The challenge of AI adoption

It’s been five years since the COVID-19 pandemic caused seismic disruption to supply chains around the world, presenting Finance and Procurement leaders with one of the biggest challenges that many had ever faced. Fast forward to today, and those same leaders are now being tasked with building new levels of agility into their business strategy and embracing AI-powered innovation. However, in a business climate filled with economic volatility, regulatory uncertainty and budgetary constraints, many of these ambitions remain largely unfulfilled.

To better understand the current state of the play across the industry, Raindrop surveyed 1,000 Finance and Procurement decision-makers across the U.S. to gauge their views on the adoption of new AI-powered technologies, the role it can play in the future of Procurement, and the real world challenges faced when it comes to successfully implementing it within their organizations.

Download now to learn how much the Finance and Procurement industry has evolved since the pandemic and how far it still needs to go before meaningful change can be realized. This report explores the growing disconnect between vision and capability for industry leaders, and what must be done to prepare for a future defined by speed, resilience, and intelligence.

KEY findings

73% of Finance leaders…

Want greater flexibility in their procurement and finance strategies. 

27% of Finance leaders…

Feel fully able to deliver true innovation today. 

18% finance and procurement leaders…

Have yet to adopt any AI.

A key area of concern raised by Raindrop’s research is a widening gap between expectation and reality when it comes to driving meaningful change within procurement processes. Of those questioned, over 4 in 5 (83%) of Procurement professionals said they felt responsible for innovation in their organization’s Procurement strategy, but less than three in ten (27%) felt fully able to deliver it under their current circumstances, highlighting how ambition at the executive level continues to outpace execution capabilities within most businesses. 

Experts agree

"No matter company size, those who delay adoption of AI-native, end-to-end solutions risk entrenching inefficiencies and falling behind peers. Partnering with proven technology providers who can quickly bridge the readiness-to-reality gap and deliver tangible ROI will determine the winners of the next wave of procurement innovation."
Patrick Raymenn, Research Director for Procurement and Enterprise Applications at IDC

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