PwC Switzerland recently published the results of its 2022 Global Digital Procurement Survey. The survey gathered insights from over 800 companies from 64 countries that participated in the research, and the results are promising for digital procurement!
More proof that digital procurement is gaining momentum, and many companies are now trying to figure out how to best approach this. Here are a few exciting takeaways from the PwC study:
By 2025 procurement departments set an average digitalization goal of 72%, and the average amount companies plan to invest in digital procurement is 1,28 mEUR.
Moreover, the effects of COVID-19 have caused the perception of the real digitalization rate of procurement processes to decrease by 6% remaining at 41%.
Twenty-six percent of the survey’s respondents are from large corporations with an income of more than 10 billion euros and more than 5,000 employees, 29 percent are large-scale companies (1.5-10 billion euros), and 30 percent are medium-sized companies. Scale (50 million-1.5 billion euros) and 15 percent small-scale companies (less than 50 million euros)
In some, the prominence of new risks such as supply chain disruptions, remote working, rising commodity prices, and environmental crises has fundamentally altered the perception of the digital transformation of purchasing units.
I am curious how the EUR 1,28 million budget will be used – getting a single, end-to-end procurement solution or investing time and resources to scout the technology market and build a fit-for-purpose ecosystem of best-of-breed technology solutions?