As B2B companies deal with procurement costs, staffing, and supply chain issues, they focus on digital transformation strategies, according to a recent Amazon Business survey of over 3,000 procurement pros.
More than half of survey respondents said they already use such procurement applications as analytics, automation and electronic invoices, the Amazon Business study found.
At the same time, more than two-thirds of respondents said they face such challenges as retaining and developing procurement staff talent, cutting procurement costs and building resilient supply chains.
“We are entering a new era of smart business buying where senior leaders are understanding the impact procurement can have on efficiency and overall company success,” says Alexandre Gagnon, vice president of Amazon Business Worldwide.
Amazon Business procurement study findings
Amazon Business says the report compiled and analyzes insights from 3,108 procurement professionals at organizations involved in such industries as:
- Financial services
- Hospitality and food service
- Health care services
- Medical and pharma
Survey respondents represented the United States, the U.K., France, Germany, Italy, Spain and Japan.
Aster Angagaw, Amazon Business vice president and head of the public, commercial and strategic sector, says procurement professionals are zeroing in on several critical areas, including speed in procuring products and agility in dealing with sudden needs to find new products, sources and shipping routes.
She notes that many companies have a procurement processing system set a certain way and following a particular process. When unexpected changes occur, she adds, “your ability to respond quickly and flexibly becomes really challenging.”
But she asserts that with business analytics and other AI-powered technology applications, procurement pros can more quickly identify product sources and manage expedited deliveries.
“This whole idea of smart business buying is being able to use the digital automation, digital transformation, AI machine learning to create this opportunity for efficiency, flexibility and agility,” Angagaw says.
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