Procurement Legends Weekly

🤓🧠 Your weekly roundup of Procurement Insights

Aug 15, 2024

Hey, Procurement Legends,

I’ve spent some time fishing and sneaking in a friendly footy match and the legendary Molineux with my sons.

I’m preparing to drive up the county on Saturday to go to the legendary Warhammer World with my son. I'm super excited about this weekend.

One of my main goals this year was to work deeper and slower, to do more stuff I’ve been selfishly interested in, and to worry less about quantity and more about quality.

It’s led to a promotion at Gatekeeper.

It’s led to a monetised YouTube channel.

It’s led to more happiness and contentment.

That’s why I’ve been quieter on this platform.

I no longer want to churn out content for its sake.

And guess what? Nothing bad happens when you do this.

As a reminder, I’m incredibly bullish on unifying procurement, legal, and finance in one platform. That’s why I love what I do with my work at Gatekeeper.

It’s our philosophy about Vendor and Contract Management and why these need to be managed together.

Download the free eBook here: legends.

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What I'm Reading

Procurement Software Market to Reach US $18.76 Billion

The procurement software market is projected to grow from USD 7.71 billion in 2023 to USD 18.76 billion by 2032, with a CAGR of 10.40%. Large enterprises dominate the market, holding over 65% of the revenue share, driven by the need for automated procurement solutions. The retail sector leads in revenue share at 21.6%. Automation has significantly reduced purchase order approval times by 45-55%, with 62% of US businesses utilising procurement software.

What I'm Thinking (about Procurement)

I’m seeing a few recurring themes right now from Procurement folk exploring the market:

Getting rid of busy work, such as getting the correct documents from suppliers/vendors.
Directly related to point 1 is an aspiration to remove human-involved steps favouring automation.
Moving away from chaotic and fragmented onboarded processes.

It is incredible to see the procurement community move towards a digital-first procurement model rather than a “let’s build another spreadsheet” model.

One Procurement Tech-Focused Insight

Last year, Gatekeeper joined the Private Equity Firm Vista Equity Partners.

Vista Equity Partners Acquires JAGGAER was the big news item yesterday.

One Piece of Content I've Found Useful

I always share some business-minded folk from across Substack. I love Substack as a platform and learn so much from the incredible creators here each week.