SPECIAL REPORT
Why Smarter Tools Aren’t Solving Procurement’s Toughest Problems
Despite AI and cutting-edge procurement technology, assessing and onboarding contractors is a top challenge for over 50% of procurement teams.
Access new proprietary research exploring how technology is helping (and hindering) today’s procurement teams manage contractor risk and compliance.
Advanced Technology. Persistent Problems.
What’s really going on?
See New Insights from 150+ Procurement Leaders
Oil, Gas & Energy
Telecommunications
Utilities
Manufacturing
High Procurement Technology Adoption
Today’s procurement teams use the latest and greatest tools and technologies.
71%
Use Contractor Risk Management Technologies
Use Contractor Risk Management Technologies
65%
Use Artificial Intelligence & Analytics
Use Artificial Intelligence & Analytics
64%
Use ERP Solutions
Use ERP Solutions
Too Many Tools?
Over 50% of procurement teams use 5 different tools to assess contractor, vendor, and supplier risk.
60% Spreadsheets
51% Physical/Onsite Audits
44% Home-Grown Solutions
60% Public or Subscription Online Data Bases
Too Little Time?
Only 35% of procurement teams assess contractor qualifications in less than 1 business day.
Today’s Procurement Technology: Asset or Obstacle?
See how technology is helping (and hindering) today’s procurement teams.
51%+
Time-consuming contractor, vendor, and supplier verification process
Time-consuming contractor, vendor, and supplier verification process
50%
Maintaining up-to-date lists of qualified contractors, vendors, and suppliers
Maintaining up-to-date lists of qualified contractors, vendors, and suppliers
47%
Monitoring ongoing contractor, vendor, and supplier compliance
Monitoring ongoing contractor, vendor, and supplier compliance
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