Procurement Optimization: How Enterprises Can Streamline Supplier Discovery

For enterprises, procurement is a critical function that directly impacts cost efficiency, supply chain resilience, and innovation. However, traditional supplier discovery processes are often slow, inefficient, and biased toward established vendors, leaving high-potential SMBs without access to enterprise contracts.

According to the KPMG 2023 Global Procurement Survey, 54% of procurement leaders identify limited data and insights as a top internal challenge, while 50% point to outdated systems.

The Biggest Challenges in Procurement Today

1. Manual & Time-Intensive Processes: Enterprises spend an average of 8 to 12 months vetting new suppliers. Manual assessments lead to inconsistent supplier selection.
2. Lack of Supplier Diversity: A significant portion of enterprise procurement budgets go to a small pool of large, incumbent suppliers. Only a small percentage of enterprise procurement dollars go to small and diverse-owned businesses.
3. Supply Chain Risks & Limited Transparency: Global supply chain disruptions have highlighted vulnerabilities in supplier networks. Limited visibility into supplier practices can lead to compliance and ethical issues.

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