Amazon Business Survey points to procurement budgets on the rise for 2024

Inflation-driven business budgets are expected to rise again in 2024 according to a new survey from Amazon Business.

Amazon Business released its 2024 State of Procurement Report this morning, noting that 53% of respondents expect budget increases next year and another 32% expect budgets at current levels. Additionally, 98% are planning investments in analytics and insights tools, automation, and artificial intelligence (AI) over the next few years as companies seek out more technology-focused solutions.

This follows a year where a focus on reducing costs took center stage as the price of everything from raw materials to transportation spending increased due to rampant inflation. But, the report notes, the cost-efficiencies gained and savings generated are now poised to be reinvested in procurement processes.

The report, which was fielded online from June 6 to July 14 among 3,108 procurement decision-makers and senior leaders familiar with procurement operations at their organization, highlights business-to-business (B2B) trends and global insights around procurement needs, priorities, and challenges. It features insights from government, financial services, hospitality and food service, health care services, manufacturing, medical and pharma, retail, technology, and telecom industries, and includes insights from buyers in France, Germany, Italy, Japan, Spain, UK, and U.S.

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