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2017 SciQuest Global Survey Validates Multiple Trends Elevating Procurement Departments into Profit CentersRESEARCH TRIANGLE PARK, N.C., Jan. 18, 2017 /PRNewswire/ -- SciQuest, Inc., producers of the world's most powerful and comprehensive Source to Pay (S2P) solutions suite, today announced survey results that reveal procurement is evolving into a true profit center, as spend data and analytics are increasingly driving business decisions. The survey polled over 1000 procurement professionals from SciQuest's global customer network, which includes manufacturing, consumer packaged goods, higher education and transportation companies with an annual spend of between $150 million to $2 billion dollars. Responses were received from nearly 500 companies, and were split between those actively using procurement solutions and those making solution purchasing decisions. SciQuest will be conducting a webinar on the survey results: January 26, 2017 11:00 AM EST: Specific findings from the survey include: 1. The role of procurement is evolving in multiple critical ways.
As procurement becomes more visible in a company, its reach is expanding to other areas. It's no longer buttonholed into helping users purchase office supplies and other indirect materials; procurement is now being asked to source and purchase training services, IT/telecom, direct materials, financial services, and reagents/chemicals.
3. Efficiency, business intelligence and compliance are the top three challenges for 2017
"Today, procurement departments have to look beyond individual metrics to drive success. Procurement managers are consistently challenged at the highest levels to extend that success to the greater organization in order to achieve wider strategic initiatives through a data-driven, process-oriented approach," said Edwin Carter, Director of Procurement, Analytics at the Coca-Cola Company. "The greater focus on procurement as a profit opportunity has upped the game for software solutions to deliver robust tools that can manage comprehensive challenges. Companies that listen to their customers and respond with innovative solutions will dictate where the market is headed," said Robert Bonavito, CEO of SciQuest. About SciQuest Inc. Media Contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/2017-sciquest-global-survey-validates-multiple-trends-elevating-procurement-departments-into-profit-centers-300392489.html SOURCE SciQuest |