From Challenges to Transformation: Towards a New Norm
Key procurement issues in 2024 are expected to create unprecedented ripple effects on overall business operations and the delivery of products/services to customers, while simultaneously reinforcing confidence in procurement teams.

AI Unlocks Hidden Value in Digital Procurement
AI uncovers insights from each procurement process, making data easy to interpret. Its use brings unprecedented clarity to electronic procurement structures—from adoption, maintenance, retention, improvement, analysis, and forecasting, to automation. This enables flexibility and adaptability to manage increasing risks and disruptions, maintain customer satisfaction, minimize revenue impact, and establish elevated standards for product/service delivery.

Supply Chain Disruption Risks
Diverse and complex customer and consumer demands accelerate rapid changes in buyer-seller operations, particularly through the adoption of technology to replace traditional processes and predictive analytics to anticipate issues.

Furthermore, stronger buyer-seller relationships facilitate joint contract review and improvement, skill training for working with technology, and operational transformation. This shifts previously stable supply chains, requiring rapid adaptation to sustain business efficiency and mitigate impacts on overall revenue from unmet customer expectations.

Challenges in Achieving Sustainability Goals
Procurement plays a critical role in driving business according to sustainability policies, responding to global customer and consumer demands for clear and responsible sourcing. Challenges include sourcing suppliers who comply with sustainability guidelines, supporting local suppliers for equity, recruiting environmental experts, implementing management software, and addressing revenue-impacting areas such as product innovation or raw material changes.

Creating New Opportunities Within Procurement Teams
Changes in buyer-seller operations, business metrics, and sustainability policies create opportunities for procurement professionals to assume new roles that enhance diverse skills, including technology proficiency, communication for negotiation, analytical thinking, and emotional intelligence. This makes adaptable, highly skilled experts increasingly in demand.