Le Lézard
Classified in: Science and technology
Subjects: Photo/Multimedia, Product/Service, Survey, Economic News/Analysis

Amazon Business' State of Procurement Report Reveals Key Procurement Strategies for 2024: Increasing Budgets and Investments in Tech

Amazon Business (NASDAQ: AMZN) today released its 2024 State of Procurement Report, revealing that a majority of procurement teams expect their budgets to rise next year, and many leaders are evaluating how they can further invest in tools and technologies to deliver optimization and a more strategic approach to business buying. The report highlights business-to-business (B2B) trends and global insights around procurement needs, priorities, and challenges. It features insights from government, financial services, hospitality and food service, health care services, manufacturing, medical and pharma, retail, technology, and telecom industries, and includes insights from buyers in France, Germany, Italy, Japan, Spain, UK, and U.S.

The report shows that more than half (53%) of respondents expect their budgets to increase in 2024. Following a year of focusing on reducing costs, procurement leaders are now planning to use the funds they saved to invest in approaches to optimize their procurement processes and allow them to operate more strategically, with the efficiency and complexity of procurement listed as the top challenge they're currently facing. Among respondents, 98% said they were planning investments in analytics and insights tools, automation, and artificial intelligence (AI) over the next few years.

"We are entering a new era of smart business buying where senior leaders are understanding the impact procurement can have on efficiency and overall company success," said Alexandre Gagnon, vice president of Amazon Business Worldwide. "At Amazon Business, we develop scalable solutions for customers and solve their biggest procurement challenges, and I couldn't be more excited about the evolution of procurement. Heading into 2024, the procurement function is now cross-disciplinary, spanning both functional and strategic purviews as buyers are planning to invest more in technology and optimization while future-proofing their companies and organizations. Ultimately, procurement not only keeps operations running, but plays an integral role in achieving key organizational goals, and with smart business buying, companies have procurement solutions to serve as a growth lever for organizations."

As procurement expands within companies and organizations, leaders are being forced to find ways to optimize their processes so that they can allocate more time and resources to addressing strategic challenges. The report also found that:

Amazon Business is dedicated to equipping its 6 million and growing business customers, ranging from large multinational enterprises to sole proprietors, with smart business buying tools that can help reshape organizational processes, fortify procurement efforts, and ultimately, ensure procurement is better prepared for the unpredictable. Through a variety of the services Amazon Business offers, such as analytics and Guided Buying, organizations of all sizes can reduce costs and improve their efficiencies to meet key organizational goals. In addition, Amazon Business simplifies the process of finding and purchasing products with sustainability certifications by partnering with trusted third-party certifications, including Carbon Neutral Certified by SCS Global Services, Bluesign, Blue Angel, and BIFMA LEVEL.

Download the 2024 State of Procurement Report [here].

Amazon Business' 2024 State of Procurement Report Methodology

The 2024 Global State of Procurement Report was fielded online from June 6 to July 14 among 3,108 procurement decision-makers and senior leaders familiar with procurement operations at their organization. Respondents were located in France, Germany, Italy, Japan, Spain, UK, and U.S. Respondents spanned nine industries and all commercial sector respondents worked at organizations with a minimum revenue threshold set by geographical region.

The study was designed to explore procurement challenges, priorities, and needs; key attributes and assessments of suppliers; procurement trends related to ESG and technology; and differences between industry or country segments. Quotes included in the report were sourced through thought-leadership interviews conducted with five executives responsible for procurement who are based in the U.S. and UK, and span a range of industries?as well as directly from Amazon Business executives.

About Amazon Business

Amazon Business helps millions of customers worldwide?from small businesses, schools, hospitals, nonprofits, and government agencies to large enterprises with global operations?reshape their procurement with cost and time savings, greater productivity, and insightful purchasing analytics. Procurement and business leaders enjoy convenient shipping options on hundreds of millions of supplies across categories like office, IT, janitorial, food service, and professional medical supplies. Customers also have access to a variety of business-tailored features and benefits, including a curated site experience, Business Prime, business-only pricing and selection, single- or multi-user business accounts, approvals workflow, purchasing system integrations, payment solutions, tax exemptions, and dedicated customer support. Amazon Business is currently available in the United States, Canada, the United Kingdom, Germany, France, Italy, Spain, Japan, and India. For more information, visit business.amazon.com, www.amazonbusinessblog.com, and @AmazonBusiness.

These press releases may also interest you

at 05:05
UKG: Summary:     After a seasonably slower start to 2024 in January, February featured a holiday surprise and workforce activity increased 0.5% to push the labor market in a positive direction, according to the February 2024 Workforce...

at 05:02
Viasat, Inc. , a global leader in satellite communications, today announced that Icelandair has selected its industry-leading inflight Wi-Fi solution for the airline's new fleet of Airbus aircraft. The new fleet is expected to service routes between...

at 05:00
Fractal (www.fractal.ai), a leading provider of artificial intelligence and advanced analytics solutions to entities including Fortune 500® companies achieved a B by the Carbon Disclosure Project (CDP) for its environmental management during the 2023...

at 05:00
Bitget, the world's leading cryptocurrency exchange and Web3 company, unveiled its February 2024 Protection Fund Valuation Report. According to the report, the fund recorded its highest average monthly valuation, surpassing 461 million, and peaked at...

at 05:00
Aptoide, the pioneer in global alternative Android app distribution, has launched a new campaign website, Leveling the game, including an Open Letter from the Aptoide founders, to demand full compliance from gatekeepers with the EU's Digital Markets...

at 05:00
Bybit, one of the world's top three crypto exchanges by volume, has initiated a worldwide campaign to actively engage its user base and gather valuable feedback on the award-winning Bybit App. This campaign is designed to foster a strong sense of...

News published on and distributed by: