2024 Digital Procurement Survey: Asia Pacific Key Insights

Today, procurement departments' roadmaps include corporate social responsibility use cases that have become essential – such as CO2 emissions monitoring, supply chain traceability and data transparency – which demonstrates their commitment to delivering a more sustainable performance.

Against this backdrop, the survey shows that the quest to improve internal and external performance is accelerating the digitalisation of the procurement function in companies across all industries. To support this transformation, procurement departments must ensure that users are on board and develop new functionalities covering areas such as corporate social responsibility, contract lifecycle management and supplier relationship management.

Asia Pacific firms prioritise financial performance in line with the global average. In addition, Asia Pacific companies are placing greater emphasis on other strategic priorities such as supplier sourcing, digital transformation and supplier relationship management.

Across the region, the procurement function is projected to experience slower digitalisation growth than the global average. The target digitalisation for transactional procurement processes in Asia Pacific is 63% by 2027, as compared to the higher global target of ~70%.

The key success factors of Asia Pacific companies across various company sizes are largely in line with the rest of the world: defining requirements and functional processes with clarity, sponsorship and engagement from senior and executive levels and post go-live change management.