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New Ivalua study shows technology challenges are hindering procurement teams from achieving business objectives

March 31, 2020 / PR Newswire

Ivalua, a leading provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams. The research, conducted by Forrester Consulting and commissioned by Ivalua, found that procurement teams are increasingly being measured by non-cost KPIs such as revenue opportunities being created, payment performance (e.g. on time payments) and spend visibility. However, a lack of data integration between systems (44%), lack of relevant insights (40%) and insights not being made available at the right point in the process (39%) are preventing organizations from accurately measuring progress against business objectives. This is because organizations continue to face challenges when it comes to harnessing technology in procurement, with existing systems not being fit for purpose (36%), poor data quality reducing trust in information (36%) and staff having inaccurate expectations of what technology can do (34%).