AUSTIN, Texas, January 20, 2023—(BUSINESS WIRE)–Futurum Research, an industry research, advisory, consulting and media firm focused on analyzing emerging and disruptive technologies and part of The Futurum Group family of companies, has released a new report confirming that digital markets are the new way of global business.
The research report, conducted by Futurum Research on behalf of SAP SE, surveyed nearly 1,000 B2B senior corporate decision makers from SMEs to large corporate enterprises across nine major industries. Business leaders said their business models have changed as a result of several key factors, including the ongoing disruption of supply chains, the wider adoption and expansion of a distributed, remote workforce, the rapid digitization of consumer markets and unprecedented changes in the global economy.
The impact of the survey’s findings affects almost every aspect of global e-commerce, from supply chain management to enterprise software procurement. Futurum advises that businesses must react quickly to rapid changes in the e-commerce environment and be ready to adapt to extremely dynamic fluctuations in digital markets.
The full report titled “2022 B2B Digital Buyers’ Journey: Forces Shaping the Future of Enterprise Procurement” is available for download at this link.
The new paradigm for the entire business is a distributed decision-making process. Most companies reported that four or more team members per functional group were required to make the final procurement decision.
“Futurum Research found that companies with 50,000 or more employees need at least 11 corporate executives to sign off on a typical procurement,” said Shelly Kramer, principal analyst and founder at Futurum Research. “This is alarming as nearly one-third of respondents acknowledged that a lack of group consensus is a major barrier or risk to successfully procuring enterprise software solutions.”
Among some other key findings from Futurum Research, the majority of respondents said they had changed their business models over the past two years, with 39 percent reporting these changes as “significant.” Almost half of the mentioned software or solution needs have changed significantly during the same period. As a result, most decision makers are targeting ways to streamline the procurement process. The current process failed to work well enough for more than a quarter of survey participants.
Interestingly, the majority of respondents reported that corporate executives have stepped into the business and are more involved in the buying process than they were two years ago. In contrast, a 2019 research panel found that less than 30 percent of C-level executives were active in the buying process.
“We find it extremely significant that with a focus on the digital procurement process by 2024, more than half of procurement professionals say they plan to buy primarily online, either through supplier websites or a digital marketplace,” Kramer said. “For greater efficiency and convenience, one-stop shopping for multiple vendors is considered the most important feature in the digital marketplace.”
About Futurum Research
Futurum Research is part of The Futurum Group, a family of industry research, advisory, consulting and media companies focused on analyzing emerging and disruptive technologies, identifying and validating trends, and delivering data and insights that empower clients to find their competitive edge in the digital world. economy.
SAP’s strategy is to help every business operate as an intelligent, sustainable enterprise. As the market leader in enterprise application software, we help companies of all sizes and in all industries operate at their best: SAP users generate 87 percent of all global commerce. Our machine learning, Internet of Things (IoT) and advanced analytics technologies help transform client businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of the competition. We simplify technology for businesses so they can use our software the way they want – without interruption. Our end-to-end suite of applications and services enables business and public users in 25 industries worldwide to operate profitably, continuously adapt and make a difference. With a global network of customers, partners, employees and leaders, SAP helps the world work better and improves people’s lives. For more information, visit www.sap.com.
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