RESEARCH TRIANGLE PARK, N.C., May 03, 2018 (GLOBE NEWSWIRE) -- 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 digitalization technologies enable enterprises 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: https://preview.tinyurl.com/yb4he3b7
About JAGGAER: Global Indirect and Direct Spend Management Solutions
JAGGAER is the world’s largest independent spend management company, with over 1,900 customers connected to a network of 3.7 million suppliers in 70 countries, served by offices located in North America, Latin America, throughout Europe, the United Kingdom, Australia, Asia, and the Middle East. JAGGAER offers complete SaaS-based indirect and direct eProcurement solutions with advanced spend analytics, complex sourcing, supplier management, contract lifecycle management, savings tracking, and intelligent workflow capabilities. We have pioneered spend solutions for over two decades and continue to lead the innovation curve by listening to customers and analyzing the market. Our solution suites are trusted by the world’s largest education, manufacturing, health care, retail, consumer package goods, logistics, construction, utilities companies and public service organizations. Additionally, JAGGAER holds 38 patents–more than any other spend management company. www.JAGGAER.com
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