GENERATION: The Digital Summit - London - December 2024

Recap

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On Monday 9th December 2024, the ProcureTech GENERATION Summit brought together procurement leaders and digital innovators to explore trends, challenges, and strategies shaping the future of procurement.

The discussions emphasised the need for adaptable teams, cutting-edge technology, and a growth mindset to navigate an AI-driven landscape.

💡 Core Areas of Focus for Procurement Teams

The rapidly evolving procurement landscape requires teams to focus on three critical areas:

  • Attitude: Embracing change and aligning with the procurement journey
  • User Experience: Understanding and enhancing the user journey
  • Content Management: Effectively curating and managing catalogues
You can’t have everything with a growth mindset; you need a combination of awareness, curiosity and drive."  - Kantar

Simplifying processes and fostering agility were highlighted as key priorities for building future-ready teams.

🧠 Empowering Teams with Autonomy

One organisation demonstrated success by decentralising sourcing decisions, allowing teams to operate autonomously while maintaining alignment with broader goals. Trust and transparency are pivotal to this approach, ensuring employees make decisions that benefit the company.

While mandatory systems remain for transactions, the key to success lies in trusting that employees will act in the best interest of the company." - Bayer

🤖 Digital Skills and Enablers for 2025

The Summit identified key digital skills that will define procurement in the coming years:

  • Analytics: Leveraging data to make informed decisions
  • Growth Mindset: Cultivating curiosity and adaptability
  • Data Quality: Ensuring reliable and actionable insights
  • Data-Driven Technology: Driving innovation through advanced tools

Want to learn more about the solutions that are pioneering innovation in digital procurement? Download the 2024 ProcureTech100 Yearbook here.

📊 Fostering a Growth Mindset

Adaptable and curious teams are better equipped to handle change. Beyond just a growth mindset, procurement professionals need a combination of awareness, curiosity, and drive to thrive. These attributes, paired with flexibility, will enable teams to tackle challenges and leverage opportunities.

🚀 Transparency as a Game-Changer

Transparency was identified as a critical enabler for effective procurement. However, the complexity of managing multiple tools often creates challenges. Simplifying processes, engaging suppliers, and addressing pain points in the supply chain can help organisations achieve better visibility and smoother operations.

A lot of our trouble is when a product triggers the supply chain at a certain point in time, teams should examine the entire process and engage in meaningful discussions with suppliers to reduce stress points in the supply chain." - Siemens

⚙️ Harnessing AI in Procurement

AI is transforming procurement by streamlining processes and enhancing decision-making. However, success requires ongoing training and a willingness to adapt to new tools. While AI won’t replace procurement experts, its integration demands a shift toward continuous learning.

“We focus on specific verticals, and we acknowledge that scalability is a challenge when it comes to trying to innovate for every industry and every customer.” -HICX

⭐ Conclusion

The ProcureTech GENERATION Summit highlighted the importance of combining advanced technology with skilled, adaptable teams. As procurement leaders embrace innovation and empower their teams, they position their organisations to thrive in a complex, digital-first world. The road to 2025 demands a focus on transparency, trust, and continuous learning to meet evolving challenges and opportunities head-on.

 

We look forward to seeing you at future events in 2025!

The ProcureTech Team