By the end of 2024, new AI innovations will begin to significantly change all facets of supply management technology.
Summary
This report provides a comprehensive overview of the challenges and opportunities procurement teams are expected to face in 2024. Despite the aversion of a recession and a slowdown in inflation, Chief Procurement Officers (CPOs) still encounter a high level of economic and market uncertainty. Geopolitical issues in the Middle East and weather-related disturbances in Central America have been cited as causes for significant disruption in global shipping, leading to delays and escalating costs.
The fluctuating economic landscape has forced many procurement departments to reassess and diversify their sourcing strategies to maintain supply chain resilience. While the hurdles appear formidable, this report outlines what well-prepared procurement teams stand to benefit in this environment.
Key Takeaways
- Substantial opportunities for procurement teams that can adapt swiftly
- Proactive strategies that mitigate risks and provide a competitive edge
- Recommendations to help procurement teams thrive in a market fraught with unpredictability
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