Procurement teams prioritizing business continuity and operational resilience finds survey
- Published: Thursday, 27 October 2022 08:22
A new Procurious survey report, sponsored by Ivalua, shows that 52 percent of procurement and supply chain professionals are prioritizing business continuity and operational resilience over other objectives with 46 percent focusing on customer satisfaction, service, and experience. Given the current market challenges and geopolitical uncertainties only 7 percent see ESG outcomes as a priority, which is in stark contrast with strengthening regulatory frameworks and demanding consumer preferences requiring more transparency to combat greenwashing.
The report also highlights that 32 percent of procurement teams have ‘cut corners’ with their sourcing criteria to secure supply, as 81 percent of them feel pressured by executives to respond to challenges ‘more quickly and effectively’.
The study ‘Procurement Under Pressure: Procurement Bends and Adapt - Will it Break?’ shows a majority of respondents identify inflation (88 percent) as well as supply chain disruptions and shortages (82 percent) as top factors pressuring procurement.
As external systemic shocks continue to impact value chains, nearly half of respondents (49 percent) believe that global supply chains won't fully recover to pre-Covid operational norms until 2024 or beyond. However, despite the increased pressure, only 21 percent of procurement teams have seen headcount increase on their team. All this has led procurement teams to transform the way they engage with their suppliers, by actively collaborating with suppliers (79 percent) and actively managing increased risk (64 percent).
Procurious surveyed over 170 procurement and supply chain professionals around the globe.