Afternoon Coffee: Ivalua survey shows procurement is a strategic partner for companies; More small businesses closing during Covid crisis; PRO recap: Enlighta, Creactives, GEP

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Ivalua, a spend management solution provider, released findings of a study of supply chain, procurement and finance business leaders finding that 85% of respondents recognize procurement’s role in revenue growth.

In a press release announcing the study, it said the study found that 50% of business leaders are increasing investment because of the Covid pandemic, with only 23% decreasing. Procurement priorities are becoming more strategic — nearly two-thirds of organizations have used procurement to increase the role of ensuring supply chain agility and continuity, identifying new revenue opportunities and improving decision-making.

"For many organizations, procurement was crucial to keeping supplies flowing during the pandemic and minimizing the impact on profitability. But at many, Covid exposed weaknesses in outdated procurement tools, data and processes that limited agility and impacted decision-making," David Khuat-Duy, Corporate CEO at Ivalua, said in the press release.

How do you find the right procurement technology and vendor for your company? Spend Matters’ new 5-step “Procurement Technology Buyer’s Guide” can help — with how-to documents, checklist templates and other tips.

"Now is the time to digitalize procurement and use it as a growth driver," he said. "This means using data to find new revenue streams and unlock supplier-led innovation. If procurement leaders don't overcome technology challenges now, they risk missing growth opportunities and ensuring resilience for the future."

Number of small, medium businesses closed during Covid crisis rose again

A new report from Facebook and the Small Business Roundtable found that 22% of small and medium businesses in the US were closed in February, according to CNBC.

At the peak of the worst in closures last May, the Covid pandemic saw 23% of small businesses closed. The report surveyed over 35,000 small and medium-size businesses across the world. February’s 22% number was up from October’s 14% number.

While all closures are nearing Covid highs, the report discovered that different areas of the country experience varying degrees of closures, the article reported. States like Maine, Idaho and Colorado saw 9-10% closures, while places like New York, Pennsylvania and Massachusetts are seeing at least 30% closed.

“So while larger companies with larger capital reserve may be doing OK, small businesses can’t just take the risk to stay open, and I think we’re seeing that play out with these high numbers,” John Stanford, co-executive director of the Small Business Roundtable, told CNBC.

Spend Matters' analysts look at Enlighta, Creactives and GEP

This week, Spend Matters PRO analysts Andrew Karpie and Nick Heinzmann gave a solution overview of Enlighta and its supplier governance and risk management solution. Also, analyst Michael Lamoureux gave a two-part analysis of Creactives, a direct materials sourcing solution. Finally, Spend Matters provided a “What Makes It Great” column on GEP’s sourcing solution using SolutionMap Fall 2020 data.

Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:

Read more about a PRO membership.

Tech-selection tips: Spend Matters has your 5-step guide to go from diagnostic to decision for how to buy procurement technology.

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