Amazon Business has released its 2024 State of Procurement Report, highlighting key trends and insights in business-to-business (B2B) procurement. The report reveals that over half (53%) of respondents expect their procurement budgets to increase in 2024, with a focus on optimizing processes and investing in tools and technologies. The efficiency and complexity of procurement are noted as top challenges, prompting 98% of respondents to plan investments in analytics, insights tools, automation, and artificial intelligence (AI) in the coming years.

The report emphasizes the evolving role of procurement as cross-disciplinary, spanning functional and strategic aspects. Leaders aim to allocate more resources to strategic challenges by optimizing procurement processes. Noteworthy findings include:

• 95% of decision-makers acknowledge room for procurement optimization.
• 85% cite difficulty in sourcing sustainable suppliers, hindering strategic sustainability goals.
• 81% have mandates to buy from certified sellers, with 40% considering supplier environmental, social, and governance (ESG) factors even without mandates.
• Despite a desire for responsible purchasing (85%), finding sustainable suppliers remains a challenge.

Amazon Business aims to support its 6 million business customers with smart buying tools, including analytics and Guided Buying, to enhance procurement efficiency and preparedness for uncertainties. The report can be accessed for further details, showcasing the changing landscape of procurement strategies and priorities globally. The study involved 3,108 procurement decision-makers across multiple industries and geographical regions.

Inspired by: https://press.aboutamazon.com/2023/11/amazon-business-state-of-procurement-report-reveals-key-procurement-strategies-for-2024-increasing-budgets-and-investments-in-tech