Amazon Business has released its 2024 State of Procurement Data Report, shedding light on the evolving role of procurement in a new era of smart business buying, where senior leaders are understanding the impact procurement can have on efficiency and overall company success.
Alexandre Gagnon, Vice President of Amazon Business Worldwide, highlighted the impact of procurement on efficiency and overall company success, stating, “Heading into 2024, the procurement function is now cross-disciplinary, spanning both functional and strategic purviews as buyers are planning to invest more in technology and optimisation while future-proofing their companies and organisations.”
Based on a comprehensive survey of over 3,000 buyers, procurement decision-makers, and organisational senior leaders across various countries, the report reveals that 95% of decision-makers recognise the potential for procurement optimisation. Mark Brohan, Senior Vice President of B2B and Market Research at Digital Commerce 360, suggests that optimisation can be gained through the adoption of digital tools. Brohan said, “As B2B companies deal with procurement costs, staffing, and supply chain issues, they focus on digital transformation strategies.”
Despite the widespread use of procurement applications such as analytics, automation and electronic invoices, the survey indicates that 85% of respondents face challenges in sourcing suppliers adhering to sustainable practices, posing a huddle to achieving strategic sustainability goals.
Balancing both optimisation and sustainability can be challenging as they can often come at odds with each other. However, this is where Procurement Australia is confident that achieving both is possible. Procurement Australia bakes in sustainability practices to our procurement activities, including our IT and digital solutions, so that your organisation can have the tools needed, while still aligning with sustainability goals.
Source: https://www.digitalcommerce360.com/2023/12/27/procurement-pros-want-sustainability-more-digital-tools/