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Predicts 2024: CPOs Adjust to Technology’s Impact on Procurement

Procurement technology is rapidly evolving and changing how procurement will be executed in the future. This research helps procurement leaders understand how technology is impacting the future of procurement and make plans now to address the predicted impact.


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Gartner Predicts 2024

Read the full report to find out why procurement needs to adopt AI-powered sourcing technology to drive cost savings and efficiencies, and also allow the business to ‘self-serve’ so that procurement teams can focus on more high-value strategic initiatives: 

  • Procurement organizations that do not embrace AI technologies will find themselves at a cost and agility deficit compared to their competitors.

  • Organizations will have the ability to run more sourcing events, driving incremental cost reductions to the bottom line while increasing policy compliance. These advantages will give them competitive advantage.

  • AI will dramatically change how work is done through skill augmentation, allowing people with little proficiency to execute at par with a relatively well-skilled procurement practitioner. 

  • Interest in AI use cases for procurement has increased by 17 times in 2023 versus 2022.

Predicts 2024: CPOs Adjust to Technology’s Impact on Procurement by Micky Keck, Kaitlynn Sommers, Naveen Mahendra, Ryan Polk, Meghan O'Doherty, Lynne Phelan, Fareen Mehrzai 4 January 2024

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