Amazon Business trends report predicts increased budgets and investments in technology

Amazon business has released its report on the state of business purchasing on Amazon Business (‘Procurement status report 2024‘), which explains that most purchasing teams are expecting an increase in their budgets next year and many managers are making an assessment How you can invest more in tools and technologies to achieve greater optimization and a more strategic approach to corporate purchasing.

The report highlights trends in business (B2B) purchasing and global perspectives on purchasing needs, priorities and challenges. This also includes opinions from public administration, financial services, healthcare, medicine, pharmaceuticals and manufacturing, as well as from industries such as hospitality, catering, retail, technology and telecommunications; and perspectives from buyers in Spain, the United States, France, Germany, Italy, Japan and the United Kingdom.

The document shows that more than half (53%) of respondents They expect their budgets to increase in 2024. After a year of focusing on reducing costs associated with corporate purchasing, purchasing managers now plan to use the funds saved to invest in strategies that optimize their purchasing processes and allow them to act more strategically, while reducing the efficiency and complexity of purchases currently represent the biggest challenge. 98% of respondents say they plan to invest in data analytics, automation and artificial intelligence (AI) tools in the coming years.

«We enter New era of intelligent corporate purchasingHere, managers understand the impact purchasing management can have on the overall efficiency and success of the company” said Alexander Gagnon, Vice President of Amazon Business Worldwide.

«At Amazon Business we develop scalable solutions for customers and we solve your biggest purchasing challenges, and I couldn’t be more excited about the evolution of the corporate purchasing space. Looking ahead to 2024, the procurement function is now cross-functional, spanning operational and strategic areas, as buyers plan to invest more in technology and optimization while preparing their companies and organizations for the future. Ultimately, corporate purchasing not only keeps operations running, it also plays an essential role in achieving key organizational goals, and with intelligent purchasing processes, companies have supply solutions that serve as levers for their growth.“he added.

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As purchasing increases within companies and organizations, managers are forced to find something Ways to optimize your processes to devote more time and resources to your strategic challenges.

The report also reveals that 95% of those responsible recognize potential for optimization in purchasing; 85% of respondents say the difficulty of sourcing suppliers that use sustainable practices makes it difficult for their company to set or achieve strategic sustainability goals in their purchases, and 81% of respondents are required to purchase from certified sellers who This can include companies that operate sustainably or locally or belong to disadvantaged groups.

In addition, among those who do not have these obligations, there are 40% continue to consider suppliers’ environmental, social and governance factors. Despite the desire to purchase responsibly (85%), the difficulty of finding sustainable suppliers hinders sustainability goals.

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