December 19, 2023 • Thought Leadership
5 Government Procurement Predictions in 2024
10 years of experience working with large government agencies coupled with over 60% of our employees having previous experience in government procurement gives us a unique understanding of procurement innovation and trends. Here is what we see as the top 5 procurement predictions in 2024:
- Increased Emphasis on Sustainability: Government agencies are likely to place a greater emphasis on sustainability and environmental considerations in procurement. We expect to see more requests for proposals (RFPs) that prioritize eco-friendly products and services, renewable energy sources, and circular economy practices.
- Greater Use of AI and Data Analytics: Agencies are increasingly looking to leverage AI and data analytics in their procurement processes to accelerate their digital transformation. These technologies will help governments make data-driven decisions, optimize procurement strategies, and detect fraud and corruption more effectively.
- Transparency and Accountability: Governments will continue to prioritize transparency and accountability in procurement. Innovative technologies can be used to create immutable records of procurement transactions, reducing the risk of fraud and ensuring transparency.
- Innovation Partnerships: Governments may establish more public-private partnerships (PPPs) and innovation-driven procurement initiatives to foster collaboration between the public and private sectors. These partnerships can help accelerate the adoption of emerging technologies and drive innovation.
- Cybersecurity and Data Protection: With the increasing digitization of procurement processes, cybersecurity will remain a top concern. Governments will place a strong emphasis on ensuring the security and protection of sensitive data in procurement transactions.
At City Innovate we have purpose-built our solutions to address these rising trends. Whether you are looking to increase visibility and transparency, ensure compliance, increase efficiency, or just make your agency more effective overall, City Innovate can help.
City Innovate provides a transformative enterprise solution for government agencies with complex document-centered processes – such as procurement and budgeting– that accelerates time to result while ensuring compliance, insight, and oversight.
We automate complex document-centered processes and transform traditional documents into interactive, data-driven resources. We do this by replacing 40-year-old desktop applications with their modern, cloud-based equivalents to ensure compliance, enhance cross-functional collaboration, boost efficiency, and free up staff for higher-value work.
Set your agency up for success in 2024. Schedule a demo today!