Research Triangle, NC: May 3, 2018: JAGGAER, the world’s largest independent spend management company, just released their annual comprehensive report on global trends in Supplier Relationship Management (SRM) practices. One of the key findings of JAGGAER’s “Global SRM Maturity Report 2018” is a heightened awareness on the value of managing supplier relationships, with a demonstrable uptick in activity across the board, when compared with the 2017 findings. This year’s report involved over 250 procurement leaders.
JAGGAER’s report provides up-to-date insights into the maturity of SRM in procurement organizations of all sizes and from all branches, with a focus on the move to digitalization. Some of the findings of the report are as follows:
- 60% of the companies surveyed said that they had already implemented SRM at a global level. This is a 17% increase from last year’s SRM Maturity Report survey results.
- Large companies with an annual revenue of more than 500 million euros are five times more likely to have an SRM solution in place than smaller companies.
- Mid-sized companies have also started to recognize that supplier management is a necessity and have begun investing time and resources into SRM.
- More than 57% of the companies surveyed already invest in supplier development, which represents an increase of 19% from last year.
- Companies that prioritized growth, innovation and risk management in their supplier relationships, instead of just price reductions, achieved savings that were 26% higher.
“The supplier relationship has changed, and the need to understand and work more closely with suppliers is a critical element in moving our supply chains into the future. Too many companies are still operating without a clear supplier management strategy in place. The use of digital technologies enables enterprises to save resources, optimize best practices and uncover value,” explains Robert Bonavito, CEO of JAGGAER.
The “Global SRM Maturity Report 2018” is based on the online survey, “SRM Maturity Check 2018” which ran from January 8th to April 8th. 250 companies from Europe, the USA, Canada, Brazil, the Middle East, China, India, and Australia participated in the survey.
Download the entire report here: Global SRM Maturity Report 2018.