Business Wire

New Survey Reveals Companies Prioritizing Procurement Digitalization to Gain Competitive Advantage

Share

A new survey released today reveals that 90% of global procurement leaders are urgently transforming their operating models and processes to better meet the challenges of today’s volatile, uncertain business world. Conducted by digital procurement consultancy ProcureTech and Globality, the technology company behind the leading AI-powered Platform for sourcing services, the survey gathered insights from more than 170 leaders around the world across all business sectors and company sizes.

The findings highlight that digital transformation will be a top priority for the next three years as global organizations adopt innovative, new technologies that enable them to pivot quickly and react to rising costs from both inflation and supply chain disruptions.

The survey also reveals that the new-look procurement model will be characterized by digital operating processes that reduce costs, inject agility and resilience, increase business value, and enable companies to do more with less as they actively seek ways to reduce costs, gain efficiencies, and improve their bottom line.

Key findings from the survey include:

  • 90% of companies expect a relative or significant change in their procurement operating model over the next three years to build more agility and resilience.
  • 87% are prioritizing building digital and data teams to gain predictive insights, deploy new technologies, and react more quickly to future disruption and economic change.
  • 81% of procurement leaders believe there still needs to be more support from within their businesses to enable this crucial digital transformation.
  • 50% of organizations aim to move to a business procurement-centric organization, acting as advisors and business partners rather than executing routine processes.

The economic impact of the global pandemic, inflation, and the war in Ukraine has accelerated procurement’s transformation from a transactional function to a key enabler of business growth with multiple new objectives of agility, transparency, resilience, collaboration, and social impact.

“Procurement has a unique opportunity to lead company performance during these unpredictable times, building vital agility and resilience into supply chains and value chains,” said Globality Chief Revenue Officer Keith Hausmann. “Utilizing innovative digital technology means enterprises no longer have to rely on suppliers in a single location or even a single country, minimizing operational and geopolitical risks while also generating immediate cost savings.”

The survey shows that global procurement leaders understand the crucial role they can play in futureproofing their organizations and positioning them to be able to react more quickly and effectively to meet future unexpected geopolitical disruptions.

“Procurement leaders are looking further ahead,” said Lance Younger, CEO of ProcureTech. “They are creating ecosystems of solutions, anticipating the adoption of new technologies, driving digital-first delivery across the supply chain, and embedding agility in preparation for future changes.”

Click here to download the full report: The Digital Future of Procurement Operating Models & Work

About Globality

Globality is a Silicon Valley-headquartered tech company co-founded by Joel Hyatt and Lior Delgo to connect global companies with the best suppliers at the right price for any sourcing need across every service category. Through its AI-powered Platform and Marketplace, Globality is bringing digital transformation to the sourcing industry. Globality’s AI digital solution replaces the archaic analog Request for Proposal, efficiently and effectively scoping needs, managing demand, matching companies with outstanding suppliers that meet their specific service needs, and cutting the sourcing process from months to hours while delivering savings of 20% or more. In January 2021, Globality raised $138 million from Sienna Capital and the SoftBank Vision Fund, bringing the total investment it has raised since its founding six years ago to $310 million. For more information, visit www.globality.com

About ProcureTech

ProcureTech is on a mission to build the digital future of procurement. Digital is our means of effecting positive change in the world at speed and scale. Collective intelligence from the procurement ecosystem of entrepreneurs, engineers, and architects creates a common, shared cause and momentum.

ProcureTech collaborates with pioneers to create enterprise solutions that amplify procurement performance, accelerating impact for all. For more information, visit www.procuretech.co

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

United States
Kate Nesbitt
kate@helloalloy.com

UK & Europe
James Gullis
james.gullis@missive.co.uk

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.com

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Europastry and Blue Yonder Team Up To Strategically Drive Efficiency, Sustainability and Customer Satisfaction15.1.2025 10:00:00 CET | Press Release

Delivering frozen bakery products presents several challenges that can impact the efficiency, profitability and sustainability of the supply chain. To address these challenges, Europastry, a world leader in the frozen bakery industry, has selected Blue Yonder’s transportation management solutions to evolve its supply processes and optimize its logistics operations. The transformational project was deployed by BlueGistics, a Blue Yonder partner and worldwide consulting company specializing in the implementation of Transportation Management Systems. With an ever-growing distribution network spanning more than 80 countries, Europastry sought to increase efficiency in its transportation processes, reduce costs, and continue delivering its wide range of bakery products efficiently. Blue Yonder’s transportation management solutions provide Europastry a comprehensive offering with real-time visibility into transportation operations, enabling the company to better plan and execute its deliveri

Tax Systems Launches AI-powered, SaaS Solution for Global Pillar Two Compliance and Reporting15.1.2025 09:00:00 CET | Press Release

Tax Systems, the global multi-tax compliance SaaS provider, has today announced the availability of Pillar2, an intuitive solution to de-risk and simplify compliance with the OECD’s global Pillar Two tax rules. Designed for organisations operating across multiple jurisdictions - Pillar2 will save businesses valuable time and reduce the risk of errors, so they can cost effectively operationalise Pillar Two reporting and comply with confidence. Pillar2 integrates seamlessly with the provisioning and country-by-country reporting applications on TaxSuite - Tax Systems’ modular platform for international tax compliance. This means organisations can upload information once and re-use it as a single source of truth for their tax compliance data - helping to ensure consistency and accuracy across the tax reporting cycle and strengthen tax control frameworks. The solution offers a range of innovative features, including a jurisdiction implementation tracker that shows if QDMTT, IIR, or UTPR are

Regula Launches Full Support for Digital Travel Credentials in Latest Software Update15.1.2025 08:00:00 CET | Press Release

Regula, a global developer of forensic devices and identity verification solutions, has updated its Regula Document Reader SDK. Now, the software fully supports the new Digital Travel Credential (DTC) format, aligned with the International Civil Aviation Organization (ICAO) standards. This enhancement enables governments, airlines, and border control authorities worldwide to process travel documents with unmatched security, efficiency, and ease—whether on-site or remotely. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250115990355/en/ With Regula Document Reader SDK, travelers can create their own digital credentials by extracting a Virtual Component (DTC-VC) from a physical electronic identity document like ePassport. (Graphic: Regula) The DTC is a secure digital solution that streamlines travel experiences. It consolidates key personal information into a single virtual document that travelers can store on their mobile dev

Cargill Puts Bold Innovation at Center of Effort to Decarbonize Shipping15.1.2025 08:00:00 CET | Press Release

Cargill is advancing a new era in sustainable shipping, putting innovation and collaboration at the core of its mission to move goods responsibly across the globe. Through wind-assisted propulsion technologies, dual-fuel methanol-powered vessels, and digital solutions, Cargill is setting the standard for helping the industry advance progress toward the International Maritime Organization’s (IMO) 2050 net-zero target. Combining technical expertise with a commitment to industry-wide partnerships, Cargill is helping to future-proof the maritime sector while enabling customers to meet their sustainability goals. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250114753261/en/ “Decarbonizing shipping is a monumental task that requires courage, innovation, and collaboration,” said Jan Dieleman, president of Cargill’s Ocean Transportation business. “Our role extends beyond freight-shipping services; we aim to catalyze a shift across

Bureau Veritas: Statement15.1.2025 07:34:00 CET | Press Release

Following recent media commentary, Bureau Veritas indicates that it is in discussions with SGS regarding a potential business combination. There can be no assurance that these discussions will result in a transaction or other agreement. Bureau Veritas will not comment further and will only communicate in due course, if and when applicable. About Bureau Veritas Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress. With a vision to be the preferred partner for customers’ excellence and sustainability, the company innovates to help them navigate change. Created in 1828, Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability. Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40, CAC 40 ESG, S

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye