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

01/03/2024 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 Paul Hopton, the CTO of Scoutbee.

AI will become deeper and more focused

This past year was all about excitement over generative AI. AI will get more real and tangible in 2024. Most AI developments in 2023 were focused on low hanging fruit and simple use cases related to personal productivity. We’ll see deeper solutions emerge next year. More energy and effort will be dedicated to finding the winning use cases of the tech that drive real ROI and change the fundamentals of competitive businesses.

The most significant AI use cases will be those that are focused within specific verticals or functional areas, such as procurement. Applying AI to make supplier discovery more efficient and successful or gain immediate, deep insight on issues within a company’s existing supply base will really drive businesses to be more successful. Procurement is a highly specialized and important field. AI will act as a professional assistant to help procurement experts shine and enable them to make the best possible decisions.

Scoutbee is proud to be contributing to this technological transformation. In 2024 we will remain committed to helping organizations practically and safely apply AI and to meeting the evolving needs of procurement teams and the S2P landscape.

It’s exciting to see that many organizations are setting aside meaningful budgets for AI, but fears around security and data sharing and access are still getting in the way of companies taking the full plunge. The solution providers that address these fears head on will thrive next year. Organizations will also need to follow their financial commitments with a commitment to make their data available for AI solutions.

Many thanks to Scoutbee 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.

Series
Insights 2024