2024: Our Predictions for Procurement

As we step into 2024, the procurement function continues to transform and increase in importance. This transformation is marked by technological advancements, sustainability, legislative changes and global dynamics. Richard Guest, Head of the Procurement & Supply Chain Practice at Berwick Partners, details his thoughts on what he thinks are some of the key trends, challenges and opportunities for the sector in 2024.

Procurement continues to be a vital cog across a spectrum of sectors, and we see no reason that this will diminish moving through 2024. We have seen the function accelerate along with its cousins in Supply Chain over the past few years, with an ever-increasing focus and attention at board level. Supply chain risk, ongoing inflationary challenges (although we have seen commodity prices fall in 2023), digitalisation and ESG all remain high on the agenda for CPOs coupled with a limited pool of talent to deliver on these objectives.

The public sector has a challenging year ahead, not only with the uncertainty that comes with an election on the horizon, but also getting to grips with the new procurement act that comes into play in October 2024 which will allow a greater degree of flexibility and commercial input. The key to successfully adapting to these new regulations will revolve around training and ensuring they have the right commercial acumen and capability within their teams.

If you wish to discuss any of the topics covered in this article or have a conversation about increasing the senior procurement capability in your organisation please contact Richard Guest.