Of the people we surveyed, 19% are currently using artificial intelligence while 34% plan to implement AI within 12 months. Top uses of AI include spend analysis, invoice processing, payment processing, and contract management.
The Advantages of Choosing Diverse Suppliers
Many large companies have found strategic benefits in developing a robust supplier diversity program, citing primarily that diverse suppliers are responsive, resilient, and committed to developing their own capabilities. Advancement of supplier diversity programs in large companies requires commitment and capital to develop suppliers, as well as alignment with business objectives.
A Shift In Post-Pandemic Travel Policies
Corporate travel policies continue to fluctuate more than a year after the global health pandemic began. In a recent survey, more than half of the participants (64%) anticipated their company would permanently shift 25 to 50% of their pre-pandemic travel to virtual options.
Sustainability & Supplier Compliance
76% of companies contractually require their suppliers to meet corporate sustainability standards and performance obligations, to be mindful of people, profit, and planet; however, overall governance and validation of the supply base is not as widely practiced.
Supply Management's Efforts in Data Analytics
Of the companies we surveyed, the majority are utilizing descriptive analytics, which includes the use of dashboards for the exploration of KPIs and benchmarks. However, only 4% are diving into more mature levels of analysis including prescriptive analytics and automation.
Supplier Diversity
Diversity has become a top priority for large companies in recent years, but supplier diversity managers represent a small fraction of total supply management employees.
Companies' Carbon Footprint & GHG Emissions
Organizations are realizing the importance of reducing GHG emissions and taking action. Of the 69% of companies that made a public commitment to reduce their GHG emissions, almost half (47%) committed to be net carbon neutral.
SM & Corporate ESG Objectives
ESG efforts have taken the main stage as companies seek to improve or fortify their economic, environmental, and social sustainability practices. At 63% of the companies we surveyed, the procurement group is already actively involved in these efforts, at least at a moderate level.
Metrics of Supply Management
The Metrics of Supply Management is the profession’s flagship survey for effectiveness and efficiency KPIs. If you are a supply management practitioner at an organization with at least $2 billion in annual revenue, opt-in to take the survey now.
The pandemic's impact on payment terms
With the onset of the pandemic last year, supply chains struggled to deliver, but payment terms were also affected. Of the supply managers we surveyed, 31% increased their payment terms last year. While 66% paid within 45 days in Q1, by the third quarter of the year, the number dropped to 57%, shifting toward longer 60- and 90-day terms.
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increase the comparative breakouts only they receive.