What are the salient factors that contribute to the evolution of Purchasing and supply management?

The evolution of Purchasing and Supply Management (PSM) is driven by several key factors, including globalization, technological advancements, and changing consumer expectations. Globalization has expanded supply chains, necessitating more strategic sourcing and risk management practices. Technological innovations, such as automation and data analytics, have enhanced efficiency and decision-making capabilities. Additionally, the growing emphasis on sustainability and ethical sourcing is reshaping procurement strategies to align with corporate social responsibility goals.