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

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 Keith Hartley, CEO of LevaData.

The corporate mentality concerning AI will shift

While AI constitutes a significant 18% portion of the $400 billion cloud market, its potential remains largely untapped. The ambiguity around AI definitions and the difficulty in monetizing it, particularly generative AI, has created a landscape of unfulfilled promises and underwhelming results. In fact, many of these so-called ‘revolutionary’ AI developments have failed to deliver on their hype.

In my projection for 2024, I anticipate a shift in corporate mentality. Companies and their leaders will shed their FOMO (Fear of Missing Out) and instead embrace the challenges associated with altering ingrained processes. Instead of blindly joining the AI bandwagon, organizations will take deliberate steps to understand the value and profitability AI can bring to their operations.

Across diverse industries, enterprises should assess where AI can bring the most value and strategize its integration to truly enhance efficiency. For instance, within global supply chains — a realm ripe for improvement despite its current resilience — AI can be a game-changer, especially within the procurement function. By leveraging AI-powered technology, procurement teams can access real-time, accurate data on costs, supply disruption risks, availability and more. Consequently, they can make well-informed decisions, balancing supply continuity and cost, resulting in a more robust and resilient supply chain.

Many thanks to LevaData and you can read our in-depth analysis of its solution here.

Read our senior analyst’s take on the key themes from the series here.

Access Spend Matters dedicated ‘Artificial Intelligence in Procurement’ page for more AI insights.

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.