Spend Matters

5 Reasons Procurement Leaders Should Revisit the Foundations of Their Spend Management Strategies

Uncertainty in the marketplace has given rise to an evolving skill set requiring procurement practitioners to revisit their spend management strategies using advanced digital tools. The WBR Insights research team surveyed 100 procurement leaders from across the United States and Canada about the evolving procurement skill set. The results of this survey are presented in this report.

WBR Insights, ProcureCon, and Coupa Software Report on the Survey of Procurement Leaders

In this survey, you'll explore how procurement organizations are addressing changes around:

  • Suggestions to managing spending fundamentals amid uncertainty and digitization
  • How organizations are using workforce and supplier management to drive margin impact
  • How technology has changed procurement staffing needs
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This report summarizes the findings of a survey conducted by the WBR Insights research team of 100 procurement leaders from across the United States and Canada. 

Among other things, the report summarizes the key strategic priorities of procurement executives in the coming year, as well as the pain points they face. The report also provides the top five recommendations from WBR Insights’ experts for procurement teams to follow to address their top concerns.

In many cases, companies are returning to the foundations of spend management to guide their teams through what’s next in procurement. Procurement is as much about relationships as it is about negotiation, visibility, and trust.
WBR Insights, ProcureCon, and Coupa Software Report on the Survey of Procurement Leaders

FAQ

What are the main elements of this report?

The report provides an executive summary of the procurement leader survey, the key findings from the survey, a description of the respondents to the survey, an explanation of how margin impact is driven by workforce and supplier management, an overview of how technology has changed procurement staffing needs, a description of how procurement is achieving its spend management objectives, concluding remarks about managing spend fundamentals, and key suggestions for optimizing procurement.

What are three main take-aways from the survey of procurement leaders?

First, workforce and supplier management drives margin impact more than ever, due to the digitization of operations and the introduction of new efficiencies through automation. Second, procurement staffing needs have changed now that procurement is more technology-enabled. Third, procurement leaders feel confident that they have achieved the spend management objectives that they had set at the start of their digital transformation journey and are prepared to innovate further.

What is a quick overview of the five key suggestions that the report authors provide, based on the results of the survey of procurement leaders?

First, use your technology tools to form new and deeper partnerships with strategic suppliers. Second, set talent development as a core strategic objective. Third, focus on ethical and sustainable business practices. Fourth, focus on adopting technologies that support electronic payments, contract management, and supplier onboarding. And fifth, encourage your suppliers to onboard technologies that streamline communication and visibility. Download the report for more details.