A recent report by Dun & Bradstreet found that increasing regulation continues to be the chief concern for professionals in these industries, while the overall outlook sentiment is positive. [Read the full report here]
Regulation headwinds. As the regulatory landscape becomes increasingly complex, over half (53%) of respondents said that regulations and/or regulators are preventing them from doing their jobs effectively; while two-thirds (65%) said existing regulations have increased the risk to their business in the last three months. Additionally, customer/vendor due diligence is cited as a top concern impacting business in the next 6 months (67%).
Technology woes. Many organizations have adopted technology as part of their compliance and procurement programs, and over three-quarters (78%) are familiar with Artificial Intelligence. But study responses indicate there is still room for improvement: 36 percent of those surveyed believe that technology is a barrier to effective performance.
Fraught from fraud. Fifty-eight percent of respondents reported their organizations had been subject to fraud in the last two years, and of this set, 88 percent shared that the incident had an impact on their company’s brand.
Convergence of roles. Procurement and compliance disciplines have similar, overlapping needs. Nearly one-third (30%) of professionals surveyed indicated their focus spanned the above areas, and of this group, 94 percent reported being a key decision maker with enough or more than enough resources and support to meet policies and regulations.
Optimism, overall. Procurement and compliance professionals are optimistic about the current state and the future of their disciplines today. More than 90 percent of respondents registered a positive sentiment, citing feelings they believe they effectively contribute to their organizations.”Compliance and procurement professionals across the globe all want to mitigate risk, reduce costs and implement world-class due diligence programs,” said Brian Alster, Dun & Bradstreet’s global head of Supply & Compliance.
“By gleaning collective feedback about perceived roadblocks and successes alike, we can better solve for some of the issues that are preventing these functions from achieving their fullest performance,” the report noted.