Supply Chain Procurement Opportunities and Challenges For 2024

A CHANGING LANDSCAPE

Major geopolitical situations, coupled with rapidly changing technological advancements, alongside difficult economic conditions, are here for the medium-term – and certainly for 2024.

Employment rates are above prepandemic levels but highly skilled jobs are exposed to advances in AI. Nearly half (45%) of CFOs flag the implications of Russia/Ukraine conflict as their main source of anxiety; 42% flag a shortage of skilled professionals.

Inflation is easing, but the Bank of England is forecast to need all of 2024 to reach its 2% target. The UK’s Procurement Bill is expected to be enacted at the end of 2024, while the European Commission has adopted the Corporate Sustainability Reporting Directive.

Procurement professionals will need to understand the evolving landscape and provide both operational and strategic support to their organization – this will involve both risk mitigation and opportunity maximization

What is in the Whitepaper:

Procurement Trends for 2024

• Development of team skills and talent
• Risks attached to sourcing from China are increasing
• Cost of capital rising
• New European rules for sustainability reporting

Challenges to the supply chain such as:

• Pressures to cut costs
• Risk mitigation
• Supply chain resilience
• Environmental social governance

Opportunities shaping Procurement:

• Vital data collection
• Analysis
• Driver of strategy

Download the whitepaper to see how JAGGAER can help you plan for the year ahead.