Marketing procurement professionals face a mighty challenge: managing a brand’s need to remain progressive while keeping one foot firmly on the realities of finance and operations. On one hand, procurement teams are meant to advocate for optimization. On the other, to be considered a true advocate and partner of the brand, procurement teams must have a grasp on the more dynamic, less defined domains of creativity, innovation, and experience.
The marketing procurement trends we’ve identified for 2024 stem from the observation that, for companies, process is the bridge between ambition and reality. Process is the true catalyst for change within a marketing organization. Process, in its most effective form, does not exist to dictate outcomes. Rather, it helps to uphold standards – in investment, governance, performance, and brand values.
Effective process demands clear communication, opportunities for accountability, measurement and feedback, and a built-in framework that allows agility in changing the process itself.
Though this report is for people across the marketing organization, procurement teams are at the heart of process. Within this report, we highlight areas that call for attention in 2024. We hope these insights and recommendations are helpful and informative.