The year 2024 marks a turning point in the world of purchasing and procurement. With groundbreaking technological innovations and a growing focus on sustainability, companies face unprecedented challenges and opportunities for procurement in 2024.
E-procurement: the answer to the skills shortage
Technology is at the heart of the changes, especially e-procurement platforms. But how exactly do these digital platforms contribute to process optimization? They are not only an answer to the current shortage of skilled workers, but also a key to increasing efficiency. They enable procurement processes to be handled more efficiently, quickly and transparently. One of the platforms is the SaaS solution mysupply, which automates the procurement process in purchasing, generates average savings of 5 to 11% and reduces operational costs by 50%. Please contact us for more information.
Artificial intelligence: a new chapter in procurement
Another trend is the use of artificial intelligence (AI) in procurement. AI systems can analyse large amounts of data, identify patterns and thus help to improve supply chains and minimize risks. This not only compensates for the current shortage of skilled workers, but also optimizes your purchasing processes in the long term.
Sustainability: a key factor for purchasing in 2024
Sustainability is no longer just a trend, but an essential part of the purchasing process. Companies are increasingly integrating ecological and social criteria into their procurement decisions.
But how exactly does the Supply Chain Duty of Care Act contribute to the implementation of these sustainability efforts?
This law, which was introduced in Germany in 2023 for companies with more than 3,000 employees, will be extended to companies with more than 1,000 employees from 2024. This underlines the growing importance of sustainable and ethical standards in global supply chains. The law obliges companies to comply with human rights and environmental standards.
In addition, the CBAM Act, a CO2 border adjustment mechanism of the EU’s “Fit for 55” initiative, will come into force from October 2023. Further measures to prevent packaging waste are expected in the European packaging directives. Sustainability will play a key role in corporate strategies in this decade and beyond in order to be able to operate in competitive positions on the markets.
The increasing importance of the supply chain
The supply chain is becoming more important and more complex. Companies not only need to make their supply chains efficient, but also more resilient to global challenges such as climate change, political tensions and pandemics.
Cyber security: a decisive factor
With the increasing digitalization of procurement, the importance of cyber security is also growing. Companies must ensure that their data and e-procurement systems are protected against cyber attacks.
The year 2024 represents a significant change in purchasing and procurement. Technological innovations, sustainability and the need for a secure and efficient supply chain are the driving forces behind this change. Companies that recognize and respond to these trends will be able to optimize their purchasing and procurement processes and make them fit for the future. For more information on trends in purchasing, download our free white paper.
If you would like help with your challenges from our experts, please do not hesitate to contact us. We are at your disposal.