83% of Procurement and Finance Leaders Feel Accountable for Innovation: Study

Nearly 55% of organizations still prioritize cost control over flexibility, even after several years defined by supply chain shocks and economic disruption, according to new data from Raindrop Systems.  

“Procurement and finance have evolved well beyond the stereotype of just being responsible for managing costs,” says Ward Karson, chief operating officer of Raindrop Systems. “Today, these departments are expected to help drive strategic resilience, yet many remain caught in a cycle of ambition without action. Until they have the right tools to turn intent into results, their potential to fuel innovation and business growth is going to remain out of reach.”

Key takeaways:

·        Despite over four in five (83%) of procurement and finance professionals saying they feel directly responsible for innovation in their organization’s procurement strategy, less than one-third (27%) feel fully able to deliver it under their current circumstances.

·        While most professionals are still having their success measured in cost savings (48%) and risk mitigation (43%) by their leadership, nearly one in three (29%) report they see their greatest value instead as supporting overall business growth.

·        Three out of four respondents reported that, although their organizations have the right internal infrastructure to support AI, cultural resistance, limited investment, and a shortage of skills have prevented meaningful AI projects from getting off the ground. In fact, 18% reported no AI adoption has taken place to date within their departments. Respondents identified data analysis (44%), task automation (39%), team collaboration (38%), and proactive risk management (37%) as valuable tasks for AI.