State of Public Procurement 2024: The Rise of Network-Powered Procurement.
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OVERVIEW
Download our annual State of Public Procurement report to learn more about key procurement trends, such as:
- Staffing and capacity are a concern—better processes improve retention and productivity outcomes
51% of survey respondents say they’re not confident at all, a little confident, or neutral in their capacity to handle the higher volume of projects crossing their desks. - Financial uncertainty, higher costs, and supply chain worries loom while procurement teams turn to their peers for support
The top two external challenges teams are most concerned about are the rising costs of goods and services and unreliable supply chains—all while facing a fiscal cliff. - Procurement professionals want to collaborate, and many who do are already seeing success
54% of survey respondents collaborate with other procurement professionals on a monthly or weekly basis. - Strategic programs are on the rise, requiring new approaches to procurement
Challenge-based procurement taps into the market’s knowledge to address specific issues. This is paired with outcome-based contracting, ensures vendors not only hit the set targets but also stay accountable through their contracts. - Public procurement teams are leveraging their networks for great outcomes
Teams leveraging cooperative contracts can lower purchasing costs by 7.5% and reduce transportation costs by 55%. Plus, using technology to streamline supplier communication to save time—collectively 46.9K minutes between May and July 2024. - Adopting full cycle procurement is still new to many, but it can build the foundation for network-powered procurement
Disconnected, inefficient procurement tools can cause 3-4% waste of spend due to transaction costs, inefficiency, and noncompliance. Take a full cycle approach to procurement tech enables what we call network-powered procurement.
