Enterprises are transforming procurement operations after pandemic increases pressure for efficiency, sustainability, ISG Provider Lens™ report says
Enterprises in Singapore and Malaysia are on the verge of making major changes to their procurement operations that, in some instances, were long overdue, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
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“Procurement in Singapore and Malaysia is on the cusp of genuine change”
The 2022 ISG Provider Lens™ Procurement BPO and Transformation Services report for Singapore and Malaysia finds a growing appetite for these services after the COVID-19 pandemic intensified pressure on enterprises in the two countries to optimize their procurement functions. The cumulative effects of lockdowns, border closings, restrictions on movement, remote work requirements and increased risk have changed the region’s procurement market significantly since early 2020, the report says.
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“Poor, outdated procurement and supply chain systems that weakened many Singaporean and Malaysian enterprises before the pandemic threatened to further disrupt them after the virus hit,” said Deepraj Emmanuel, director, ISG Asia, in Singapore. “This is driving companies to look to service providers for outsourcing and business transformation.”
Because the procurement market in these countries had been relatively stable before the pandemic, there was limited growth in the skills needed to compete, ISG says. For example, many enterprises still do purchasing manually and use disparate procurement systems operating in silos, so decision-making is slow. Now the race is on to make procurement more efficient and sustainable.
“Procurement in Singapore and Malaysia is on the cusp of genuine change,” said Emmanuel. “Many enterprises are ready to make their procurement organizations more agile and ready for the future.”