The impact of supply chain disruptions and volatility is making it harder than ever for sourcing teams to stay afloat. An increasingly pressurised work environment within procurement is driving the adoption of automation technology in 2023.
The report, 2023: The Year of Autonomous Sourcing reveals that 86% of sourcing professionals who responded to their survey saw an increase in their workload last year, whilst over 50% reported they had less resources to act on it. Over half said they are suffering high levels of stress and burnout. Fuelling the burnout is frustration with long, complex sourcing processes (36%).
Because increased expectations for sourcing have come at a time of increasing burnout and supply chain challenges, procurement teams desire to offload tedious tasks and improve workflow efficiency with automation.
- Nine in 10 think automation will reduce time spent on repetitive, manual tasks.
- 86% believe it will result in extra time for more strategic initiatives.
- More than 60% are confident that automation will enable smarter decision making.
- Over 40% feel it will improve visibility and eliminate rogue spend.
- 32% said automation will remove the risk of human error.
In response, more companies are investing in new technology that automates processes and provides real-time data collection. In fact, 36% are cutting budget for capital expenses but only 12% are cutting budget for tech and innovation.
eSource Wizard is one solution your procurement team will appreciate in 2023. Our award-winning tendering software automates existing RFx and contract management processes, saving sourcing professionals a lot of time and frustration. By improving efficiencies and outcomes, sourcing professionals will be less likely to suffer from burnout. And that’s a win-win for you and your team!