New Survey Shows Enterprises Significantly Behind in Digital Transformation of the $16 Trillion Global B2B Services Market
Only 6% of leading companies have fully embraced digital transformation in the way they buy services in the $16 trillion global market, a new survey released today shows.
The study, organized by the Sourcing Industry Group (SIG), in association with Globality, the company transforming the way global enterprises source services with its leading AI-powered digital solution, found that 94% are in early- to mid-stages of their transformation, meaning the vast majority have considerable work to do.
Furthermore, only 15% of organizations surveyed believe they are either “best in class” or “industry leaders when it comes to digital transformation of their procurement processes and operating models, and 50% of global procurement leaders admit their companies are ‘laggards’ when it comes to the digital transformation of their B2B sourcing processes and operating models.”
“Organizations who take proactive measures to transform their current procurement processes and operating models will enjoy considerable competitive advantage in a rapidly changing market, both now and well into the future,” said Dawn Tiura, SIG President and CEO. “This study illustrates how companies further along that journey are able to focus on high-profile goals and initiatives such as supplier diversity and corporate social responsibility.”
The survey questioned more than 120 global procurement leaders, with 84% of respondents at the director level or above. The industries represented ranged from arts and entertainment to manufacturing, finance and insurance. More than half of the respondents were responsible for procurement spend in North America, and more than 40% percent were accountable for global spending.
Globality’s Platform and Marketplace is used by leading global companies, including British Telecom, Santander, HSBC and GEA, to transform the sourcing of high-value services by automating demand creation, supplier identification, proposal evaluation, and the statement of work creation process through an intuitive self-service experience.
“The average Global 2000 company spends over $4 billion a year on services, and all of it can be spent smarter and better,” said Keith Hausmann, Globality’s Chief Revenue Officer. “These findings highlight the need for companies to utilize the sophisticated, AI-powered technology that now exists to enable fair, competitive, and sustainable self-serve sourcing.”
“Through digital transformation, procurement can create far more impact on a company’s profitability, as well as help enable its ESG agenda,” he added.
Click here to download the full survey report: The Future of Procurement, Today: How Leaders Can Seize the Moment by Digitizing Procurement
About Globality
Globality is a Silicon Valley-headquartered technology company co-founded by Joel Hyatt and Lior Delgo to revolutionize how companies buy and sell services. Through its AI-powered Platform and marketplace, Globality is bringing digital transformation to the sourcing industry. Globality’s AI digital solution replaces the archaic analog Request for Proposal, efficiently and effectively scoping needs, managing demand, matching companies with outstanding suppliers that meet their specific service needs and cutting the sourcing process from months to hours while delivering savings of 20% or more. In January 2021, Globality raised $138 million from Sienna Capital and the SoftBank Vision Fund, bringing the total investment it has raised since its founding six years ago to $310 million. For more information, visit www.globality.com.
About Sourcing Industry Group
Sourcing Industry Group (SIG) is the premier global association for sourcing, procurement and risk professionals. Founded in 1991, SIG provides thought leadership, networking and training opportunities to executives in sourcing, procurement, and outsourcing from Fortune 500 and Global 1000 companies. It has served these professionals and opened dialogues with their counterparts in finance, HR, risk and other business functions throughout its history. The organization is unique in that it blends practitioners, service providers and advisory firms in a non-commercial environment. With a 75:25 ratio of buy-side to sell-side, and over 68% of delegates holding decision-making titles, SIG events are collegial, memorable and senior-level.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005503/en/
Contact information
Nardi Media for Globality (US)
Justin Goldstein
justin@nardimedia.com
Missive for Globality (UK)
James Gullis
james.gullis@missive.co.uk
Globality
media@globality.com
Sourcing Industry Group
Dawn Tiura, President and CEO
dtiura@sig.org
Heather Schleicher, Chief Marketing Officer
hschleicher@sig.org
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo