
In this report you will discover the 9 key procurement predictions based on
research published by Deloitte, Gartner, McKinsey, The Hackett Group and others.
Additionally Markit proposes how these predictions are related to, or potentially
impact, IT procurement in 2021.
HOW KEY PROCUREMENT PREDICTIONS FOR 2021
IMPACT THE INDIRECT IT CATEGORY
January 2021
WWW.MARKIT.EU 2
CONTENTS
INTRODUCTION													3
2021 PROCUREMENT TRENDS & PREDICTIONS									4
CONTINUED ECONOMIC UNCERTAINTY RAISES THE FOCUS ON BUSINESS AGILITY,
CONTINGENCY PLANNING AND RISK MITIGATION								4
TRUSTED SUPPLIER RELATIONSHIPS WILL BECOME EVEN MORE IMPORTANT					 4
ACCELERATION OF PROCUREMENT AUTOMATION WILL LEAD TO 							 5
INCREASED TRANSPARENCY AND SPEND VISIBILITY								5
SHORTENING SUPPLY CHAINS WHILST SOLVING THE GLOBAL VS LOCAL CONSOLIDATION DILEMMA PERSISTS	 6
B2B MARKETPLACE USAGE CONTINUES TO GROW								7
TECHNOLOGY TOUCHES EVEN MORE ASPECTS OF BUSINESS LEADING TO IT DEMAND INCREASES			 8
SUSTAINABLE PROCUREMENT INITIATIVES INCREASE TO MEET CONSUMER AND COMPLIANCE DEMANDS		 9
HR DEPARTMENTS WILL OPTIMISE MORE TALENT FOR ADAPTATION, TRANSFORMATION AND AGILITY		 10
CFOS CONTINUE TO MINIMISE FIXED COSTS AND NON-ESSENTIAL SPEND					 10
SOURCES USED													11
January 2021
WWW.MARKIT.EU 3
HOW KEY PROCUREMENT PREDICTIONS FOR 2021
IMPACT THE INDIRECT IT CATEGORY
INTRODUCTION
Based on numerous reported procurement predictions from leading specialists, this report pulls togeth-
er a digest of some of the most frequently predicted trends for procurement in 2021 and suggests how
these may impact indirect IT procurement specifically. It includes suggestions for further evaluation of
which strategies and activities to employ to survive and thrive in 2021.
Procurement’s general digital transformation progress including process automation is promising ac-
cording to a wide variety of reports. COVID-19, global trade agreement changes, economic uncertainties
and the exponential rise of efficiency demand have driven innovation in procurement departments un-
like in any other year. COVID-19 has highlighted procurement’s importance and promoted, even acceler-
ated, its role in business growth and capabilities. The pandemic has also drawn attention to the need for
more automation, agility, robust contracts, stronger supplier collaboration to move forward with innova-
tion programs, optimising cost savings in general, and the inevitable rise of B2B marketplaces.
Procurement will also need to address changing ways of working, cope with volatile demand spikes, and
increase its ability to de-risk supply chains to make them less vulnerable to disruption.
In The Hackett Group’s November 2020 report, Transforming Procurement to Prevail in the Next New
Normal, world-class procurement organisations are better prepared for the challenges ahead. In fact,
world-class procurement functions operate at a 20% lower cost with 28% fewer staff. As a result, they
achieve a 2.2 times higher return on investment than their peers and are five times more likely than
peers to be seen by stakeholders as valued business partners. Moreover, they reported that DIGITAL
world class procurement organisations will enjoy 9% cost savings advantage over world class procure-
ments organisations and a massive 27% over traditional procurement organisations.
Some CPOs (Chief Procurement Officers) expressed regret about the lack of acceleration in their auto-
mation programs in 2020 which is concerning when coupled with the fact that the majority of CPOs rate
visibility into their extended supply networks as moderate to low.
GRAPH SOURCE: The Hackett Group
HOW KEY PROCUREMENT PREDICTIONS FOR 2021
IMPACT THE INDIRECT IT CATEGORY
January 2021
WWW.MARKIT.EU 4
2021 PROCUREMENT TRENDS & PREDICTIONS
CONTINUED ECONOMIC UNCERTAINTY RAISES THE FOCUS ON BUSINESS
AGILITY, CONTINGENCY PLANNING AND RISK MITIGATION
The long-term impact of the crisis is not yet fully understood but it has clearly drawn attention to weak
contracts and especially their force majeure clauses. Despite optimism, the near future remains uncer-
tain and the economic risk remains. Contracts will continue to be reviewed to ensure worst case scenari-
os are covered, with renegotiations occurring where necessary. Procurement executives will divert more
energy into contingency planning.
An agile approach to procurement, and business in general, will continue to be the new normal for many
companies. Agility becomes increasingly seen as a way to navigate the impending recession and deliver
higher procurement efficiency. Procurement functions may take a leaf from IT departments and engage
in more collaborative, result-orientated, and project-centered approaches including SCRUM-style activ-
ities and sprints to maintain a healthy pace. COVID-19 has forced adaptability and workarounds (e.g.,
remote-working & more cloud services) during the lockdowns and these may well also help facilitate
further agility.
However strong the contracts are or, however agile procurement becomes, significant risks will remain
in 2021. Over-reliance on certain suppliers and supply chain disruption (which caused bottlenecks and
stock shortages) will make companies look beyond single-source suppliers to other options including
marketplaces, holding buffer stocks and near sourcing. “Just in time” supply chains will become more
prevalent.
On a positive note, in the 2020 PwC US CFO Pulse Survey, CFOS are noticeably confident that their com-
pany can both provide a safe working environment (71%) and meet customers’ safety expectations
(80%) and 72% believe their companies will be more agile going forward.
TRUSTED SUPPLIER RELATIONSHIPS WILL BECOME EVEN MORE
IMPORTANT
A desire and commitment to agility, and the ability to pivot when necessary, will see an increased reli-
ance on the flexibility of suppliers to adapt to new demands. The need for mutual understanding of the
current business and economic status of both buyers and suppliers will result in the fostering of even
close supplier relationships.
Transparency in spend data and negotiations will help a core set of “most trusted” suppliers emerge
and with more opportunities for spend optimisation. A recent Procurement Leaders report states 54% of
CPOS recommend increase supplier collaboration in 2021.
January 2021
WWW.MARKIT.EU 5
HOW KEY PROCUREMENT PREDICTIONS FOR 2021
IMPACT THE INDIRECT IT CATEGORY
In Indirect IT Procurement: Companies who are seeking to reduce IT supply costs during the recession
are naturally going to consider new suppliers, as well as reviewing terms with existing suppliers, and
whilst cost will be one of the determining factors, the credibility of the supplier will influence the deci-
sion in a significant way.
Trust, a key component of credibility, does not appear overnight; it takes time and repeated connections,
and transactions to develop but when it is there it can be the defining factor in supplier-client loyalty
and can lead to innovations, better problem solving and a speedier route to achieving mutual goals.
READ MORE IN OUR BLOG POST:
Trust will matter more than ever before
ACCELERATION OF PROCUREMENT AUTOMATION WILL LEAD TO
INCREASED TRANSPARENCY AND SPEND VISIBILITY
They provide the ability to get more done with a lower headcount as well as free up time to focus on
more strategic work. Automation’s output of spend visibility and risk management data provides the
necessary input for timely, ethical, agile, and smart procurement-related decision making too.
For these reasons, the automation train is likely to accelerate in 2021 even further. The combined need
for transparency and agility may contribute to more companies moving away from the slow-moving RFP
model according to COVID-19 RECOVERY: A CIO’S PLAYBOOK.
According to Deloitte’s CPO Flash Survey 2020:
18% of CPOs expressed regret about the lack of
acceleration in their automation programs.
This is concerning when 50% said they had high
visibility into their Tier 1 suppliers and over 90%
rated their visibility into extended suppliers as low,
or very low.
It is widely understood that well-executed procure-
ment automation processes help both procurement
and finance teams save time and money.
HOW KEY PROCUREMENT PREDICTIONS FOR 2021
IMPACT THE INDIRECT IT CATEGORY
January 2021
WWW.MARKIT.EU 6
In Indirect IT Procurement: We predicted the rise of increased transparency and spend visibility in indi-
rect IT procurement back in 2019.
We still hold the view that in 2021, the ideal indirect IT purchasing solution displays various transparency
components including:
•	 Real time pricing - comparing IT products from all the main suppliers in your area.
•	 Real time delivery speed estimates and knowing where your products are “right now.”
•	 Disclosure how the basket price can be optimised through bundling or adjusting volumes.
•	 Spend analysis data presented to you in a way that informs decisions to create more value and in-
crease performance.
•	 Transparent supplier performance data about delivery speed history, RMA levels, SLAs (Service Level
Agreement) etc.
READ MORE ABOUT THESE BENEFITS AND OTHER TRANSPARENCY ELEMENTS TO IT BUYERS:
Transparent IT Purchasing: From Data to Insights to Action and Results
SHORTENING SUPPLY CHAINS WHILST SOLVING THE GLOBAL VS LOCAL
CONSOLIDATION DILEMMA PERSISTS
The pandemic highlighted the issues and unpredictability of supply chains that stretch thousands of ki-
lometers and the risk of supplier consolidation when a critical supplier was adversely affected. But even
before COVID-19 the local v global dilemma existed and in 2021, we expect more companies to tackle it.
The challenge is how to shorten supply chains, buy more locally and at the same consolidate purchasing
for the obvious time and money savings consolidation offers.
EXPANDING OR CONSOLIDATING YOUR SUPPLIER BASE?
0
5
10
15
20
25
30
35
40
45
Expand
significantly
Expand
slightly
No
change
Consolidate
slightly
Consolidate
significantly
43%
28%
16%
9%
4%
SOURCE DELOITTE: 2020 Chief Procurement Officer Flash Survey
It seems clear that in 2021, global supply
chains will continue to shorten in many indus-
tries and procurement categories. This could
lead to re-evaluation of supplier segmenta-
tion - either based on risk or essentialness or
a combination of both, to minimise further
disruption.
Worth noting that Deloitte’s CPO Flash Survey
2020 found 25% companies were consolidating
and 47% were expanding their supplier bases.

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HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY

  • 1. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY DISCOVER THE POTENTIAL IMPACT ON IT PURCHASING BASED ON THE 9 KEY PROCUREMENT PREDICTIONS. JANUARY, 2021 In this report you will discover the 9 key procurement predictions based on research published by Deloitte, Gartner, McKinsey, The Hackett Group and others. Additionally Markit proposes how these predictions are related to, or potentially impact, IT procurement in 2021.
  • 2. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY January 2021 WWW.MARKIT.EU 2 CONTENTS INTRODUCTION 3 2021 PROCUREMENT TRENDS & PREDICTIONS 4 CONTINUED ECONOMIC UNCERTAINTY RAISES THE FOCUS ON BUSINESS AGILITY, CONTINGENCY PLANNING AND RISK MITIGATION 4 TRUSTED SUPPLIER RELATIONSHIPS WILL BECOME EVEN MORE IMPORTANT 4 ACCELERATION OF PROCUREMENT AUTOMATION WILL LEAD TO 5 INCREASED TRANSPARENCY AND SPEND VISIBILITY 5 SHORTENING SUPPLY CHAINS WHILST SOLVING THE GLOBAL VS LOCAL CONSOLIDATION DILEMMA PERSISTS 6 B2B MARKETPLACE USAGE CONTINUES TO GROW 7 TECHNOLOGY TOUCHES EVEN MORE ASPECTS OF BUSINESS LEADING TO IT DEMAND INCREASES 8 SUSTAINABLE PROCUREMENT INITIATIVES INCREASE TO MEET CONSUMER AND COMPLIANCE DEMANDS 9 HR DEPARTMENTS WILL OPTIMISE MORE TALENT FOR ADAPTATION, TRANSFORMATION AND AGILITY 10 CFOS CONTINUE TO MINIMISE FIXED COSTS AND NON-ESSENTIAL SPEND 10 SOURCES USED 11
  • 3. January 2021 WWW.MARKIT.EU 3 HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY INTRODUCTION Based on numerous reported procurement predictions from leading specialists, this report pulls togeth- er a digest of some of the most frequently predicted trends for procurement in 2021 and suggests how these may impact indirect IT procurement specifically. It includes suggestions for further evaluation of which strategies and activities to employ to survive and thrive in 2021. Procurement’s general digital transformation progress including process automation is promising ac- cording to a wide variety of reports. COVID-19, global trade agreement changes, economic uncertainties and the exponential rise of efficiency demand have driven innovation in procurement departments un- like in any other year. COVID-19 has highlighted procurement’s importance and promoted, even acceler- ated, its role in business growth and capabilities. The pandemic has also drawn attention to the need for more automation, agility, robust contracts, stronger supplier collaboration to move forward with innova- tion programs, optimising cost savings in general, and the inevitable rise of B2B marketplaces. Procurement will also need to address changing ways of working, cope with volatile demand spikes, and increase its ability to de-risk supply chains to make them less vulnerable to disruption. In The Hackett Group’s November 2020 report, Transforming Procurement to Prevail in the Next New Normal, world-class procurement organisations are better prepared for the challenges ahead. In fact, world-class procurement functions operate at a 20% lower cost with 28% fewer staff. As a result, they achieve a 2.2 times higher return on investment than their peers and are five times more likely than peers to be seen by stakeholders as valued business partners. Moreover, they reported that DIGITAL world class procurement organisations will enjoy 9% cost savings advantage over world class procure- ments organisations and a massive 27% over traditional procurement organisations. Some CPOs (Chief Procurement Officers) expressed regret about the lack of acceleration in their auto- mation programs in 2020 which is concerning when coupled with the fact that the majority of CPOs rate visibility into their extended supply networks as moderate to low. GRAPH SOURCE: The Hackett Group
  • 4. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY January 2021 WWW.MARKIT.EU 4 2021 PROCUREMENT TRENDS & PREDICTIONS CONTINUED ECONOMIC UNCERTAINTY RAISES THE FOCUS ON BUSINESS AGILITY, CONTINGENCY PLANNING AND RISK MITIGATION The long-term impact of the crisis is not yet fully understood but it has clearly drawn attention to weak contracts and especially their force majeure clauses. Despite optimism, the near future remains uncer- tain and the economic risk remains. Contracts will continue to be reviewed to ensure worst case scenari- os are covered, with renegotiations occurring where necessary. Procurement executives will divert more energy into contingency planning. An agile approach to procurement, and business in general, will continue to be the new normal for many companies. Agility becomes increasingly seen as a way to navigate the impending recession and deliver higher procurement efficiency. Procurement functions may take a leaf from IT departments and engage in more collaborative, result-orientated, and project-centered approaches including SCRUM-style activ- ities and sprints to maintain a healthy pace. COVID-19 has forced adaptability and workarounds (e.g., remote-working & more cloud services) during the lockdowns and these may well also help facilitate further agility. However strong the contracts are or, however agile procurement becomes, significant risks will remain in 2021. Over-reliance on certain suppliers and supply chain disruption (which caused bottlenecks and stock shortages) will make companies look beyond single-source suppliers to other options including marketplaces, holding buffer stocks and near sourcing. “Just in time” supply chains will become more prevalent. On a positive note, in the 2020 PwC US CFO Pulse Survey, CFOS are noticeably confident that their com- pany can both provide a safe working environment (71%) and meet customers’ safety expectations (80%) and 72% believe their companies will be more agile going forward. TRUSTED SUPPLIER RELATIONSHIPS WILL BECOME EVEN MORE IMPORTANT A desire and commitment to agility, and the ability to pivot when necessary, will see an increased reli- ance on the flexibility of suppliers to adapt to new demands. The need for mutual understanding of the current business and economic status of both buyers and suppliers will result in the fostering of even close supplier relationships. Transparency in spend data and negotiations will help a core set of “most trusted” suppliers emerge and with more opportunities for spend optimisation. A recent Procurement Leaders report states 54% of CPOS recommend increase supplier collaboration in 2021.
  • 5. January 2021 WWW.MARKIT.EU 5 HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY In Indirect IT Procurement: Companies who are seeking to reduce IT supply costs during the recession are naturally going to consider new suppliers, as well as reviewing terms with existing suppliers, and whilst cost will be one of the determining factors, the credibility of the supplier will influence the deci- sion in a significant way. Trust, a key component of credibility, does not appear overnight; it takes time and repeated connections, and transactions to develop but when it is there it can be the defining factor in supplier-client loyalty and can lead to innovations, better problem solving and a speedier route to achieving mutual goals. READ MORE IN OUR BLOG POST: Trust will matter more than ever before ACCELERATION OF PROCUREMENT AUTOMATION WILL LEAD TO INCREASED TRANSPARENCY AND SPEND VISIBILITY They provide the ability to get more done with a lower headcount as well as free up time to focus on more strategic work. Automation’s output of spend visibility and risk management data provides the necessary input for timely, ethical, agile, and smart procurement-related decision making too. For these reasons, the automation train is likely to accelerate in 2021 even further. The combined need for transparency and agility may contribute to more companies moving away from the slow-moving RFP model according to COVID-19 RECOVERY: A CIO’S PLAYBOOK. According to Deloitte’s CPO Flash Survey 2020: 18% of CPOs expressed regret about the lack of acceleration in their automation programs. This is concerning when 50% said they had high visibility into their Tier 1 suppliers and over 90% rated their visibility into extended suppliers as low, or very low. It is widely understood that well-executed procure- ment automation processes help both procurement and finance teams save time and money.
  • 6. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY January 2021 WWW.MARKIT.EU 6 In Indirect IT Procurement: We predicted the rise of increased transparency and spend visibility in indi- rect IT procurement back in 2019. We still hold the view that in 2021, the ideal indirect IT purchasing solution displays various transparency components including: • Real time pricing - comparing IT products from all the main suppliers in your area. • Real time delivery speed estimates and knowing where your products are “right now.” • Disclosure how the basket price can be optimised through bundling or adjusting volumes. • Spend analysis data presented to you in a way that informs decisions to create more value and in- crease performance. • Transparent supplier performance data about delivery speed history, RMA levels, SLAs (Service Level Agreement) etc. READ MORE ABOUT THESE BENEFITS AND OTHER TRANSPARENCY ELEMENTS TO IT BUYERS: Transparent IT Purchasing: From Data to Insights to Action and Results SHORTENING SUPPLY CHAINS WHILST SOLVING THE GLOBAL VS LOCAL CONSOLIDATION DILEMMA PERSISTS The pandemic highlighted the issues and unpredictability of supply chains that stretch thousands of ki- lometers and the risk of supplier consolidation when a critical supplier was adversely affected. But even before COVID-19 the local v global dilemma existed and in 2021, we expect more companies to tackle it. The challenge is how to shorten supply chains, buy more locally and at the same consolidate purchasing for the obvious time and money savings consolidation offers. EXPANDING OR CONSOLIDATING YOUR SUPPLIER BASE? 0 5 10 15 20 25 30 35 40 45 Expand significantly Expand slightly No change Consolidate slightly Consolidate significantly 43% 28% 16% 9% 4% SOURCE DELOITTE: 2020 Chief Procurement Officer Flash Survey It seems clear that in 2021, global supply chains will continue to shorten in many indus- tries and procurement categories. This could lead to re-evaluation of supplier segmenta- tion - either based on risk or essentialness or a combination of both, to minimise further disruption. Worth noting that Deloitte’s CPO Flash Survey 2020 found 25% companies were consolidating and 47% were expanding their supplier bases.
  • 7. January 2021 WWW.MARKIT.EU 7 HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY In Indirect procurement: In IT we propose that companies need to BOTH expand and consolidate the number of IT suppliers at the same time! Sounds impossible but it is not - we addressed the dilemma in a report written for Procurement Leaders. READ MORE FROM SPECIAL REPORT: The Indirect IT Procurement Dilemma – Solved B2B MARKETPLACE USAGE CONTINUES TO GROW As detailed in the Markit report produced for Procurement Leaders in Q3 2020: Optimising Indirect Procurement with Marketplaces, the pandemic has accelerated interest in, and adoption of, B2B market- places in various categories. This trend is certain to increase. McKinsey was one of the first to highlight how: B2B Marketplaces Could Transform Indirect Procurement. GRAPH SOURCE: McKinsey • Nearly 60% of B2B buyers—58.8%—now conduct at least 25% of their business purchasing on a mar- ketplace, according to an August 2020 survey of purchasing executives by Digital Commerce 360 B2B. • According to Gartner, at least 70 percent of enterprise marketplaces will serve B2B transactions by 2023. • According to McKinsey industry analysts, by 2021, indirect spending will be led and directed by tech-procurement people at up to 60 percent of large enterprises. • Among the different platforms used to research and purchase B2B products, marketplaces stand out as the leading destinations for U.S (United States) buyers. SOURCE: STATISTA
  • 8. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY January 2021 WWW.MARKIT.EU 8 In Indirect IT Procurement: Even if CPOs do not use marketplaces to buy all their IT devices, they will use them to buy more IT accessories because the aggregate time and money savings on frequent orders of low-cost IT accessories are significant. IT procurement decision makers will seek a marketplace-as-a-supplier that can offer single-vendor, rather than broker, model. Demand will increase for “an IT supplier AND a marketplace all rolled into one” who is responsible for fulfilment, deliveries, and warranties on the products they sell. TECHNOLOGY TOUCHES EVEN MORE ASPECTS OF BUSINESS LEADING TO IT DEMAND INCREASES Whether it is AI (Artificial Intelligence), remote working requirements, cloud services, or impending 5G rollouts, the fact is technology is increasingly taking centre stage in every facet of business. Technology is helping companies to automate processes and gather, and analyse, procurement related data too. This is the easiest prediction of all, but demand for technology will continue significant growth. This in- cludes rising demand for the necessary supporting IT hardware and accessories. Simply put, more com- panies will put “technology first.” “The value of digital channels, products and operations is immediately obvious to companies everywhere right now…this is a wake-up call for organizations that have placed too much focus on daily operational needs at the expense of investing in digital business and long-term resilience. Businesses that can shift technology capacity and investments to digital platforms will mitigate the impact of the outbreak and keep their companies running smoothly now, and over the long term.” Sandy Shen, Senior Director Analyst, Gartner “COVID-19 has only made digital more relevant as companies…have undergone their own massive, over- night experiment in agile, and remote ways of working.” Kate Smaje, Senior Partner, McKinsey Digital
  • 9. January 2021 WWW.MARKIT.EU 9 HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY SUSTAINABLE PROCUREMENT INITIATIVES INCREASE TO MEET CONSUMER AND COMPLIANCE DEMANDS Transparency is not just about procurement data from a finance or procurement perspective. It also stretches to the consumer or end user who have continued and rising concerns about the products and services they use and consume. Mandated corporate sustainability disclosures and compliance require- ments will ensure that “green procurement” remains a growing trend. In Indirect IT procurement: Early 2020, Markit foresaw the demand for more eco-labelled IT products and implemented filters to help companies meet their sustainable IT procurement goals. This trend of facili- tating “green IT purchasing” is likely to continue. READ MORE ON OUR BLOG IT Sourcing - Performance with Sustainability and IT Procurement Can Go Greener
  • 10. HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY January 2021 WWW.MARKIT.EU 10 “By 2021, 55% of technology procurement staff will require additional business, digital and analytical skills to realize business innovation and growth. Digital transformation and an increasingly complex vendor system require skills beyond the traditional scope. There is definitely a skill gap between pro- curement and business staff.” Luke Ellery, Senior Procurement Director Analyst at Gartner In Indirect IT procurement: Given the increasing demand for IT, more procurement generalists will seek education on IT buying processes, and new ways of optimising indirect IT procurement – especially for non-IT business units. CFOS CONTINUE TO MINIMISE FIXED COSTS AND NON-ESSENTIAL SPEND The pandemic forced a pause on non-essential spend areas and caused a shift the remote working. A new normal will emerge with a higher rate of non-essential spending e.g., business travel than before the pandemic. In indirect IT procurement: Attempts will continue to minimise fixed costs in terms of variable price agreements and shifting IT stock risks. HR DEPARTMENTS WILL OPTIMISE MORE TALENT FOR ADAPTATION, TRANSFORMATION AND AGILITY With technology and agility playing an increasing role in procurement, teams will need extended skills sets. 2021 will see several HR (Human Resources) strategies being examined more closely or implemented: • Recruitment of a “new generation” of tech-native workers. • Training for existing team members to be able to expect, embrace and adapt for digital transformation and change in general. • Hiring contract and temporary workers through cloud functions. “...CEOs are resilient and remain optimistic as they continue to rise to meet the challenges and opportu- nities resulting from the pandemic and ongoing economic uncertainty…they are accelerating the digital transformation of their businesses, but also see a multitude of risks apart from the pandemic – with talent risk becoming front and center in the current environment.” Paul Knopp, KPMG U.S. Chair and CEO
  • 11. January 2021 WWW.MARKIT.EU 11 HOW KEY PROCUREMENT PREDICTIONS FOR 2021 IMPACT THE INDIRECT IT CATEGORY SOURCES USED The 7 Key Challenges for Procurement Success in the post Covid world by PASA 2020 2021 CPO Planning by Procurement Leaders & Bain Company Global trade trends and their impact on procurement by BASWARE June 2020 PwC US CFO Pulse Survey June 2020 Agile IT procurement in a post-COVID world from the CIO Playbook June 2020 Deloitte: CPO Flash Survey 2020 C-Suite Poll: Challenges to Re-Entry and Long-Term Impacts of COVID-19 May 2020 B2B Marketplaces Could Transform Indirect Procurement by McKinsey 2019 World-Class Procurement: Transforming Procurement to Prevail in the Next New Normal by The Hackett Group, November 2020 What’s Now and Next for Finance and Procurement by The Economist Intelligence Unit 2019 A New Era – Global Trade in 2020 and Beyond by The Economist Intelligence Unit 2020 Procurious – Top procurement planning tips for 2021
  • 12. Follow Markit news and views on our blog, LinkedIn, Twitter & SlideShare Copyright © 2021 Markit Holding AS This report is made available under the Creative Commons Attribution-ShareAlike License. TAKE THE CHASING OUT OF IT PURCHASING WWW.MARKIT.EU LET’S TALK ABOUT YOUR INDIRECT IT PROCUREMENT CHALLENGES Our extensive experience, industry-recognized abilities and singular focus on the indirect IT category mean we know how to unlock the time and money savings potential in your IT purchasing processes. Markit is transforming the indirect IT procurement function. We have helped over 400 Forbes Global 2000 companies save time and money on their IT hardware and accessory purchasing. We can do this for your company too, by listening carefully, deeply understanding the challenges and tailoring a managed service and IT Marketplace Solution to deliver significant savings.