After transforming procurement systems once,
companies are now re-examining them to stay ahead of new
requirements, ISG Provider Lens™ report says
Enterprises worldwide are revisiting their approaches to
procurement as business requirements and technologies rapidly
change, according to a new research report published today by
Information Services Group (ISG) (Nasdaq: III), a leading global
technology research and advisory firm.
The 2024 ISG Provider Lens™ global Procurement Services report
finds that organizations that have already transformed their
procurement systems once, often outsourcing some functions and
implementing new software platforms, are now considering new
approaches. The series of disruptions that began with the COVID-19
pandemic continues to shape companies’ procurement strategies and
the services providers offer, ISG says.
“Procurement consulting and outsourcing have changed
significantly since 2022,” said Robert Stapleton, partner and
Business Outsourcing Services lead for ISG. “Many state-of-the-art
solutions adopted before the pandemic do not serve companies well
today or prepare them for the future.”
Effective procurement now needs to do more than keep costs low,
ISG says. Enterprises are working with providers to build
procurement systems that are agile, efficient and resilient amid
changing economic and geopolitical conditions. These systems use
data-driven decision-making and smoothly interoperate with finance
and supply-chain management departments, vendors and suppliers.
As they update their approaches, many companies are also
adopting strategic sourcing, unlocking value beyond cost savings by
collaborating more deeply with key suppliers, the report says.
Long-term supplier partnerships can increase trust and mitigate
supply chain risks, enabling better product development and faster
innovation.
AI is also beginning to transform procurement processes as
enterprises implement end-to-end solutions that can automate
repetitive tasks, predict market trends and optimize the choice of
suppliers, ISG says. Along with improving efficiency, this
development is reducing errors and allowing procurement teams to
focus on strategic initiatives instead of routine work.
“The rise of AI and ML represents a fundamental shift in
procurement practices,” said Jan Erik Aase, partner and global
leader, ISG Provider Lens Research. “It has the potential to
improve decision-making and foster better supplier
relationships.”
Increasing interest in environmental, social and governance
factors among consumers and investors has turned enterprise and
service-provider attention toward sustainable and ethical sourcing,
ISG says. Anticipating more stringent requirements and penalties in
some regions, companies are investigating these concerns as an
aspect of risk management.
The report also explores other trends affecting procurement
strategies and services, including rising interest in blockchain
technology and evolving relationships between providers and
clients.
For more insights into the procurement challenges enterprises
face, including talent shortages and lagging digital transformation
due to inaccessible data, along with advice for overcoming these
challenges, see the ISG Provider Lens™ Focal Points briefing
here.
The 2024 ISG Provider Lens™ global Procurement Services report
evaluates the capabilities of 26 providers across three quadrants:
Procurement Operations Modernization Services, Strategic Sourcing
and Category Management Services and Direct Procurement Enablement
and Modernization Services.
The report names Accenture, Deloitte, Genpact, GEP, HCLTech,
IBM, Infosys, Wipro and WNS Procurement as Leaders in all three
quadrants. It names TCS as a Leader in two quadrants and Capgemini
and Tech Mahindra as Leaders in one quadrant each.
In addition, Tech Mahindra is named as a Rising Star — a company
with a “promising portfolio” and “high future potential” by ISG’s
definition — in two quadrants. Corcentric, PwC and TCS are named as
Rising Stars in one quadrant each.
In the area of customer experience, PwC is named the global ISG
CX Star Performer for 2024 among procurement services providers.
PwC earned the highest customer satisfaction scores in ISG's Voice
of the Customer survey, which is part of the ISG Star of
Excellence™ program, the premier quality recognition for the
technology and business services industry.
Customized versions of the report are available from GEP, Tech
Mahindra and WNS Procurement.
The 2024 ISG Provider Lens™ global Procurement Services report
is available to subscribers or for one-time purchase on this
webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Euqwerope, as well as in the U.S., Canada, Brazil,
the U.K., France, Benelux, Germany, Switzerland, the Nordics,
Australia and Singapore/Malaysia, with additional markets to be
added in the future. For more information about ISG Provider Lens
research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,600
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417770095/en/
Press Contacts: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com Julianna Sheridan, Matter Communications
for ISG +1 978-518-4520 isg@matternow.com
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