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New Year Insights for the procurement solutions and services marketplace 2024: Icertis

12/15/2023 By

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For several years now, Spend Matters has been collecting and publishing a series of articles about procurement, supply and services trends for the year ahead from expert tech and service providers in the market.

This year we’re highlighting the customer demands, market movements and advances in procurement tech that are exciting the world of solution providers, how they expect them to shape the S2P landscape next year and how they plan to respond to them.

Our series runs from mid-December to mid-January, then our senior analysts will wrap up with their own take on the key themes that emerge.

In no order of preference, other than by the date they arrived in our inbox, today let’s hear from Bernadette Bulacan, Chief Evangelist of Icertis.

Shaping the next generation of procurement professionals

In 2024, as emerging technologies continue to redefine the workplace and professional landscape, and industries embrace AI, procurement departments will rethink their strategies to source top talent, retrain existing employees and attract the next generation of procurement professionals. 2024 will be the year of change management, where enhanced training and upskilling programs will ensure that seasoned procurement experts stay agile in this digitally driven age. Concurrently, these initiatives will also appeal to the rising cohort of tech-savvy procurement professionals — merging traditional skillsets with modern innovation. In addition to upskilling procurement professionals, from buyers to category managers, in digital processes and technology, procurement leaders will need to hone in on the strategic aspects of procurement that are core to humans and continue to invest/upskill in those areas as well.

ESG regulations prompt enterprise action through contracts

As new ESG regulations take effect companies will be compelled to overhaul high volumes of their commercial agreements to ensure strict compliance — with procurement organizations playing an outsized role in what is essentially a supply chain transformation effort. New regulatory frameworks will solidify the bridge between strategy and action, and AI-powered technologies like CLM will play a pivotal role in 2024 to advance the ESG groundwork established in 2023. Businesses will be prompted to forge new relationships with suppliers that align with their values, terminate relationships with suppliers falling short of new ESG benchmarks and prioritize renegotiating existing contracts with trusted suppliers to embed these new ESG commitments.

Many thanks to Icertis for being a part of the series. You can read our in-depth analysis of Icertis’s solution here. You can also read our senior analyst’s take on the key themes from the series here.

If you need to find the right procurement technology provider or service for your business needs next year, try Spend Matters TechMatch for a free rapid shortlist.

For granular analysis and comparisons of procurement technology solutions, subscribe to Spend Matters Insider.

As always, reach out to discover how Spend Matters can help with your new year commitments and wishes.

Insights 2024