LATEST INTELLIGENCE

PRESENTED BY

INSIGHTS FOR MANUFACTURING AND INDUSTRY

Cautious optimism is shaping the global business environment in 2024 , and manufacturing and industrial ( M & I ) leaders have more reasons than most to put a spring in their step . Key legislation signed in 2021 and 2022 has significantly boosted national investments in infrastructure and manufacturing , with annual construction spending in manufacturing reaching $ 201 billion in July 2023 , a 70 % year-over-year increase .

Despite this investment , however , procurement leaders continue to face ongoing challenges . Continued supply chain delays , talent shortages , net-zero emissions goals and balancing digitisation with cybersecurity risk remain top of mind . Many are rising to meet the moment with new innovations and strategies , positioning procurement as a key contributor to their organisation ’ s growth .

The last few years have shown that growth and success hinge on adaptability and agility . Procurement professionals who aim to excel must embrace an agile mindset – redefining existing paradigms and welcoming new practices . Digital solutions – smart factory transformations , generative AI ( GAI ), eProcurement – can play a pivotal role in this transformation , providing scalable benefits , ease-ofuse and essential self-service enablement tools for more efficient and resilient operations .

The 2024 State of Procurement Report from Amazon Business surveyed 3,108 procurement

20 INTELLIGENTCIO NORTH AMERICA www . intelligentcio . com