In the coming years, businesses will increasingly embrace automation, digitalisation, and AI implementation with improved data quality. This sets the stage for continuous innovation and transformation. Business leaders must ensure their organisations have the skills and mindset to support this tech-centric transition and achieve ambitious goals. Two significant challenges faced are those of talent acquisition and retention:

1. Procurement and supply chain are evolving into strategic roles encompassing risk management, resilience, and sustainability, demanding specialised skills. Recruiting talent, particularly those with broader skill sets like technology proficiency, data analytics, and collaboration, is a significant challenge. To date many leaders believe their teams lack the talent needed to execute strategies effectively.

2. Younger professionals grew interested in technology and data-driven roles even before the pandemic. Traditionally viewed as a back-office function with limited potential for technology or data integration, procurement yet struggled to attract younger talent compared to emerging tech industries. Additionally, younger talent often perceives procurement roles as easily replaceable by automation or AI rather than requiring creativity and innovation. However, to stay ahead of innovations, procurement must experiment with new digital and AI technologies, relying on the same people these technologies may replace.