For over 725 procurement professionals surveyed as part of a far-reaching, annual benchmarking study on “The Pulse of Procurement 2017,” just released by Zycus, the mandate for 2017 is to take their game up a notch, by continuing to deliver cost savings, even in the face of mounting inflationary pressures, while simultaneously lowering risk and deploying more transparent, efficient processes.
This webinar will examine not only the symptoms, but also the root causes behind some of the key study findings, which often present complex and seemingly contradictory challenges due to competing priorities. Consider for example:
- Seven in 10 procurement pros report strong C-level support, yet insufficient resources remains the number one pain point for a second consecutive year
- Some 14% of procurement organizations consider themselves to be global best-in-class, however, overall performance as measured by key benchmarks — cumulative cost savings by procurement, spend under management, contract compliance, and procurement technology adoption and utilization — has retreated from 2016
- Source to pay technology adoptions ranges from 50-70%, but far fewer — just 10-15% on average — rate their technology stacks as state-of-the-art, and roughly one third believe their organizations are lagging behind the technology curve