5 New Year's resolutions to supercharge your procurement in 2024.

As the dust settles on 2023, a familiar feeling takes hold: the itch to make resolutions. But for procurement professionals, this isn't about gym memberships or decluttering. It's time for procurement to set their sights on enhancing their strategies and capabilities. These aspirations are all about optimising processes, maximising value and keeping those supply chains flowing.

Here's our list of five resolutions that will help procurement professionals thrive in 2024...

1. Embrace your inner data guru

Procurement is awash in data, but are you harnessing its full power? Resolve to leverage data analytics and emerging technologies to drive informed decision-making in 2024. Embrace AI-powered analytics to gain deeper insights into spending patterns, supplier performance and market trends. You can then use this data to negotiate better deals, optimise inventory levels and identify cost-saving opportunities. Plus, by automating routine tasks using procurement automation software you can streamline processes and give yourself more breathing space to focus on strategic initiatives.

Remember - knowledge is power, and data-driven procurement is the key to unlocking value.

2. Put sustainability front and centre

In 2024, sustainability isn’t just a buzzword; it’s a fundamental pillar of responsible procurement. Resolution number two should be to embed sustainability into every facet of your procurement processes. This involves evaluating suppliers based not only on cost and quality but also on their environmental and social impact. Strive to partner with suppliers who align with your organisation’s sustainability goals, using technology to track, monitor and report these efforts effectively.

Remember - sustainability isn't just a cost, it's an investment in the future.

3. Champion supplier diversity

Building a diverse supplier ecosystem isn't just the right thing to do, it's a sound business strategy. Make inclusivity your mantra in 2024. Actively seeking out diverse suppliers, simplifying onboarding processes and fostering stronger partnerships means that you'll be reducing risk and embracing innovation and fresh perspectives. Your organisation will not mitigate potential supply disruptions, but will also benefit from the ideas, insights and innovation from fresh and diverse talent across the supplier marketplace.

Remember - resilience is key, and agility and adaptability will be key attributes to navigate through uncertainties in your supply chain.

4. Build bridges, not silos

Communication is the lifeblood of any successful organisation, and procurement is no exception. In 2024, break down the silos and forge stronger relationships with cross-functional teams. It's not just about transactions, it's about building partnerships - both internally and externally, ensure procurement teams are engaged early to help with the deal process. Partner with sales, marketing, finance and operations to understand their needs and tailor procurement strategies accordingly. Engage with suppliers early and involve them in the innovation and ideation processes, encourage open communication and transparency to create win-win situations that benefit all parties.

Remember - collaboration breeds success, so open your arms (and communication channels) to unlock synergy.

5. Invest in yourself, forever

The procurement landscape is constantly evolving. Stay ahead of the curve in 2024 by dedicating yourself to continuous learning. Attend industry conferences, network with peers and explore new skills. Whether it's mastering contract management, getting to grips with the procurement bill, embracing blockchain technology or honing your negotiation tactics, invest in your own development. If you're a leader, encourage a culture of innovation within your team at all levels to help your procurement function remain dynamic and responsive to changing needs, rules and processes.

Remember - the most valuable asset you have is your knowledge, so keep it shiny and sharp.

2024 presents both challenges and opportunities for procurement professionals. By adopting these five resolutions – harnessing the power of data, focusing on sustainability, championing supplier diversity, fostering relationships and prioritising continuous improvement – procurement experts can position themselves to drive strategic value, mitigate risks and contribute significantly to their organisation's success in the dynamic marketplace.

Here’s to a year of growth, innovation and impactful procurement strategies!

If you need support or simply want to ask for some guidance about how to action any of these resolutions, please do drop us a message. The eXceeding team would love to talk to you.