Tech & AI is Procurement's 2024 Priority 🎉

➕ How Process Orchestration continues to dominate the Procurement Tech Space

Hey Procurement Legend,

I’m experimenting with delivery times on this newsletter over the next month as a heads-up as to why it didn’t land at 08:05 GMT. On another note, I’ve just been sick (damn sickness going around schools and infiltrating my family), so I’m feeling kinda fragile today.

Over the last few years, I’ve habitually avoided tuning into the news. But over the last week, I’ve been tapping into mainstream news more than ever as supply chain disruptions are the headlines.

I won’t start talking about the politics of any of this. But a lot is happening that’s likely affecting many of you, and each day is likely bringing new challenges.

It’s scary. Terrifying.

One book I read last year by Peter Zeihan (The End of the World is Just The Beginning), which you should buy via my reading list link below, talked about some of these global supply chain issues.

It’s been a long time coming. The cause of these current disruptions (in a supply chain sense) is irrelevant. Something was always going to trigger it.

Globalised supply chains have never looked so frail.

I hope you are safe for anyone working or operating in these regions.

PS. Thanks to all of our new Paid Members. You can sign-up here

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What I'm Reading

Feel-Good Productivity: How to Do More of What Matters to You, by Ali Abdaal. I’ve followed Ali’s work for a long time and wanted to grab a copy of this book. I’ve picked up a lot of good stuff from him over the years. I’ll let you know once I’m finished if it’s worth a read.

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What I'm Thinking (about Procurement)

Procurement Priorities for 2024.

I ran a poll on LinkedIn last week, and I was surprised that over 35% of the respondents’ 200+ voters said their priority this year was Tech & AI. INCREDIBLE.

As someone who has been shouting from the rooftops for four years on why this is vital…often into a dark and empty room, I’m relieved.

I don’t think this would have been the case without the AI boom from Open AI and their Chat GPT product.

However, procurement might just realise the benefits of going digital in 2024. If you ever need any help with your Digital Procurement Strategy, I’m here to help!

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One Procurement Tech-Focused Insight

Process orchestration will only get bigger in 2024. I’ve been following the space for a couple of years and am bullish on what it might do.

In September, Pivot began offering its software solution to its initial customers. Due to the positive feedback, Pivot is securing an additional $21.6 million (€20 million) from its current investors in a fresh Series A round.

These numbers are wild for a company with only a small amount of customers and revenues. Expect more of this in 2024.

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One Piece of Content I've Found Useful

On the theme of Process Orchestration, here’s a piece from the wonderful Dr. Elouise Epstein.

Why I’m Bullish About Process Orchestration

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ICYMI

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My Procurement Reading List

Check this out here - make sure you get one of these books.

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How you can Support World of Procurement Elsewhere

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Thanks

Daniel