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Procurement Statistics21 Key Figures of 2022

Professional procurement managers sometimes hate talking about procurement statistics. And you’ll soon find out why.

For this article, we are going to try to take procurement statistics at a different level. We will understand how the figures stand for this year 2022 and learn whether procurement will remain strong in the coming years and the next.

After this article, you’ll probably come to love procurement statistics. Or not.

What is Procurement Statistics?

Perhaps one of the reasons why procurement managers do not like talking about procurement statistics is because it’s a whole new world full of mysteries. And numbers. And the numbers game tends to be very boring, especially for procurement managers who are more familiar with the negotiations and sourcing part of procurement.

Simply put, procurement statistics, also known as procurement analytics, is the process of collecting and analyzing procurement data to form meaningful insights. It also helps in effective business decision-making. 

Back in the day, it is very easy to talk about procurement statistics because everyone had to deal with it at some point. Back then, procurement managers need to learn how to read data and analytics about procurement and sourcing. Nowadays, it’s all changed though. Procurement teams can simply buy or invest in procurement programs that analyze all data in a matter of seconds. Suddenly, procurement data is transferred and analyzed in just a fraction of a second; try explaining or talking about that part of the process!

Ultimate Supplier Plotting Checklist 2023

The Definition of a Procurement System

One of the key factors to understanding procurement statistics is by studying the procurement system.

To put it in simple terms, a procurement system is a detailed and automated process of buying goods for the company. The procurement system is also responsible for maintaining the inventory system of the company. These days, it is a program designed and bought specifically to help the company in how it spends its budget for procurement as well as managing the supplies that were bought.

Some of the other processes that a procurement system takes care of automatically are as follows:

  • Generating purchase orders
  • Sending purchase requisitions
  • Approving delivered services/goods
  • Selecting/managing vendors
  • Reviewing invoices

The E-Procurement System Debunked

The e-procurement system may look intimidating and too advanced to people who are not very good with computers and other technical stuff, but to be honest, it’s not. The e-procurement system is the same as most procurement systems; its main function is to assist the procurement manager in automating and making complex tasks that would normally take normal person days or even months to finish. 

Most e-procurement systems have automated programming that allows them to do market research, sourcing tasks, and other data-relevant work that is important for the success of the procurement process. As such, it is now the job of the procurement manager or analyst to make sure that the company gets a good federal procurement data system that can really help with automating the procurement process while following important company standards.

There are many e-procurement systems available today. All you have to do is figure out which procurement system works for your procurement process!

The 21 Key Procurement Statistics Figures of 2022

1. 66% of Chief Procurement Officers (CPOs) surveyed in 2022 Procurement Leaders CPO Compass expects supply chain volatility to persist this year. 

2. Almost 79% of CPOs said that they will seek to improve supplier diversity and inclusion.

3. There will be a big focus in 2022 which is on creating shared value and economic impact at scale. 

4. According to a survey from CPO Compass, 59% of procurement functions are targeting a best0-of-breed approach to technology adoption in 2022. 

5. 78% of procurement leaders said they are going to invest in at least 3 digital procurement solutions between 2020 and 2022. 

6. 83% of procurement professionals said that less than 50% of their procurement processes are automated. 

7. Over 50% of high-performing procurement teams have begun testing Robotic Process Automation (RPA)

8. 70% of executives anticipate that they will hire more temporary workers and freelancers in the next two years. 

9. 80% of Chief Experience Officers (CXOs) said that procurement has made strategically valuable contributions. 

10. Only 31% of CFOs and CXOs say that procurement proactively drives their strategic agendas. 

11. Only 6% of companies who have participated in surveys have blended strong procurement teams. 

12. According to a report, 76% of procurement leaders said that having a high impact in mitigating supply risks. 

13. 59% of procurement leaders have reported that they have a high impact on their company’s sustainability agendas. 

14. Between 60 to 70% of procurement teams are now focused on strategic pursuits. 

15. Almost 42% of CPOs have said that supplier relationship management will be one of their focuses for 2022. 

16. Almost 88% of CPOs have said that they exceeded their cost-saving goals. 

17. According to a report, 69% of CPOs have met their aim when it comes to risk management. 

18. 63% of B2B buyers say that improving sustainability in their purchasing practices is their top goal. 

19. According to a survey, 37% of respondent companies worldwide wants to focus on saving cost ins strategic procurement. 

20. Only 19% of procurement managers name cost reduction as a strategic priority. 

21. The digital transformation rate in procurement is expected to reach 72% by 2025. 

Frequentlyasked questions

+ What are procurement statistics?

Also known as procurement analytics, procurement statistics are data gathered for procurement usage.

+ What is procurement analytics?

Procurement analytics is the study and collection of data needed for a procurement process to work.

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