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

01/15/2024 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 through 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 Kim Cullen, Director of Advocacy at mdf commerce, a provider of e-procurement and sourcing solutions.

Public sector procurement in 2024: S2C technology that easily integrates with an ERP

In 2024, there will be a strong acceleration of digital procurement initiatives in the public sector, with an appetite for source-to-contract (S2C) solutions to better align with public procurement goals which include increasing vendor competition, improved data collection and the e-procurement solutions that enable them to manage complex public sector procurement regulations. As public procurement teams look for ways to increase their supplier pool, many are being required to prioritize local, veteran- and minority-owned business proactively within the procurement function. This will require them to look for e-procurement solutions that equally support a supplier network that enables these business owners to identify, compete and manage awarded Government contracts with a single e-procurement solution.

The focus on S2C indicates the need for public procurement professionals to leverage technology to modernize the procurement process while complementing modern day ERP solutions with accurate and relevant procurement data. Focusing on the core procurement functions will enable them to prioritize strategic sourcing by leveraging procurement analytics that empower data-driven decisions. Effective contract administration is the last outcome of the S2C focus in public procurement. By leveraging native Contract Lifecycle Management technology within the e-procurement solution, states and large governments will further enable them to better service internal agencies and the suppliers they need to serve their communities.

Election year

2024 is an election year, which means, for some, a change in Administration but for all in state service the election will cause governments to evaluate their priorities, align their goals and ensure an adequate budget is allocated. Procurement will adapt to the evolving priorities while continuing to support the day-to-day. The goal is to align the incoming administration with its strategic partners within the Purchasing department. The department and CPO remain critical tools in the government toolbox that enables the efficient delivery of constituent and community services. E-procurement solutions built for the government are critical in 2024 to help power the critical work of public procurement.

You can read our in-depth analysis of mdf commerce’s solution here. Many thanks to mdf commerce for being a part of the series.

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.

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

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

Insights 2024