The Ultimate Guide to Procurement Best Practices in 2024: Trends and Challenges You Need to Be Aware of - Veridion
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Procurement

The Ultimate Guide to Procurement Best Practices in 2024: Trends and Challenges You Need to Be Aware of.

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Even with the pandemic era hurdles far behind,

Even with the pandemic era hurdles far behind,

the procurement space is bracing for more and more new challenges stacking up on previous layers of disruption. Find out how to best navigate these challenges from our latest essential research, The Ultimate Guide to Procurement Best Practices in 2024.

A. Changes in the Procurement Landscape

A1. The Main Challenges That Impact Procurement and that Everyone is Facing

  • Sustainable Procurement within ESG Frameworks
  • Sustainability Reporting
  • Regulatory Changes
  • Cleaning Up Old Databases
  • DEIB Initiatives
  • Shortage of Qualified Professionals
  • The Need for T-shaped Procurement Professionals

A2. The Procurement Trends That Your Competition is Probably Exploring Too

  • Sustainable Procurement as the Norm
  • Inclusivity and Diversity
  • Category Innovation for Procurement Optimization
  • Creating an Organizational Culture That Attracts and Retains the Right Talent for T-shaped Procurement Teams
  • Winning at Digital Transformation
  • Proactively Tackling Inflation
  • Building Circular Economies

B. The Procurement Professional’s WorkBoard for 2024

B1. Priorities for Enhancing Your Procurement Processes’ Effectiveness

  • Champion Digital Transformation
  • Supply Chain Risk Mitigation
  • Inflation Optimization

B2. Priorities for Your Procurement Role

  • Positioning as Strategic Advisor to C-suite
  • Data-Driven Decision-Making
  • Stakeholder Collaboration
  • Continuous Learning and Driving Innovation

B3: The Crucial Importance of Good Data and Veridion’s Role in Supporting Procurement Processes as a Key Partner

  • Increase Supplier Diversity
  • Reduce Costs
  • Accelerate Speed to Market
  • Data-Driven Decision Support
  • Risk Mitigation
  • Sustainability Tracking
  • Strategic Insights for Macro Organizational Business Objectives
  • All The Data Points You Need to Make a Difference in Procurement

Everyone is talking about sustainability,

but very often people are not talking about the same things when it comes to green initiatives and sustainable procurement practices. Dive into the numbers that drive procurement & sustainability initiatives forward and the breakdown of the actions that can have real impact.

But how do short and medium-term procurement goals tie into ESG,

when so often ESG initiatives are set by other departments, and how can the procurement leader set the tone and lead future ESG commitments conversations? We’re exploring all the ways procurement practices can have a positive impact that spills over into the entire organization.

Our comprehensive report on 2024’s most relevant procurement trends and challenges are not just about solving one procurement crisis or the next, but about the ways in which you can achieve both your department’s goals and to elevate your role within your organization.

Strategic procurement, when paired with high-quality decision-grade data, can help a leader have a transformational impact throughout their organization’s multiple departments, programs and initiatives. We don’t want to be cheesy, but procurement can literally make the world a better place.

Here are some of the main topics and trends that are setting the tone in all high-level procurement conversations that you’re going to hear in 2024.

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Sustainable Procurement as the Norm

  • Companies like Unilever, Nestlé, and Bayer are leading by example
  • Not only environmental considerations but also social and ethical aspects
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Diversity, Equity, Inclusion, and Belonging initiatives

  • Not just a diverse workforce, we are seeing a DEIB extension in many companies
  • Procurement is perfectly poised as a department where DEIB initiatives can shine
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Category Innovation for Procurement Optimization

  • Being aware of innovation within procurement categories is essential
  • It enables you to drive competitive advantage, reduce costs, enhance quality, etc.
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Creating a Culture that Attracts T-Shaped Talent

  • Attracting T-shaped talent requires a deliberate and holistic approach
  • The focus must be on nurturing innovation, collaboration, and continuous learning
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Proactively Tackling Inflation

  • Supply chain disruptions caused by the pandemic era are in the past, but inflation is not
  • Preemptively mitigate inflation with the right procurement acquisitions planning
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Building Circular Economies

  • Building networks for circular economies positively impacts everything else
  • Empower your ESG, sustainability, resilience, transparency, and digital transformation
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90% of the data points required for building initiatives like above are available through the Veridion Match & Enrich API in approximately 1.5 seconds, starting from simple inputs like a business name, address, or website link.

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“Ultimate Guide to Procurement Best Practices in 2024”

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key questions, such as:

How to Enhance the Effectiveness of Procurement Processes?

In 2024, procurement professionals have a crucial role in enhancing their organizations’ effectiveness through strategic procurement processes, beyond the immediate scope of their own departments.

How to Redefine Your Own Procurement Role?

Elevating your value as a procurement professional in 2024 requires a strategic approach. Uncover the priorities to secure your seat at the C-level table.

What Are the Obstacles to True Digital Transformation?

Digital transformation is not a new topic, but it’s gaining momentum and urgency in 2024 as so many of the other trends and challenges require it as a precondition for success. Find out how to win at it.

How to Unlock the Potential of Good Business Data?

Get acquainted with the crucial data sets that procurement professionals must plan around in order to make informed decisions.

Register now and take the first step towards a more efficient, profitable future in procurement.

You will find more than just a research report—it’s a roadmap to success, offering in-depth analysis of the main challenges ahead and practical solutions for harnessing the full potential of rapid data access in procurement.

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