Recently, the business area that deals with buying things (procurement) has benefited from new technologies. According to a Zipido report 2023, almost 83% [1] of chief procurement officers believe it’s important. They feel it’s time to be super efficient, good at handling risks, and make smart choices to meet ever-changing customer demands. In this regard, in this article, let’s understand the popular trends and future of digital procurement transformation. We will learn the role of AI in making decisions, blockchain in integration, and other such innovative technologies. Let’s see how they help reshape procurement with ease.

Three Focus Areas in Digital Procurement Transformation  

Use AI for Automation 

As per the Harvard research, big companies like Walmart, Tyson Foods, and Koch Industries use a special computer program called AI (Artificial Intelligence) to help them handle their supply chain [2]. They use AI to automate a lot of tasks. It includes buying new items, searching and identifying new suppliers to work with, automatic negotiations, etc. This saves them a lot of time. 

Instead of the old way of keeping track of what they have in their stores, these companies now use a new system that orders more stuff by itself when needed. This helps them ensure they only have a little or little of something. AI can also handle paying for things automatically when they are delivered, which saves time and means fewer people are needed to do these jobs.

Use Blockchain to Improve Supply Chain Visibility

The use of Blockchain in supply chain transformation is also increasing. According to the Industry Trends, Value, Analysis & Forecast Report by Zion Market Research, it may attain a growth of 51.3% [3] between 2022 and 2028. The technology offers a secure and tamper-proof platform to shield sensitive information. Some leading supply chain startups that use Blockchain like this are Yojee, Te-FooD, T-Mining, and SUKU.

This app lets everyone see what’s happening clearly. For example, businesses can write down their deals at different steps in their supply chain in a special kind of record book called a Blockchain ledger. They can also use AI (Artificial Intelligence) and IoT (Internet of Things). Then, the Blockchain can spot problems in getting supplies or sending products to the supply chain. This helps companies act quickly to reduce these risks in advance.

Utilize Big Data for Spend Analysis 

Nearly 97% [4] of companies worldwide are using big data to get useful business information. The technology makes use of your expenditure information to offer useful advice. You can learn to easily predict profits, avoid mistakes, and identify new market opportunities. Many companies are already doing this to find areas of improvement in procurement. This saves companies from tiresome manual processes and paper-based workflows.

End Thoughts

Digital procurement is already a reality. Shifting the focus to supply chain digital transformation is improving the overall procurement efficiency. It also helps cut down manual intervention and save costs in procurement. Adhering to best practices and trends in e-procurement can help companies reap more benefits of digitization. Read our case study on how Moglix enabled automotive OEMs to unlock 2% cost savings in indirect procurement through supplier consolidation. For more information on procurement transformation, contact Moglix Business today!

According to a McKinsey report, nearly 81% [1] of company heads believe the old way of handling essential company purchases needs to be updated. As per a PWC survey, even 86% [2] of the top leaders agree technology is the key to bringing the supply chain to order. In this regard, procurement digitization is the most important step in having a supply chain that is connected, smart, and works well. 

4 Benefits of Digital Procurement  

Automated Workflows

About 69% [3] of boring tasks that have to do with managing things will be done by computers automatically. Technology has changed how businesses buy stuff. It makes jobs that used to be done by hand happen automatically and lets people see how money is being spent immediately. Using software to buy things is also trending. This software works well with big computer systems like SAP and Oracle to pull out information about orders, bills, and payments. You can eliminate the need to enter data by hand to save time. It also makes things more accurate and costs less to process.

Access to Real-time Analytics 

Around 60% [4] of companies worldwide use instant data analysis to help make business choices. They have special dashboards powered by business intelligence tools that show important information about buying things, like how much money is being managed, how much is saved, how well the process works, and how good the suppliers are. Strong analysis of past purchases also helps you make decisions based on data. You can quickly decide where to get things and contracts for the best value. These days, businesses also use machine learning (a smart computer program) to analyze. These machine-learning programs can spot early signs of unusual spending and risks. This way, you can avoid big mistakes easily.

Streamlined Procurement 

A report from Deloitte says that nearly 83% [5] of the people in charge of buying things for companies are using digital ways to make buying easier. E-procurement platforms, which are online systems for buying, bring everything together in one place. They make buying simpler and the same across different parts of the business, and they use special steps to ensure everything is done right and follows the rules. Suppliers and sellers connect to these systems for an easy way to handle orders, bills, and payments all on one platform.

Improved Cycle Time

About 83% [6] of the leaders who handle technology in companies use automation to speed up their processes. This helps in getting rid of paper records to make things faster. New technologies have also changed the way companies buy things. It is now adding values. Companies are also saving money by spending only as per demand using data from technology.

Digitizing the Procurement Function

Digital Category and Service Procurement

Think about seeing and controlling how money is spent in your business using a computer or online tools. This would help you make smart decisions quickly. Digital buying, especially for software, computers, and new types of services, focuses on these new areas. For example, using a safe computer program or app, you can keep digital records of all your buying activities and deals. You can use software like Procurify, Coupa, and SAP Ariba to help you with this.

Innovative Procurement Data Utilization

Almost 80% [7] of companies think their data could be organized better. That’s why big data analytics (analyzing lots of data), predictive modeling (predicting future trends), and AI (Artificial Intelligence) are becoming popular. They help companies make really smart decisions based on lots of data. When companies look closely at a huge amount of data about how much they spend, they get many useful ideas. They can accurately predict future prices, risks in getting supplies, and new market trends. That’s why companies are moving towards using predictive intelligence, which means guessing what will happen in the future based on data. They do this to make plans to avoid problems easily and in advance.

End Thoughts

Procurement digitization can offer significant cost and time benefits. However, companies should be willing to transparently upgrade their digital skills and talents to adopt this new digital culture. At Moglix Solutions, we provide innovative solutions for procurement digitization. Discover how we helped India’s leading tractor manufacturer reimagine the user journey with a seamless digital procurement experience. As a result, the manufacturer saved 85% of staff hours on procurement. To learn more about how we help with the procurement process for procurement transformation, contact Moglix Business today!

Table of Contents

• Introduction
• Selecting the Right Valve for Industrial Applications
• Final Words

Introduction

Industrial valves are essential tools that play a pivotal role in the management of flow and pressure within an industrial setup. These tools, constructed from materials like carbon steel and stainless steel, ensure that substances such as liquids, gases, and powders move where they should, at the right speed and without any unwanted pressure build-up. The task of selecting the appropriate industrial valve is critical; it influences the efficiency, safety, and reliability of industrial operations. This discussion will guide you through the process of aligning your specific needs with the correct valve, a choice that stands at the core of a well-functioning industrial system.

Selecting the Right Valve for Industrial Applications

Following are a few factors that need to be considered when selecting the right valve for industrial needs:

Understanding Your Valve’s Purpose

The journey to finding the right valve starts by asking what job the valve needs to do in your setup. Is it there to manage the flow like a traffic light, or is it more like a barrier to keep things in place? It’s important to think about how critical the valve’s role is. If it were to stop working, would it cause a small hiccup or a major problem? These aren’t just theoretical questions—they’re practical considerations that set the stage for your choice.

Function-Specific Valve Choices

Every valve is designed with a purpose in mind. Just like you’d pick a specific tool for a job, you pick a specific valve for a function. For example, if you need to stop flow completely, a ball valve is your best bet. If you’re looking to tweak the flow just right, a globe valve is better equipped for the task. It’s all about matching the valve to the work it needs to do.

Dealing with Pressure and Temperature

When we talk about pressure and temperature, we’re talking about the conditions your valve will face. In high-pressure situations, you need a valve that can handle the stress—think of it as needing a heavy-duty lock for a high-security door. For lower pressures, you might not need such a heavy lock. Maybe a simple latch will do. And just like you’d pick a winter coat for cold weather, you need to choose a valve material that can handle the temperatures it’ll face, hot or cold.

Choosing the Right Material

Valves come into contact with all sorts of materials, and they need to be made of stuff that can handle these interactions. If your valve will be dealing with harsh chemicals, a strong plastic valve might last longer than one made of metal. It’s like choosing stainless steel cutlery for everyday durability over fine silver that tarnishes easily.

Valve Environment

The place where you’ll put your valve matters a lot. If it’s going outdoors, especially in tough spots like the ocean or a desert, you’ll need something that won’t give in to rust or wear easily. The right coating and seals make sure your valve can stand up to the environment it’ll call home.

Manual or Automated Operation

In this age of smart technology, some valves can run on their own with automatic systems. But sometimes, you might need or prefer a valve that someone operates by hand. It’s like choosing between an automatic car and a manual one—it depends on what you’re comfortable with and what suits your process.

Connecting Your Valve

How your valve fits into your system is the final piece of the puzzle. Some valves are made to stay once they’re installed, like being welded in place. Others, like those with flanged connections, are like a modular sofa—they give you some flexibility to change things around if needed. Your choice will depend on whether you want a valve that stays for good or one that you can move if the need arises.

Final words 

How does one ensure optimal fluid control in diverse industrial sectors? 

The careful selection of industrial valves is a critical step for the seamless operation of any industrial system. Matching the right valve to specific industrial requirements is essential for maintaining flow control, ensuring safety, and optimising performance. The right choice of these industrial tools not only prevents operational disruptions but also enhances the longevity and efficiency of the system, securing a productive and safe industrial environment.

Moglix Business specialises in guiding clients through the valve selection process for industrial applications. Ensuring the right fit for specific industry needs remains paramount. Download the brochure for in-depth assistance and further information or get in touch to Learn more on how we can assist you. 

Table of Contents

• Introduction
• 5 Trends Emerging in the Safety Equipment Industry
• Conclusion

Introduction

Envision a future where nanofibers redefine Personal Protective Equipment (PPE), providing enhanced protection against pathogens. Coupled with this, the emergence of interconnected PPE, harnessed by the Internet of Things (IoT) and wireless technologies, signifies the industry’s evolution. With the PPE market projected to reach USD 112 billion by 2030, its landscape is shifting dynamically. But why are these trends paramount? Rapid industrialization and recurrent outbreaks have led to a stark rise in workplace accidents. The International Labor Organization (ILO) highlights a grim statistic: 2.3 million individuals succumb to work-related illnesses or accidents annually, with a staggering 340 million occupational accidents reported globally. The urgency to address this crisis underscores the necessity of these transformative PPE trends. As we progress, we’ll explore the five trends shaping the industry’s direction.

5 Trends Emerging Trends in the Safety Equipment Industry

Take a look at the emerging trends in the safety equipment industry:

Innovative Material Solutions

Workers in hazardous environments often confront heightened risks of infections and injuries. Thus, robust protective gear becomes essential. Personal Protective Equipment (PPE) serves as this crucial shield, protecting against threats such as chemicals, biohazards, and radiation. Nanofibers, with their fine structure, have emerged as a key material in PPE, blocking harmful agents effectively. Their lightweight and breathable attributes further enhance protection and user comfort.

Technological inclusion at each step 

Imagine a construction site where a worker, engrossed in his task, is precariously close to a potential hazard. Could an unforeseen tech intervention change this scenario? Indeed, wearable technology in safety is the game-changer. No longer limited to just hard hats and boots, today’s gear includes smart helmets with sensors and augmented reality (AR) displays, giving workers immediate crucial data without referring to separate plans. Additionally, modern safety vests keep an eye on health metrics, instantly alerting supervisors if something seems off, like a rapid heart rate, potentially preventing accidents stemming from health challenges.

Integrating Wearables for daily tasks 

Have you ever pondered the pivotal role of Personal Protective Equipment (PPE) in daily operations? Imagine a factory worker, seamlessly navigating a metallic environment. His PPE suit detects a sudden surge in temperature, signaling a potential threat. This alert-driven clothing is the marvel of modern technology. Innovations in PPE now feature smart clothing that can both monitor environmental variables and detect hazards such as gasses, chemicals, and excessive heat. With industries like oil, gas, and metals embracing this advancement, the protective-clothing domain is set for robust growth. Moreover, with sectors like healthcare, pharmaceuticals, and semiconductors leading the charge, even as traditional oil and gas sales decelerate, the projected growth remains an impressive 7.5% through 2024.

AI’s Role in Ensuring Safety Compliance

Imagine a large factory floor where every move is under surveillance. A worker, in a hurry, forgets his safety helmet. But before anyone notices, an alert sounds, pointing out the oversight. What if all safety lapses could be caught this swiftly?

This is the promise of AI-powered PPE Detection. Using video analytics, the system detects essential safety gear like helmets, gloves, and jackets. If someone misses out on wearing any protective equipment, immediate alerts ensure corrective action. This method increases efficiency, as it spares manual monitoring. Real-time checks mean fewer accidents, leading to better compliance and a safer workplace. Thus, video analytics in PPE detection transforms the landscape of workplace safety.

Respiratory Safety

Picture a crowded hospital at the height of a health crisis. The air is thick with risk. Or visualize a factory with invisible airborne dangers. Workers face these threats daily.

Enter the next-generation respiratory gear. These aren’t just masks. They range from simple face covers for doctors to advanced respirators for factory workers. The recent health crisis pushed sales up as hospitals geared up.

The Shift in Industrial Safety Tools

Industrial environments, while engines of growth and innovation, can often be hazardous. Hand injuries, for instance, are common, and the eyes remain vulnerable to numerous threats. Breathing in such environments, especially after recent global health events, is a matter of concern.

Addressing hand safety, there’s a new entrant: smart gloves. These gloves, embedded with sensors, aim to enhance safety without compromising dexterity, offering a more informed way to handle tasks.

For eye protection, the introduction of smart glasses has been noteworthy. Beyond shielding the eyes, these glasses come with features like augmented reality, assisting in tasks by providing real-time data overlays.

Lastly, the use of masks has seen a significant shift. The enhanced safety masks, now available, not only protect but also come equipped with ventilation systems and sensors. These masks focus on ensuring that the air workers breathe is clean and communication remains unhindered.

Conclusion 

By 2030, the safety gear landscape will shift. New smart, wearable safety tools will emerge. They won’t just shield workers; they’ll connect them. Safety will marry technology, ensuring workers breathe easy and stay safe.Adapting to these trends ensures better workplace safety, especially in sectors like manufacturing and healthcare. Download the brochure for insights and integration of these innovations, turn to Moglix and  Learn More about their solutions.

CPOs face unique challenges in today’s complex, fast-changing world. Targeting for ideal supply chain management solutions demands greater expertise. As per the Hackett Group, procurement workloads will climb 10.6% in 2023, while productivity will drop due to talent shortages. This situation highlights the need for CPOs to employ strategic, innovative approaches. They must navigate complexity, optimize margins, drive efficiency, and meet global market demands, all amid limited resources. This article explores strategies to empower CPOs to overcome these hurdles, cultivate supplier relationships, and lead with agility despite fierce competition. 

Strategic Sourcing: A Key to Cost Management

A Deloitte survey found that 76% of CPOs prioritize cost reduction. Strategic sourcing, therefore, is imperative for CPOs to improve supply chain efficiency. It involves market analysis, supplier selection, and risk management for cost savings. CPOs can also leverage e-sourcing tools for cost comparisons and go for process automation to reduce operational costs further.  

Demand Forecasting: Enhancing Procurement Efficiency 

Demand forecasting allows CPOs to predict future needs accurately and manage resources effectively. Gartner’s findings highlight that retailers focusing on demand forecasting achieved a 32% reduction in out-of-stock items and a 20% improvement in inventory level optimization. Efficient demand forecasting can significantly reduce these losses, making it an indispensable tool for CPOs. 

Negotiating Tactics for CPOs

CPOs use effective negotiation tactics to manage procurement costs while maintaining supplier relationships. Here are some tips: 

• Use data and facts to strengthen arguments and counterpoints. According to IBM reports, consumers increasingly favour businesses with quantified, data-supported results. 
• Gain insights into supplier’s priorities and supply chain MRO to leverage during negotiations. 
• Be prepared to walk away if the deal doesn’t meet your minimum requirements. This shows you’re not desperate and can bring the supplier to your terms. 
• Go for a personalized approach, as 90% of consumers find it highly appealing to companies offering such experiences. 

Leveraging Technology for Cost Savings 

Adopting technology in procurement is rapidly becoming a priority, with the procurement software market projected to reach $9.5 billion by 2028. That’s why CPOs are using various technologies for cost savings and optimizing supply chain MRO inventory. Some of the key ones are:

• E-procurement systems: to streamline and automate procurement operations (including MRO procurement) 
• Spend analytics tools: for gaining insights into spending patterns, identifying cost-saving opportunities
• Cloud-based solutions: offers real-time data access collaboration without spending on IT infrastructure 
• Artificial Intelligence and Machine Learning: to forecast market trends and identify opportunities for cost reduction

Sustainable Practices in Procurement 

As per a recent report, strong procurement practices can reduce costs by 5-10% and increase brand value by 15-30%. CPOs establish a clear, sustainable policy to balance environmental responsibility with economic benefits. The policy covers various aspects of sustainable practices. For instance, one of the best ways is to reduce resource use and waste in your supply chain. Companies also switch to lightweight, recyclable, eco-friendly packaging solutions from renewable resources. 

Building Collaborative Supplier Partnership

According to a McKinsey survey, building collaborative supplier partnerships helps companies achieve higher growth, lower operational costs, and greater profitability than their industry peers. Therefore, CPOs should focus on open communication, develop long-term relationships, engage in joint planning with their suppliers for regular performance reviews and acknowledge great work to build strong supplier partnerships. 

End Thoughts 

CPOs can significantly enhance procurement efficiency with strategic sourcing, demand forecasting, and effective negotiation tactics. Aiming for collaborative supplier partnership ensures further profitability. Indeed, optimizing margins and overcoming cost challenges are complex. However, with the right strategy and tools, CPOs can easily lead their organizations to optimize margins throughout the supply chain. Take advantage of modern supply chain management solutions with Moglix Business. Also, check this case study to know how Moglix enables an automotive OEM to unlock 2% cost savings in indirect procurement through supplier consolidation. Visit our website to learn more.