Published: 26 April 2023
Chief procurement officers often believe they are at an inherent funding disadvantage, which leads CPOs to lower their funding requests. Recent Gartner insights show that self-censored funding requests are actually harmful to procurement’s goals and decrease the likelihood of request approval.
Procurement technology spending requests are 24% more likely to receive approval when procurement leaders request the exact technology that they want as compared to partial requests for a lesser technology.
Decision makers state their top reason for denying technology spending requests was due to insufficient value proposition, not resource availability.
The price point at which procurement technology investments attract more scrutiny suggests that procurement is not inherently disadvantaged compared to other functions.
Procurement and decision makers are not that far apart on what constitutes “expensive” technology for the function.
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