2020 has been an incredibly challenging year for virtually all organisations and individuals around the world. Covid-19 has really changed the game and procurement teams everywhere have been struggling to catch up and manage in this 'new normal'.
The title of the report is Adapting Your Procurement Strategy in a Pandemic and the timing could not be better. Within this report you will find benchmarks, insights and observations which will improve your ability to plan for success in the second half of 2020 and into 2021.
Key findings in the report include:
- 62% of organisations have seen their procurement strategy impacted by the pandemic.
- 21% of organisations see services procurement as the most impacted element in the whole process.
- 64% of buyers will be re-writing terms and conditions in supplier contracts.
- 74% of organisations have removed, reduced or postponed CSR initiatives.
This report should be especially interesting to you if you are currently implementing an e-procurement solution or considering e-procurement modernization. With these benchmark statistics, you can ensure your plans take into account the new normal.
"The economics aren’t the same anymore and the market in which we participate isn’t the same. To adjust to new market conditions, we will rewrite these contracts."
(A survey response when asked to elaborate on the question: Will you be rewriting your terms and conditions of supplier contacts as a result of the pandemic?)