Introduction
Numerous forces are converging to deeply influence the future trajectory of procurement. Faced with uncertainty over their pace and impact, procurement teams should brace themselves for a myriad of potential scenarios. Geopolitical tension is widespread, with a retreat from globalization, and conflict in certain regions impacting food markets and energy prices and deterring trade routes.
Increasing ESG demands from regulators and other stakeholders puts pressure on procurement teams to create low-carbon, nature-friendly supply chains that sustain the flow of materials and goods while remaining resilient to climate change and extreme weather events. If procurement teams transition to sustainable sourcing faster than their rivals, will this push up costs and make their products uncompetitively priced?
Technology — particularly generative AI — is speeding up automation and improving predictive capabilities to create huge potential efficiencies. But will procurement teams make the right technology bets to bring the efficiencies and cost savings they’re looking for?
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