What's your Procurement Priority in 2025?
Have you built anything in-house recently 🚀
Hey Procurement Legends,
Sorry for going quiet on you. I came down with the Flu a couple of weeks ago, and it completely wiped me out.
Please reply to this email and let me know your priorities for the year. I’m keen to understand what you all care about the most.
Anyway, back to it now with our regular newsletter about what’s happening in the World of Procurement.
1. Procurement Technology Trends
Chief Procurement Officers are increasingly prioritising emerging technologies to drive growth and agility. Notably, data and analytics remain at the forefront, with 72 per cent of CPOs identifying these as a top priority. AI and generative AI also feature prominently, although only 14 per cent have fully implemented these solutions. This focus underlines the growing reliance on data-driven insights and innovation to improve procurement strategies.
2. Contract Management Automation
Researchers at the University of Melbourne have developed AI-powered tools that automate contract management. These tools can draft contracts, manage the signing process, check for errors, and file documents automatically. The result is significantly reduced time spent on routine tasks, freeing staff to focus on more strategic work and ensuring smoother, error-free contract execution.
So I ask you - have you considered building in house?
3. FourKites’ Intelligent Control Tower
FourKites has recently launched its Intelligent Control Tower™, a platform that integrates real-time supply chain data, digital twins, and an AI-powered digital workforce. This innovative solution aims to enhance supply chain collaboration by providing real-time insights, assessing risks, and making prescriptive recommendations, all while autonomously managing complex workflows.
These developments highlight a strong move towards digital transformation in procurement and supply chain management, emphasising automation and data-driven decision-making.
ICYMI
AI Prompt Library
Here, you will find every tried and tested AI prompt I have worked on. Please use and iterate them.
See you soon,
Daniel