New Year Insights for the procurement solutions and services marketplace 2024: Supplier.io

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 Aylin Basom, CEO of Supplier.io, provider of supplier management solutions and one of Spend Matters 50 Procurement Providers to Know.

The future of supplier diversity: A vision for 2024

As we stand at the beginning of 2024, the procurement landscape is witnessing a transformative shift, particularly in the realm of supplier diversity. This evolution is not just a matter of compliance or social responsibility; it’s a strategic imperative driven by changing market dynamics and technological advancements.

Advances in procurement technology

The successes and challenges of diversity and ESG-oriented programs in this past year are a precursor to a pivotal year ahead. Companies recognize the bottom-line impact responsible suppliers can have, but they’ve historically been held back by a lack of advanced analytics and a fragmented data landscape. Now, precise data and systems are driving the procurement industry’s social responsibility transformation. The precision of these metrics has become a cornerstone for the effectiveness of these programs, with leaders acknowledging the critical need for accurate data to shape and refine procurement strategies. The advancements in procurement technology have been nothing short of revolutionary. We now have the tools to accurately analyze and understand the impact of our procurement decisions. This technological leap is enabling companies to integrate supplier diversity more effectively into their procurement strategies. The precision of data available today is empowering us to move beyond mere compliance to truly understand the socioeconomic impact of working with diverse suppliers.

Integration with ESG and global expansion

A significant trend we’re observing is the integration of supplier diversity programs with ESG initiatives. This collaboration is streamlining efforts and amplifying impact. With 55% of leaders viewing ESG programs as allies, there’s a clear shift towards a more holistic approach. Moreover, supplier diversity is no longer confined to the US; it’s becoming a global phenomenon. Companies worldwide are recognizing its strategic importance, leading to diverse and inclusive practices on a global scale.

Looking ahead to 2024

As we move further into 2024, the focus will be on not just maintaining but expanding the scope of supplier diversity. This includes a deepened commitment to global collaboration, integration of ESG principles, and a comprehensive approach to measuring success. The future of supplier diversity in procurement is poised to align strategic initiatives with ethical considerations and technological advancements, promising a more inclusive and interconnected landscape globally.

In this evolving scenario, our response will be multi-faceted: embracing technological advances for better data-driven decision making, aligning with global ESG standards, and fostering a supply chain that reflects the diversity of the consumer base and communities. We are committed to being at the forefront of this transformative journey, championing a procurement strategy that is not only efficient and innovative but also socially responsible and inclusive.

You can read our in-depth analysis of Supplier.io’s solution here. Many thanks to Supplier.io 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.

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

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