{"id":38004,"date":"2023-10-23T00:00:00","date_gmt":"2023-10-23T00:00:00","guid":{"rendered":"https:\/\/itbid.com\/blog\/emerging-trends-in-procurement-the-future-of-sourcing\/"},"modified":"2023-10-23T00:00:00","modified_gmt":"2023-10-23T00:00:00","slug":"emerging-trends-in-procurement-the-future-of-sourcing","status":"publish","type":"post","link":"https:\/\/itbid.com\/en\/blog\/emerging-trends-in-procurement-the-future-of-sourcing\/","title":{"rendered":"Emerging Trends in Procurement: The Future of Sourcing"},"content":{"rendered":"<p>As the person in <b>charge of managing the procurement department<\/b>, it is essential to consider the challenges that 2024 will bring and assess whether you have the necessary skills to address the growing complexities in this area.<\/p>\n<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style>\n<h2>Global Trends That Will Impact the Procurement Function in 2024<\/h2>\n<p>As we move into 2024, the procurement function will face increased scrutiny from both regulators and consumers. Consumers will be increasingly interested in their suppliers\u2019 environmental, social, and governance (ESG) compliance. This comes on top of an impending global recession and greater government intervention in the markets.  <\/p>\n<p>The good news is that new technology provides tools to address these challenges and adapt to changing circumstances. This year offers an opportunity to <a href=\"https:\/\/itbid.com\/blog\/portal-de-proveedores-vs-gestion-tradicional\/\" target=\"_blank\" rel=\"noopener\">reevaluate traditional strategies<\/a><b> and maximize the performance of<\/b> existing<b> resources<\/b> in the procurement area. <\/p>\n<h2>Four Global Trends to Consider in Procurement in 2024<\/h2>\n<ol>\n<li>\n<p><strong>Global Economic Uncertainty and Its Impact on Budgets and Inventories:<\/strong> The economic outlook for 2024 is uncertain, as many countries are still recovering from the effects of the pandemic. This makes inventory and budget management increasingly challenging, as companies seek to anticipate customer needs while keeping costs under control. The looming recession could affect major trading markets, and the possibility of protectionism and tariffs could increase price volatility.  <\/p>\n<\/li>\n<li>\n<p><strong>Increased exposure to future shocks:<\/strong> The situation in Ukraine and other macroeconomic factors are having an impact on procurement\u2014from raw material prices to supply availability and logistics routes. This will continue to be a major source of disruption in 2024. <\/p>\n<\/li>\n<li>\n<p><strong>The Importance of Visibility for Risk Management and Compliance:<\/strong> Many brands and suppliers lack complete visibility into their production chain. However, with increased scrutiny, this lack of visibility is no longer sustainable. The absence of this in-depth insight can lead to unforeseen and costly problems, such as production delays or recalls of low-quality products.  <\/p>\n<\/li>\n<li>\n<p><strong>Pressure to Demonstrate ESG Compliance and Ethical Sourcing:<\/strong> Stricter regulations and growing pressure for verified <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/blog\/normas-iso-que-son-y-las-mas-relevantes\/\" target=\"_blank\" rel=\"noopener\">ESG metrics<\/a> mean that companies must provide a comprehensive overview of their procurement operations. Environmental and social sustainability is becoming a key factor for consumers and investors. <\/p>\n<\/li>\n<\/ol>\n<link rel=\"stylesheet\" href=\"https:\/\/itbid.com\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1703191386\">\t\t<a href=\"https:\/\/itbid.com\/en\/contact\/\"><\/p>\n<h2>\n  Shall we talk about how to achieve your shopping goals?  <\/h2>\n<p>  We&#8217;re here to help you identify areas for improvement, work together, and achieve your goals. Trust our experience and collaborative approach to drive the success of your procurement efforts.<br \/>\n  Contact us here<br \/>\n\t\t\t\t\t\t<\/a><\/p>\n<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\n<h2>Key Factors for Success in Procurement in 2024<\/h2>\n<p>To ensure success in 2024, it is essential to consider four key factors:<\/p>\n<ol>\n<li>\n<p><strong>Maintaining the momentum of digital transformation:<\/strong> <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/blog\/el-eprocurement-en-las-empresas\/\" target=\"_blank\" rel=\"noopener\">Digital tools<\/a> are essential for improving resilience and efficiency in procurement. It is essential to have a clear roadmap outlining which investments are necessary and the added value they will provide. Companies must implement data security and effective governance.  <\/p>\n<\/li>\n<li>\n<p><strong>Partner Optimization:<\/strong> Recent disruptions have highlighted the importance of identifying and building <b>strong relationships with reliable partners<\/b>. Self-inspections and digital tools can be key to improving quality and efficiency in procurement. Recent technology has enabled organizations to maintain complete visibility and control over self-inspections while benefiting from the analytics and insights they provide.  <\/p>\n<\/li>\n<li>\n<p><strong>Visibility into production and supply chain levels:<\/strong> Multi-level transparency is essential for an effective response to disruptions. Identifying vulnerable segments and improving data collection are crucial steps. The ability to share data easily and securely is essential for increasing visibility and responsiveness.  <\/p>\n<\/li>\n<li>\n<p><strong>Integrating AI into Procurement Operations:<\/strong> <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/blog\/el-futuro-de-la-gestion-de-compras\/\" target=\"_blank\" rel=\"noopener\">AI can be a powerful tool<\/a> for improving agility and responsiveness to unexpected changes in procurement. Investing in AI-based solutions can generate significant value for the industry. The ability to dynamically reroute components and adjust production flexibly across sites can keep production running after a disruption.  <\/p>\n<\/li>\n<\/ol>\n<p>In summary, 2024 will present <b>both challenges and opportunities for procurement management<\/b>. Adopting advanced technologies, building strong relationships with partners, and prioritizing visibility and agility will be key to success in this dynamic environment. <\/p>\n<p>Prioritize technology investments in procurement planning capabilities and end-to-end visibility enabled by real-time analytics, as these can help maintain operational stability.<\/p>\n<p>Accelerate your <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/blog\/errores-con-tus-politicas-de-compra-y-como-fortalecerlas\/\" target=\"_blank\" rel=\"noopener\">data management policies and capabilities and <\/a> enhance your teams&#8217; skills. This helps you make the most of technical capabilities for knowledge-based decision-making. <\/p>\n<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"438\" height=\"438\" src=\"http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento.png\" alt=\"\" srcset=\"http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento.png 438w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-300x300.png 300w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-150x150.png 150w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-12x12.png 12w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-60x60.png 60w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-80x80.png 80w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-100x100.png 100w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-120x120.png 120w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-140x140.png 140w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-200x200.png 200w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-360x360.png 360w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-390x390.png 390w, http:\/\/itbid.com\/wp-content\/uploads\/2023\/10\/Tendencias-emergentes-en-el-area-de-compras-el-futuro-del-abastecimiento-20x20.png 20w\" sizes=\"(max-width: 438px) 100vw, 438px\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>Invest in <a style=\"color: #00ccff;\" href=\"https:\/\/itbid.com\/blog\/el-eprocurement-en-las-empresas\/\" target=\"_blank\" rel=\"noopener\">automation to replace redundant manual tasks<\/a> in procurement, boost productivity gains, and protect against shrinking margins and rising costs. Identify opportunities to streamline manual tasks, such as global trade documentation, Free Trade Agreement (FTA) compliance, trade tax calculations, reconciliations and settlements, and reporting. <\/p>\n<h2>Smoothing the transition with our advanced procurement technology services<\/h2>\n<p>In the dynamic landscape <b>of procurement in 2024<\/b>, the adoption of advanced technologies is more crucial than ever. To tackle the challenges and capitalize on the opportunities, we invite you to take the technological leap with <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/en\/blog\/supplier-management-for-companies\/\" target=\"_blank\" rel=\"noopener\">our advanced procurement technology services<\/a> to make your supplier management easier, more traceable, and more transparent. <\/p>\n<p>Our services offer comprehensive solutions designed to optimize visibility, streamline communication, and improve efficiency throughout your supply chain. With features such as real-time tracking, advanced analytics tools, and automation capabilities, we are confident that you will experience a positive transformation in your <a style=\"color: #00ccff; text-decoration: underline;\" href=\"https:\/\/itbid.com\/blog\/que-es-una-plataforma-de-compras-y-como-puede-beneficiar-a-tu-empresa\/\" target=\"_blank\" rel=\"noopener\">procurement operations<\/a>. <\/p>\n<p>Don&#8217;t let economic uncertainty or the complexities of procurement hold you back. Join us and discover how our services can <b>make a difference in your success in procurement<\/b>. Schedule a demo and start boosting your competitive advantage.  <\/p>\n<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon .elementor-divider-separator:before,.elementor-widget-divider--view-line_text .elementor-divider-separator:after,.elementor-widget-divider--view-line_text .elementor-divider-separator:before{display:block;content:\"\";border-bottom:0;flex-grow:1;border-top:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--element-align-left .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-left .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-left .elementor-divider__element{margin-left:0}.elementor-widget-divider--element-align-right .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-right .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-right .elementor-divider__element{margin-right:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-top:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>As the person in charge of managing the procurement department, it is essential to consider the challenges that 2024 will bring and assess whether you have the necessary skills to address the growing complexities in this area. Global Trends That Will Impact the Procurement Function in 2024 As we move into 2024, the procurement function [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[63,77],"tags":[],"class_list":["post-38004","post","type-post","status-publish","format-standard","hentry","category-articles-and-guides","category-future-and-trends-in-procurement"],"acf":[],"_links":{"self":[{"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/posts\/38004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/comments?post=38004"}],"version-history":[{"count":0,"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/posts\/38004\/revisions"}],"wp:attachment":[{"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/media?parent=38004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/categories?post=38004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itbid.com\/en\/wp-json\/wp\/v2\/tags?post=38004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}