This insights post is a summary of the original blog post published by Coporate Ink. View the original blog post: Procurement and Supply Chain Trends for 2024.
The global supply chain is in constant flux. There are plenty of challenges and opportunities that are often top of mind with your target audience, and they’re looking for ways to capitalize on them. Here are five supply chain and procurement trends for 2024 that can help you develop meaningful PR programs this year.
Sustainability Is In
Sustainability as a concept and business practice is at an all-time high. With ESG facing more backlash and ESG funds seeing their weakest performance in 2023, it’s time to invest in other initiatives. Sustainability is one of the top supply chain trends for 2024 and more target audiences expect companies to create more positive change.
What About Generative AI?
Like many other industries, generative AI is having an impact on the supply chain and procurement space. Source-to-pay suites and supply chain risk solutions are just a few examples of more widespread use. Supply chain and procurement providers can’t ignore AI. There are more customers looking for solutions that incorporate AI, which makes it important for companies to build out their generative AI vision.
Lowering Costs is Still Important
Even though the economy has improved some, cost control is still one of the procurement industry’s top priorities. More procurement companies are looking to reduce spent costs to help grow their revenue and expand margins. Even though this trend has cycled through the procurement industry many times, it’s growing in influence this year. While you discuss other priorities with prospective clients, keep cost savings in mind.
Shipping Issues Aren’t Going Away
Across the globe, shipping disruptions continue to be a lasting issue. Major global events are still putting increased pressure on trade routes. This supply chain trend isn’t likely to go away anytime soon. It’s important to be cognizant of supply chain disruptions and to plan for delays or shipping issues.
Reshoring Will Continue
Reshoring is a long-term trend that will continue to impact the supply chain and procurement industries well past 2024. The U.S. government continues to invest in domestic manufacturing, prompting more companies to increase their operations at home.
To learn more about the details on how corporate responsibility can help solidify your place with suppliers, read the full blog: Procurement and Supply Chain Trends for 2024.
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