The procurement industry is reaching a digitalisation tipping point. Automation is transforming the nature of the supply chain to create an intrinsically connected process. And while the benefits of digitalisation have been widely agreed upon, the process is going to be a long-term project with many moving parts.
In Q4 of 2019, Mintec commissioned WBR Insights to survey 200 CPOs, Heads of Procurement, Senior Buyers and those of a similar standing. Half of the respondents worked in CPG (Consumer Packaged Goods), and the rest were from organisations under the following verticals: Travel, Retail, Aerospace and Defence, Telecoms, Tech/electronics, Automotive, and Chemical.
The results have been compiled and presented in a new report with analysis and commentary.
- The top concern for procurement professionals is making buying decisions without the necessary insight 35% have lost out on a business opportunity, lost revenue or incurred increased cost due to lack of insight into prices or costs.
- The average organisation thinks it is further along than its peers in its strategic procurement maturity.
- When it comes to updating market prices information, 38% have automated systems, while 47% are using self-service portals, and 17% are manual.
- 76% find it difficult to compare suppliers’ price data with independent market data.
- The most important elements of a digital procurement platform for our respondents are price forecasts, buyer negotiation aids and analysis/market insights.
Download the report, The Procurement Survival Guide: Taking on the Automation Revolution, in full here.