As C-suites turn to supply chain management and procurement teams to help navigate today’s highly disruptive and volatile business landscape, 75% of organizations worldwide have increased or maintai...
Ninety-three percent of IT teams report that modernizing and digitalizing their supply chain and procurement tech stacks is a priority
RESEARCH TRIANGLE, N.C.: As C-suites turn to supply chain management and procurement teams to help navigate today’s highly disruptive and volatile business landscape, 75% of organizations worldwide have increased or maintained their procurement and supply chain technology budgets, according to a new global research survey released today by JAGGAER. These investments, however, aren’t going far enough: Over 40% of procurement teams state manual and inefficient processes hold them back from fully addressing the C-suite’s critical business priorities.
“Procurement and supply chain professionals are emerging as enterprise linchpins. C-suites are increasingly leaning on the function’s expertise and tools to advance key objectives, such as business continuity, responsible business practices, profitable growth, and competitive advantage. Our research shows that despite the strategic role procurement and supply chain teams play, these professionals remain underequipped, which presents a huge risk to organizations,” said Andy Hovancik, Chief Executive Officer at JAGGAER.
Fifty-three percent of procurement and supply chain managers and directors say that workload issues and inefficiencies are the top risks facing their organizations. Equipped with the right technology and more time, managers and directors state that they would be able to grow the business and drive competitive advantage (51%), increase profitability and lower costs (43%), improve internal efficiency (40%), and strengthen supplier relationships (31%).
JAGGAER’s research – Rising Influence: The State of Procurement in 2024 – is based on insights from more than 220 business leaders. The research explores the rising strategic role of procurement and supply chain management and what these professionals need to be successful. Key findings include:
Digital Transformation is an Enterprise Priority, But Progress Lags
While organizations are aiming to modernize their technology infrastructure, JAGGAER’s research uncovered that only a small percentage of procurement and supply chain teams are close to fully automated. Many organizations lack automation in strategic areas such as supplier negotiations (58%), sourcing (44%), contract management (38%), and supplier identification and selection (37%).
Procurement teams report that increasing automation and AI would add value in several areas, including helping them identify the best places to reduce costs across the business (60%), be more efficient by handling routine tasks (56%), find alternative suppliers with better prices and quality (45%), work more collaboratively with suppliers (28%), and attract and retain talent by transforming digitally (11%).
“The faster the C-suite invests in automation and AI to equip their procurement and supply chain teams to drive results in strategic areas, the faster the business will be able to hit its critical objectives and preserve its competitive edge,” said Dawn Andre, Chief Product Officer at JAGGAER.
Download the full report to dive deeper into the findings.
About JAGGAER: Autonomous Commerce
JAGGAER is leading the Autonomous Commerce revolution, a self-governing B2B commerce experience between buyers, suppliers, and partners. Over $500 billion worth of goods flows frictionlessly through our Enterprise Commerce Network every year. Leveraging AI and machine learning, our intelligent procurement solutions provide enterprise buyers and suppliers with smart-match recommendations that align buyer needs with supplier capabilities. Our solutions autonomously execute many of the repetitive, behind-the-scenes tasks required to facilitate enterprise commerce. We are Networked, Intelligent, Comprehensive, and Extensible. We are over 1,200 employees strong, all focused on customer success. For more information, visit www.jaggaer.com
Fonte: Business Wire
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