Opportunities
43%
43% of the C-Suite identified cost savings as procurements primary value proposition, and 74% identified cost savings as the primary benefit of the increased collaboration. However, only 46% are highly confident in procurement teams' ability to manage strategic sourcing.
74%
74% identified cost savings as a primary driver of the increased use of the external workforce.
38%
38% identified digitalization as a priority for procurement, and 67% identified spend analytics as the top driver of digital transformation in procurement for the 3rd year in a row.
39%
39% prioritized digital procurement tools as a top talent development area in the next 18 months in procurement. 46% identified digital adoption metrics as a top KPI to measure procurement performance and 62% identified that increased digital adoption was a top benefit of improved internal collaboration. 63% identified geopolitical risk as the top organizational risk area for procurement to focus on, and 45% identified supply chain reconfigurations as a top strategic priority for the next 18 months. However, only 28% were highly confident in procurements ability to manage global external risks, and only 21% were highly confident in procurements ability to manage risk management strategies for different categories.
63%
Source: Economist Impact study, The Resilient Edge – Procurement in an era of polycrisis
Spend Under Management
Supplier onboarding cycle time
Best in Class Metrics*
Sourcing Savings Rate
1 Week
93.2%
15.7%
*SAP Customer Benchmarking program
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