Finance professionals have named working with one all encompassing application (a suite) for all procurement activities as one of the key trends of 2024. CFOs increasingly want to work with one integrated platform for Procurement and Business Spend Management. In this article, we will explain why they feel this urge.
The main reason is increasing pressure from laws and regulations, John Schouten states. He is the Director of Product Management at ISPnext. As evidence for his claim, he points to the European CSRD (Corporate Sustainability Reporting Directive). The CSRD requires large organisations to report on the impact of their business activities on both people and the environment. "For this reason, large organisations want to monitor their suppliers and the suppliers of those suppliers."