For more than a decade, Ardent Partners’ senior analyst team has gathered in Boston for a multi-day company strategy and planning meeting. The team dedicates itself to reviewing the prior year’s research and main findings. The analysts spend hours discussing key learnings from their different market research surveys, as well as the highlights from their briefings and advisory work with technology providers, consultants, and investors. The team also reviews their consulting projects, interviews, inquiries, and interactions with procurement, supply chain, and finance professionals throughout the previous year.
This detailed review helps the team develop a list of BIG trends impacting procurement today as well as a list of BIG predictions for the industry in the year ahead which is then turned into a report (and webinars) — Procurement 2024: BIG Trends and Predictions.
This report is the culmination of those efforts and is designed to help procurement, supply chain, and finance leaders better prepare for 2024. The report is now available (to subscribers of Ardent Partners’ Research Newsletter).
To start our coverage of this research, here’s a new prediction (and warning) for anyone dealing with supply markets in 2024.
BIG Prediction – Buyer Beware: “Fake News” and Disinformation Invades Supply Markets
Fake news and disinformation campaigns have been very effective in creating confusion and affecting political opinions on social media. These tools have the potential to do exactly the same thing within supply markets by manipulating perceptions, distorting facts, and sowing distrust among stakeholders. They are being used today and that use will grow exponentially over the next 3 years. Here are a few examples of how they could be used:
- False Reports on Supplier Performance: Malicious actors could spread false information about suppliers’ performance, quality standards, or ethical practices through fake news articles, fabricated reviews, or misleading social media posts. This misinformation could lead to unwarranted concerns or doubts among buyers, impacting their decisions and disrupting supply chains.
- Market Speculation: Fake news and disinformation campaigns can artificially inflate or deflate market perceptions by spreading rumors or false reports about supply and demand dynamics, commodity prices, or geopolitical events. This misinformation may trigger panic buying, stockpiling, or speculative trading activities, leading to price volatility and market distortions.
- Counterfeit Products: Disinformation campaigns could promote counterfeit or substandard products as genuine, misleading buyers about their authenticity, safety, or performance. This can undermine consumer trust, compromise product integrity, and create liability risks for businesses throughout the supply chain.
- Manipulation of Regulations: Fake news and disinformation can be used to influence public opinion and policymakers, shaping regulatory agendas or trade policies in favor of certain industries or stakeholders. By spreading misinformation about the environmental or health impacts of specific products or practices, malicious actors may seek to sway regulatory decisions or hinder market access for competitors.
- Cyberattacks and Data Manipulation: Disinformation campaigns may be coupled with cyberattacks or data manipulation tactics to compromise supply chain integrity or disrupt critical infrastructure. By spreading false alerts about security breaches, product recalls, or supply chain disruptions, cybercriminals can create chaos and undermine confidence.
Combatting fake news and disinformation in supply markets requires a multi-faceted approach involving enhanced transparency, critical thinking, fact-checking mechanisms, and collaborative efforts among stakeholders. Procurement teams can play a pivotal role in mitigating the impact of misinformation by fostering trusted relationships with suppliers, conducting thorough due diligence, and staying vigilant against potential threats to supply chain integrity and reputation.
The Procurement 2024: BIG Trends and Predictions report is now available to subscribers to our newsletter.
