RESEARCH TRIANGLE PARK, N.C., Jan. 18, 2017 /PRNewswire/ -- SciQuest, Inc., producers of the world's most powerful and comprehensive Source to Pay (S2P) solutions suite, today announced survey results that reveal procurement is evolving into a true profit center, as spend data and analytics are increasingly driving business decisions. The survey polled over 1000 procurement professionals from SciQuest's global customer network, which includes manufacturing, consumer packaged goods, higher education and transportation companies with an annual spend of between $150 million to $2 billion dollars. Responses were received from nearly 500 companies, and were split between those actively using procurement solutions and those making solution purchasing decisions.
SciQuest will be conducting a webinar on the survey results: January 26, 2017 11:00 AM EST:
Specific findings from the survey include:
1. The role of procurement is evolving in multiple critical ways.
- 25% strongly feel that procurement is considered a profit center within their companies.
- 72% said they are actively planning or currently using use spend analytics to access data and supplier visibility to drive business decisions.
- 67% of procurement professionals stated they expect that executive interest will increase over the next 12 months, as procurement is encouraged to deliver cost savings and value to their organizations.
- 60% of responders believe the role of procurement is evolving to facilitate collaboration across business units.
- 56% feel that are trusted advisors.
2. Procurement is being tasked with new areas of responsibility.
As procurement becomes more visible in a company, its reach is expanding to other areas. It's no longer buttonholed into helping users purchase office supplies and other indirect materials; procurement is now being asked to source and purchase training services, IT/telecom, direct materials, financial services, and reagents/chemicals.
- 52% feel that they are tasked with driving the company's risk tolerance.
- 37% of respondents stated that they will be involved with financial services decisions.
- 29% feel that they will gain additional responsibility with legal services.
3. Efficiency, business intelligence and compliance are the top three challenges for 2017
- 41% of respondents feel that greater process efficiency is their biggest challenge of the year.
- 25% state that business intelligence and analytics are their biggest challenges.
- 20% are concerned with improved supplier management and compliance.
"Today, procurement departments have to look beyond individual metrics to drive success. Procurement managers are consistently challenged at the highest levels to extend that success to the greater organization in order to achieve wider strategic initiatives through a data-driven, process-oriented approach," said Edwin Carter, Director of Procurement, Analytics at the Coca-Cola Company.
"The greater focus on procurement as a profit opportunity has upped the game for software solutions to deliver robust tools that can manage comprehensive challenges. Companies that listen to their customers and respond with innovative solutions will dictate where the market is headed," said Robert Bonavito, CEO of SciQuest.
About SciQuest Inc.
SciQuest's powerful, comprehensive and complete spend solutions suite enables commerce between any businesses, anywhere. We pioneered spend solutions over two decades ago and have continued to lead the innovation curve by listening to customers and analyzing the market. Our solutions suite is trusted by the world's largest higher education, commercial and life sciences companies that collectively form a network with billions of dollars in annual spend. SciQuest's SaaS based, Source to Pay solutions enable an efficient relationship between buyers and suppliers, covering the entire spectrum of business needs, from sourcing to spend analysis, through contract management and AP. SciQuest has set the industry standard for the most adaptable and comprehensive, spend solutions suite. www.sciquest.com
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