Strategic Sourcing Software Statistics 2024

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In an era where efficiency and cost-effectiveness define the success of businesses, the role of strategic sourcing software has never been more critical. As we approach 2024, understanding the latest statistics in this domain is paramount for organizations aiming to optimize their procurement processes. These statistics illuminate emerging trends, reveal potential areas for improvement, and highlight the competitive landscape, providing invaluable insights for navigating the complex business environment.

Executives, procurement managers, and IT professionals are among the key stakeholders who will find this data particularly beneficial. For executives, these statistics offer a macro-level view of market trends and investment opportunities. Procurement managers can leverage the data to streamline supplier selection and negotiation processes, while IT professionals will better understand the technical advancements and integration potential of new software solutions. By examining the latest trends and adoption rates within the industry, these stakeholders can gauge the impact on business operations and competitiveness.

Ultimately, the data presented in this article serves as a crucial tool for informed decision-making and strategic planning. In a rapidly evolving industry, staying abreast of the latest developments and leveraging statistical insights can dramatically enhance a company’s sourcing efficiency and overall market position. As businesses strive to adapt and thrive, these statistics will be a vital resource for shaping future strategies and achieving sustainable growth.

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Top Strategic Sourcing Software Statistics 2024

☰ Use “CTRL+F” to quickly find Strategic Sourcing Software facts. There are total 75 Strategic Sourcing Software Statistics on this page πŸ™‚

Digital Transformation And Technology Adoption In Procurement

  • **90% of procurement leaders prioritize digital transformation within the next three years.** [?]
  • **87% of procurement leaders prioritize building data teams for predictive insights and technology deployment.** [1]
  • **81% believe more internal support is needed to realize digital transformation fully.** [1]
  • **50% aim to shift to a procurement-centric organization acting as advisory consultants.** [1]
  • **AI-powered solutions can reduce the time required to identify suppliers by up to 90%.** [2]
  • **76% of respondents diversified their supplier geography in the past year, up from 50%.** [2]
  • **COVID-19 pandemic and geopolitical tensions exposed vulnerabilities in relying solely on China.** [2]
  • **78% of consumers prefer buying environmentally friendly products.** [2]
  • **Businesses are moving towards nearshoring due to supply chain disruptions.** [2]
  • **Gap Inc. plans to increase sourcing in Central America, investing $150 million by 2025.** [2]
  • **55% of EU-based businesses are increasing domestic or regional sourcing.** [2]
  • **Savings from strategic sourcing software can range from 5% to more than 20%.** [3]
  • **Strategic sourcing software can lead to 50% or more in time savings.** [3]
  • **83% of companies do not take full advantage of digital procurement opportunities.** [9]
  • **95% believe digital transformation will change service delivery fundamentally.** [9]
  • **54% of companies are piloting advanced digital technologies.** [9]
  • **Only 2% of organizations use smart technologies for procurement decisions.** [9]
  • **Big Data analysis, SRM, Procurement, and eSourcing are identified as the most promising technologies.** [9]
  • **By 2023, at least 50% of large global companies will use AI, advanced analytics, and IoT in their supply chain operations.** [10]
  • **Digital procurement can accelerate transaction processing by up to 30%.** [10]
  • **Digital procurement solutions can achieve cost savings of up to 40%.** [10]
  • **Companies that collaborate digitally with suppliers can reduce lead times by 50%.** [10]
  • **Digital adoption can free up 25% of procurement professionals’ time for strategic activities.** [10]
  • **55% of organizations consider data-driven decision-making a top priority in procurement.** [10]
  • **Organizations using digital procurement tools can achieve a 30% higher policy compliance rate.** [10]
  • **Automated procurement processes can reduce lead times by an average of 40%.** [10]
  • **Enhanced visibility can lead to a 30% reduction in supply chain costs.** [10]
  • **Automation in procurement processes can reduce costs by up to 60%.** [10]

Sustainability And Ethical Sourcing

  • **Sourcing sustainable materials is ranked as the largest future challenge.** [7]
  • **Top ESG performers enjoy faster growth and higher valuations by 10-20%.** [12]
  • **Sustainable procurement can increase brand value by 15-30%.** [12]
  • **60% of chief procurement officers want to be more sustainable but lack a strategy.** [12]
  • **Products making ESG-related claims averaged 28% cumulative growth over five years.** [19]
  • **64% of companies are regionalizing their supply chains.** [19]
  • **Circular supply chains and net-zero products are growing trends.** [19]
  • **Procurement teams need to improve Tier-Mapping and Visibility.** [19]

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Economic And Market Trends

  • **Over 60% likelihood of recession predicted by leading economists for 2023.** [4]
  • **40-80% of a company’s total cost is wrapped up in external spend with suppliers.** [4]
  • **Strategic sourcing can realize a reduction of 10-25% in product and service costs.** [7]
  • **Procurement software market projected to grow from USD 8.17 billion in 2024 to USD 13.27 billion by 2029.** [11]
  • **Procurement as a service market expected to grow at 11.1% from 2023 to 2030.** [17]
  • **Global procurement software market projected to grow at a CAGR of 10.8% during the forecast period.** [13]

Automation And Efficiency In Procurement

  • **66% of companies are already automating spend analysis.** [6]
  • **69% of companies do not have total visibility of their supply chain.** [5]
  • **83% of supply chain professionals said that less than 50% of their sourcing processes are automated.** [5]
  • **Companies can save as much as $6 million a year in supplier spend by leveraging supplier data.** [6]
  • **Procurement analytics can lead to cost reductions of up to 8% and efficiency improvements by 10%.** [10]
  • **AI-powered procurement can increase annual earnings before interest and taxes by 3.2%.** [10]
  • **Digital procurement can achieve cost reductions of up to 60% in certain operations.** [10]

Challenges And Opportunities

  • **Procurement teams will focus on digitization, sustainability, strategic sourcing, and vendor risk management in 2023.** [14]
  • **Vendor risk management should be a priority to protect against potential risks and threats.** [14]
  • **The digital transformation of procurement processes will see significant acceleration in 2024.** [8]
  • **Procurement teams need to work smarter with sustainability teams to drive transparency around de-carbonization.** [20]
  • **Procurement leaders are likely to increase investment in cloud-based digital technology in 2024.** [20]
  • **Spend data analytics will be essential for procurement teams to succeed in 2024.** [20]

Statistics And Growth Projections

  • **Global procurement software market size valued at USD 7.30 billion in 2023.** [13]
  • **The market is projected to reach USD 18.28 billion by 2032.** [13]
  • **Digital procurement solutions market expected to recover to pre-COVID levels by end of 2022.** [17]
  • **Procurement as a service market expected to register a growth of 11.1% from 2023 to 2030.** [17]
  • **The strategic sourcing segment accounts for over 30% of the market share in 2022.** [17]

Supplier Management And Relationship

  • **Supplier management features can improve supplier lead times by up to 35%.** [15]
  • **Companies using advanced supplier management features have improved supplier lead times by up to 35%.** [15]
  • **Organizations leveraging digital platforms for supplier relationship management experience up to a 35% faster supplier response time.** [10]
  • **A 20% increase in supplier collaboration fosters innovation and mutual growth.** [10]

Impact Of Covid-19

  • **COVID-19 pandemic highlighted the fragility of complex global supply networks.** [18]
  • **Pandemic acted as a catalyst for significant realignment of supply chains.** [2]
  • **97% of companies say the COVID-19 pandemic sped up their digital transformation initiatives.** [16]

Future Trends And Projections

  • **AI will start revolutionizing procurement in 2024.** [12]
  • **Sustainable and ethical sourcing is a notable digital procurement trend in 2023.** [12]
  • **90% of procurement groups will require suppliers to demonstrate carbon neutrality by 2024.** [12]
  • **Generative AI integration into procurement will see significant focus in 2024.** [8]

Key Takeaways

  • **Strategic sourcing and procurement software can lead to significant cost savings, efficiency improvements, and enhanced supplier relationships.**
  • **Digital transformation, AI, and automation are pivotal in modernizing procurement processes and driving future growth.**
  • **Sustainability and ethical sourcing are increasingly critical, with regulatory and consumer pressure pushing companies towards greener practices.**
  • **Economic uncertainty and supply chain disruptions underscore the need for agile, resilient, and strategically aligned procurement functions.**

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