Procurement is fundamental. Business buyers manage everything from day[1]to-day purchases to measuring sustainability to future-proofing operations for long-term growth. It’s a wide spectrum of mission-critical responsibilities, spanning all business functions. To achieve their ever-growing list of goals, procurement is transforming at lightning speed.
For the third year in a row, Amazon Business conducted its annual study to shed light on today’s challenges and tomorrow’s priorities. In July 2023, we surveyed 3,108 procurement decision-makers and executive leaders around the globe in partnership with KRC Research. I’m delighted to present the results of the study, along with interview insights from procurement leaders and Amazon Business executives, in our 2024 State of Procurement Report.
Armed with these insights, procurement leaders have the opportunity to glean valuable lessons from their peers and reshape their organizations. For instance, our research revealed that 80% of respondents are willing to integrate AI into their procurement processes within the next two years. AI holds the potential to enhance purchasing by recommending lower-cost products based on past purchases or by empowering chatbots to gather information and provide guidance – to name just a few applications. If you find yourself among the 20% who haven’t incorporated AI into your strategic roadmap, it’s time to reconsider.
