Xchanging plc, a business technology and services provider, issued the third set of results from its 2015 Global Procurement Study, focused on how technology is transforming procurement. The study is a major international project that surveyed 830 procurement decision-makers across the UK, Europe and North America.
Savings tracking (77 percent) and spend analytics (76 percent) technologies are the most widely implemented, in the context of a tough economic climate in which spending cuts and streamlined processes remain top priorities for businesses.
This mirrors respondents’ answers about the key performance indicators (KPIs) on which their procurement functions are measured—the top four all being cost related (47 percent cite cost savings realized as their most important KPI, 19 percent cite revenue impact, 16 percent cite cost savings identified and 14 percent cite cost avoidance).
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