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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,

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.

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

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

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.

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

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

Building Circular Economies

Building networks for circular economies positively impacts everything else
Empower your ESG, sustainability, resilience, transparency, and digital transformation

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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Deep dive into the key challenges for procurement leaders in 2024

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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.