2022 WBR Insights Benchmark Report Released In Partnership with Rosslyn
More than half of Europe’s top heads of procurement rate geopolitical risk and sustainability as being core issues for their operations, according to a new benchmarking report.
The report, Leveraging Data and Integrating Channels for a Seamless Customer Journey, found 61% of respondents are using geopolitical risk data to strengthen their organizations’ supply chain resiliency, while 57% rely on financial risk data too.
With growing concern surrounding supply chain resilience, this data shows chief procurement officers are increasingly leaning on third-party data to navigate the complexities of an uncertain world.
Over half of the respondents (52%) are also tapping the innovation capabilities of suppliers to identify new product development opportunities. This highlights that supplier collaboration is taking center stage in efforts to drive the sustainability agenda forward and position procurement as the organization’s true innovation interface.
The respondents are also committed to sustainability, saying their goals have not waned over the past difficult 12 months: 44% say their organizations’ commitment to sustainability has increased, 43% say it’s remained the same, and 60% say it plays a very important role in their decision-making process. No respondents dismissed it as a consideration at all, suggesting it is becoming an important criterion in choosing the right suppliers to partner with.
The report was conducted by WBR Insights in partnership with Rosslyn.
Sam Clive, Director of Product and Strategy at Rosslyn, said of the report:
“Every day, I speak with key people on the front line about their procurement projects, what they are trying to achieve, and the problems and risks they are facing. Almost always, it comes down to lack of visibility. It is a continuous problem, and it needs continuous innovation, but having visibility through technology, created by industry experts, will make it much less of a challenge. Hopefully this report will go some way to shining a light onto the ongoing challenges and opportunities everyone in procurement shares.”