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The Untapped Potential of Procurement Intelligence in Africa
Africa's startup scene shines in fintech, AI, and digital solutions, yet many mid-level firms still rely on outdated procurement processes, like using alphanumeric spreadsheets to source essential supplies. This blind spot restricts potential growth and prevents a larger impact on the economy.
Why Procurement Is Key to Business Growth
As companies expand into energy, manufacturing, and construction, efficient procurement becomes paramount. However, many still perceive procurement merely as administrative work rather than a strategic nerve center. Presently, businesses in Africa are stuck in the past, failing to adapt to the complexities of global supply chains and emerging risks.
Price Fluctuations and Risk Management
With volatile prices and ESG violations looming over supply chains, a focus on procurement intelligence can help companies forecast potential disruptions. For instance, when diesel prices spiked during the 2022 energy crisis, many firms in Nigeria without procurement forecasting were caught off guard, leading to operational disruptions and layoffs.
From Digitization to Intelligence: A Necessary Shift
While digitizing procurement processes is crucial—tracking orders and vendors—it’s the application of intelligence that really drives value. Intelligence allows teams to anticipate disruptions and manage risk effectively. Companies need to embrace machine learning, real-time data analysis, and risk modeling to be prepared for unexpected challenges.
A Call to Action for African Businesses
For tech entrepreneurs, startups, and established businesses, now is the time to reevaluate your procurement strategies. Embracing advanced technologies like AI and automation is essential for building resilience and staying competitive in today’s market.
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