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Procurement 2024: BIG Trends and Predictions

Arkestro

Summary This report provides a comprehensive overview of the challenges and opportunities procurement teams are expected to face in 2024. Despite the aversion of a recession and a slowdown in inflation, Chief Procurement Officers (CPOs) still encounter a high level of economic and market uncertainty.

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How fostering CPO and supplier collaboration can solve the ‘ESG data problem’

HICX

By Costas Xyloyiannis, CEO of HICX Developing relationships between buyers and suppliers isn’t just good for business, it can bolster ESG efforts. What’s clear from Deloitte’s Global Chief Procurement Officer Survey 2023 is that environmental and social governance (ESG) is now firmly on the corporate agenda.

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When it comes to S2P, which requires more of a CPO’s attention – direct or indirect spend?

Procurement Insights

However, the heart of source-to-pay lies in indirect goods and services – the domain of the Chief Procurement Officer (CPO). While the direct spend is almost always optimized to within an inch of its life, leaving very little room for further savings, indirect often takes a backseat.

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TealBook: Vendor Analysis — Supplier data management solution overview, roadmap, competitors, tech selection tips, analyst insights

Spend Matters

In fact, according to Deloitte’s 2021 chief procurement officer survey, poor quality of data is a top issue for CPO’s across the board (in fact, poor quality data is a reoccurring top issue in Deloitte’s CPO survey). It can function independently or as a partner to commonly used transaction systems.

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Supplier Code of Conduct — Embracing Sustainability

Procurement Tactics

Establish standards based on current international norms of conduct rather than creating new ones to avoid weakening international law and to avoid conflicting requirements for suppliers with numerous buyers. Key business executives from cross-functional teams should be involved in the code’s creation and support.

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New Year Insights for the procurement solutions and services marketplace 2024: Tradeshift

Spend Matters

Geopolitics becomes a procurement issue Supply chain resilience will assume new meaning, with geopolitical tension presenting a complex puzzle for any global business. Chief Procurement Officers will come under mounting pressure to accelerate supply chain reconfiguration efforts started during the pandemic.

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Analyst Eye on CPO shift in focus towards third-party risk management

Spend Matters

Continuing our series of analyst observations on procurement tech market movements, this week we are considering the shift in CPO priorities towards supply-related risks. Plus, some solutions are dependent on a tier-one supplier identifying tier-two suppliers (and the extent of utilization), and so on down the chain.