Afternoon Coffee: Unemployment claims rise slightly; Ivalua finds UK businesses frustrated by lack of procurement digitalization; PRO Recap: MineralTree, B2B platforms for work/services, Ignite Procurement

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The Labor Department reported yesterday that workers filing for new unemployment claims ticked up slightly last week, according to CNBC.

First-time unemployment claims totaled 742,000 for the week, which was more than the 710,000 estimate from economists surveyed by Dow Jones, the article reported. The week-over-week increase was the first after four straight weeks of decline.

Ivalua research finds that almost half of UK businesses are frustrated by procurement digitalization

New Ivalua research found that almost half (46%) of UK businesses feel frustrated by a lack of procurement digitalization.

According to a press release announcing the study, Ivalua and Vanson Bourne conducted a survey of 200 UK-based procurement, supply chain and finance professionals to examine digitalization in procurement. The study found that 43% of respondents think the rate of digitalization within procurement is low and another third claim that procurement digitalization is stagnant and hasn’t progressed in the last 12 months.

A majority of UK businesses (81%) said a lack of digitalization is preventing them from collaborating with suppliers and internal stakeholders, and 83% think it’s preventing them from innovating and executing new revenue streams and opportunities.

“As organizations look to restore growth post COVID-19 and ensure resilience for the next crisis, procurement can play a major role, helping identify opportunities to innovate and new sources of revenue. Procurement digitalization is essential to enable unique business processes and improve collaboration with suppliers and internal stakeholder,” Ivalua CMO Alex Saric said in the press release. “However, the current state of transformation in procurement is underwhelming. The risk in the future is that many businesses will be outstripped by more digitally savvy rivals and find themselves at a significant competitive disadvantage. Over the coming years, UK businesses need to move quickly to digitally transform procurement and ensure they are not left behind.”

Spend Matters' analysts look at MineralTree, digital B2B platforms for work/services, and Ignite Procurement

This week, Spend Matters PRO analysts assessed solutions from MineralTree, an accounts payable automation solution, and Ignite Procurement, a spend analytics solution. Analyst research also delved into digital B2B platforms for work/services amid the coronavirus disruption. Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:

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