Are you Looking for a New Procurement Role?
AI cool down, Modern Slavery, Great Resignation & Foo Fighters
Hey Procurement Legends,
Can we start this off with a Poll?
PwC (article below) have suggested that the great resignation continues and I wanted to see what you thought about this.
The AI news feels like it is calming down albeit there are big moves being made. I expect a lot of Procurement Tech companies are quietly working behind the scenes to implement AI into their product and that the back end of 23 going into 24 will see an explosion of new AI-supported or even AI native Procurement Tech options on the market
On a personal note, Foo Fighters are touring next year so 45 mins after this newsletter goes out I’ll be in a digital queue hoping to get some tickets for their London show.
We’re due to have one more piece come out this week.
I’m following a schedule of 3 pieces of content each week (1 paid, 1 newsletter, and 1 free long form piece).
My best work will always be free.
My niche breakdowns, insights, and reviews will always be paid.
I also unlocked the Archive so you have access to all my previous work. Word of warning - a lot of links are broken as they’re from my old site. I’ve got a lot of work to do there (but procrastination keeps stopping me).
Before we get into this newsletter, I want to share something awesome with you.
I’m collaborating with Gartner.
This isn’t paid - I simply loved what Ryan and his team were looking to achieve, and I thought some of you might as well. I’ve always said I’ll bring cool things to your attention, and this is one of them.
I’ve been talking with the Gartner team for around 6 months, answering questions, sharing thoughts, and feedback on their big research piece.
I’m incredibly happy they’ve gone down the route of Procurement Functional Transformation. Its clear procurement isn’t there yet, and their research is second to none. Help them out, get some good insights back, and make the most of a good opportunity.
Gartner sourcing & procurement researchers are currently conducting a survey on procurement functional transformation. To participate in this anonymous survey, which will take approximately 20 minutes, click the link below.
In exchange for your participation, Gartner will share a summary of findings if you choose to share your email address in the survey. Sharing your email is entirely optional. The full findings will be unveiled at an executive retreat on October 10, 2023.
Please click the link below to start.
Trending Articles this Week
Book Review of Trade Wars, Pandemics, and Chaos by Dr Elouise Epstein
The world of procurement is constantly evolving, and staying up to date with the latest trends and strategies is crucial for success. Dr Elouise Epstein's book, "Trade Wars, Pandemics, and Chaos", is a must-read for anyone working in procurement. This is a write up I’ve been meaning to do for 6 months.
'Great Resignation' continues as quarter of workers look to change jobs, PwC says
According to a new study by PwC, a quarter of workers surveyed plan to change jobs in the next 12 months, up from 19% last year, due to inflationary pressures and a cooling economy. Additionally, 46% of respondents reported struggling to pay bills, and 20% are doing multiple jobs, with 69% of those doing so for additional income.
Procurement 2023: Ten CPO Actions to Defy the Toughest Challenges
McKinsey & Company's "Procurement 2023" report outlines ten core actions for CPOs to navigate procurement challenges in 2023. These actions include creating transparency, identifying vulnerabilities, gaining real-time visibility, partnering across the supply chain, refreshing category strategies, and enhancing the risk operating model.
Global Insights
#1914 - Joe Rogan Podcast
I’ve not listened to this episode yet but wanted to get it in front of you. I plan to read Siddharth Kara’s book sometime this year as part of my education into the World of Modern Slavery and the horrendous conditions you can find in pursuing going green.
Another Video From us about Coupa and the State of Procurement Tech
AI in the News
It’s Not All About ChatGPT. Less Flashy Business Software Draws Investors Too.
Investors are betting on big gains from enterprise resource planning (ERP) startups, which help companies integrate and manage data from different software tools across business units. ERP systems are generally less flashy than other parts of enterprise SaaS, but their ability to save costs keeps them attractive during periods of economic headwinds. Companies worldwide are expected to spend an estimated $46.86 billion on ERP software this year, up from $44.47 billion in 2022.
Will AI Seal the Deal for Commercial Contracts?
Businesses are turning to digital solutions for managing legal contracts, and generative AI is being incorporated to increase efficiency. However, there are concerns about AI taking work away from lawyers. Ironclad's AI Assist tool uses OpenAI's GPT-4 technology to suggest edits to contracts, and Accenture predicts that generative AI will bring productivity gains of 15-20% within three years. Only 54% of in-house lawyers surveyed believe that generative AI should be used for legal work.
AI at Work: What People Are Saying
According to a survey, regular users of generative AI are more optimistic about its potential than nonusers, recognising its transformative potential to improve and threaten work. Additionally, 36% of all respondents believe their job will be eliminated within the next decade.
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Thanks as always, legends.
Daniel