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



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

NetWitness Announces New Threat Detection and Intelligence Capabilities with NetWitness Platform XDR 1210.8.2022 20:00:00 CEST | Press release

NetWitness, a globally trusted provider of cybersecurity technologies and incident response, today announced the upcoming availability of NetWitness Platform XDR 12 later this month, the industry’s most comprehensive extended detection and response solution. NetWitness Platform XDR 12 is the first solution on the market to deliver on the promise of extended detection and response. Developed in response to real-world customer needs, NetWitness Platform XDR 12 is focused on sophisticated detection, which is at the core of effective threat defense. The updated platform offers full visibility into all key data planes across an organization including network, logs, endpoint, and Internet of Things (IoT); full Security Orchestration, Automation, and Response (SOAR); a complete Threat Intelligence Platform (TIP); User and Entity Behavior Analytics (UEBA); and new asset analytics and prioritization, all easily viewed in a single interface and a unified data model. “Effective security teams nee

NetWitness Appoints Industry Veteran Ken Naumann as New CEO10.8.2022 18:00:00 CEST | Press release

NetWitness, an RSA® Group Business and globally trusted provider of cybersecurity technologies and incident response services, today welcomes Ken Naumann as the new Chief Executive Officer. “NetWitness has long prided itself on forging the frontier of extended detection and response capabilities, which is becoming increasingly universal amid an industry renaissance that prioritizes investment in threat detection,” said Rohit Ghai, CEO of RSA Group. “With decades of experience in enterprise tech and cybersecurity, Ken brings the right mix of growth, strategy and diligence to take NetWitness to the next level.” Naumann joins NetWitness from AccessData, a provider of digital forensic investigation technology where he led the company’s growth as CEO. Under his leadership and direction, AccessData was one of the world leaders in data forensics before it was ultimately acquired by Exterro. Over his 25-year career, Naumann has served as CEO of a mix of public, private-equity, and venture-back

Coinfirm is Setting the Crypto AML Compliance Standard10.8.2022 17:20:00 CEST | Press release

RegTech heavyweight Coinfirm – in its award-winning AML Platform – has introduced support for cross-blockchain risk analysis, in addition to rolling out Entity Due Diligence (Entity DD). Cross-blockchain analysis gives crypto compliance monitoring teams unprecedented levels of insight in contexts where a crypto address was involved in a transaction crossing between different blockchains. Entity DD, on the other hand, provides detailed information about entities operating in the blockchain ecosystem. Cross-blockchain analysis takes into account incoming and outgoing transactions on the monitored bridges, asset types, block heights, timestamps and other on-chain data. The analysis type is incorporated into the AML Platform’s Proximity Path algorithms, allowing for the scrutiny of cross-blockchain flows – no matter how many times inter-blockchain bridges have been crossed. Entity DD allows for easy and fast checking of the risks associated with a specific entity. Coinfirm is perpetually e

Hy Stor Energy Becomes First North American Company to Commit to Global Green Hydrogen Standard10.8.2022 16:21:00 CEST | Press release

Hy Stor Energy LP (Hy Stor Energy), a company pioneering renewably produced green hydrogen and energy storage at scale in Mississippi, announced today it has partnered with the Green Hydrogen Organisation (GH2) to become the first pledge member in North America to advocate for the GH2 Green Hydrogen Standard across the continent and worldwide. By committing to this standard, which is the first of its kind globally, Hy Stor Energy will produce hydrogen with 100% or near 100% renewable energy with close to zero greenhouse gas emissions for its highly anticipated Mississippi Clean Hydrogen Hub and all future projects. “The GH2 Standard provides certainty and transparency to investors and other stakeholders that green hydrogen is exactly that: hydrogen made with renewable electricity which conforms to the highest standards on emissions, ESG and the sustainable development goals,” said Malcolm Turnbull, chairman of GH2. “We are thrilled that Hy Stor Energy has pledged to advocate our standa

Forescout Announces the Appointment of Rik Ferguson to VP of Security Intelligence10.8.2022 15:00:00 CEST | Press release

Forescout Technologies, the leader in automated cybersecurity, today announced the appointment of Rik Ferguson as VP of Security Intelligence. With a career spanning more than 25 years, including 15 years as VP of Threat Research at Trend Micro, Rik is a stalwart of the cybersecurity world. Rik is a researcher, storyteller, and futurist, helping governments, law enforcement, businesses and individuals understand the complexities of technology and its intersection with cybercrime. He has taken deep dives into the cybercriminal underground and helped the wider world understand the threats of today and explored how those threats will change over time. Rik is a founding Special Advisor to Europol’s European Cyber Crime Centre (EC3), a multi-award-winning security professional recognized for his contribution to IT, a Fellow of the Royal Society of Arts, a board advisor to start-ups, and a world-renowned speaker. “I am very excited to be joining Forescout at this point in its growth and jour

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