2023 ProcureTech Predictions: Supplier Management & Risk
ProcureTech hosted its 2023 Predictions & Purpose: a webinar revealing the way ahead for digital procurement as provided by the 2022 ProcureTech100 pioneers.
Here are our predictions at HICX…
The adoption of a “single sign on” procure-tech approach amongst enterprises with complex supply chains will continue to grow. HICX’s recent Voice of the Supplier survey, revealed that 61% of suppliers serving multi-billion-dollar manufacturers, find it difficult to do their best work for their most important customer. Suppliers must login to an average of 8.4 systems, and over a third have to access at least 10 different systems to get the job done. As enterprises continue to build resilience in 2023, more and more leaders will start to rethink the digital experience they offer to suppliers.
More enterprises will strive to become customer-of-choice. In HICX’s recent Voice of the Supplier survey, almost a third of suppliers serving some of the world’s largest brands don’t think of their most important customer as a “customer-of-choice”. Those who do, are 20% more likely to prioritise their favourite customer’s orders in times of demand, and 24% more likely to go the extra mile. With supply chain uncertainty continuing into the new year, customer-of-choice is a status worth having. We expect to see more enterprises leaning into this opportunity in 2023, by challenging the way in which they view – and then engage – all suppliers.