Construction Sector: Unveiling Procurement Research Trends and Dynamics

What are the dominant trends in procurement research within the construction sector?

The sphere of procurement research within the construction industry has experienced significant evolution. Over the recent past, trends such as strategic sourcing, which involves a thorough analysis of what an organization buys, from whom, at what price and at what volume, have grown in prominence. Moreover, a surge in digitization has led to an increased focus on e-procurement, ushering in efficiencies in time, cost, and error reduction within procurement processes.

How is technology influencing these trends?

The advent of technology is a major catalyst in the shifts observed within procurement research. Artificial Intelligence and Machine Learning are enhancing the prediction of procurement trends, thus aiding strategic sourcing. Next-generation technologies such as blockchain and robotics are also gradually permeating into procurement activities within the construction sector. These developments indicate a future where procurement in construction industry will not only be transactional but also strategic and value-creating.

What are the implications of these dynamics for the US construction sector?

The emerging trends in procurement research are reshaping the procurement landscape in the US construction sector. Companies that capitalize on these trends to streamline their procurement systems will end up saving time and resources, while boosting their competitiveness. It also provides opportunities for industry players to diversify their strategies and align them with the evolving market dynamics, for sustainable growth and profitability amidst the ever-increasing market competition.