Fresh Data. New Insights. The 2024 State of Procurement Report goes global.
The third annual study expands globally, with 95% of decision-makers saying procurement has room for optimization.
By Amazon Business
November 27, 2023
Amazon Business has unveiled the 2024 State of Procurement Data Report, spotlighting the most relevant trends impacting decision-makers from organizations of every size. The findings examine the dynamic and rapidly transforming state of business-to-business (B2B) procurement in recent 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.”
The report was revealed at this year's Amazon Business Reshape, Amazon Business’ in-person two-day event for Smart Business Buying, taking place in Chicago. This year, Amazon Business Reshape gathers more than 1,000 procurement leaders across private and public sectors to discuss procurement and smart business buying strategies to help curb disruption.
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:
- 95% of decision-makers acknowledge that there’s room for procurement optimization.
- 85% of respondents say the difficulty of sourcing suppliers that follow sustainable practices prevents their company from setting or achieving strategic sustainability goals for procurement.
- 81% of respondents had mandates to buy from certified sellers, which might include sustainable, local, or disadvantaged group-owned businesses. Among those without mandates, 40% still consider supplier environmental, social, and governance (ESG) factors. Despite the desire for responsible purchasing (85%), difficulty finding sustainable suppliers hinders sustainability goals.
For this year’s report, Amazon Business surveyed more than 3,000 buyers, procurement decision-makers and organizational senior leaders familiar with procurement operations across public and private sectors. Respondents were located in France, Germany, Italy, Japan, Spain, UK, and U.S.
Whether shopping for home or work, people value Amazon for its convenience, selection, and value. But credit unions have different needs than individual buyers. That’s why we created Amazon Business – to combine the selection, convenience, and value you expect from Amazon, with features that can help improve business operations.