Procurement Magazine January 2024 | Page 122

2024 PREVIEW

Chief Procurement Officer Pagabo

The obvious place to start when thinking about 2024 is the UK Procurement Act , which has now become law following Royal Assent , and from October 2024 will replace several sets of regulations currently applicable to public procurement , including PCR2015 .

For us as a framework provider , we have been alive to forthcoming changes , having been consulted during development of the new act . From a position of already setting the highest standards , we have only needed to tidy up a few reporting processes to further our best practice across the board - but for many others in the industry there will be some catching up to do .

Procurement is evolving beyond costcutting and is now pivotal for how businesses function . In 2024 , I see AI enhancing its automation and expediting processes , offering templates , generating quotes and boosting overall efficiency . It ’ s an exciting benefit for crafting purchasing apps too , fostering intelligent dialogues among stakeholders .

Despite these new innovations , procurement ’ s core operating model remains stagnant - still relying on segregated teams . To truly thrive procurement must adapt , embracing integrated approaches that align with a business ’ s objectives . Achieving this demands new skills and an operational shift , emphasising the need for greater collaboration between all operations in a business . From my point of view , procurement ’ s evolution isn ’ t merely about savings ; it ’ s about orchestrating impact in a dynamic landscape , aligning with the pulse of ever changing business needs .

122 January 2024