As part of the digitalization of their chaîne Source-to-pay, companies' top priority in 2024 is to strengthen regulatory compliance and risk control. More than three-quarters of participants (76.5%) in the latest Acxias online survey on the subject place this response first, well ahead of the intensification of cost-saving plans (re-sourcing, reverse auctions, etc.) which totals 17.6% of citations, and given the strengthening of contractual compliance and respect for listed suppliers (5.9%). In the current context of inflation linked to the latest crises and climate change, made more complex by cascading regulatory obligations, controlling hazards of all kinds (financial, operational, legal, environmental, social, ethical, etc.) has indeed become a crucial issue, to secure processes and maximize results.
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In the context of the increasing digitalization of their Source-to-pay operations, companies of all sizes are focusing in 2024 on an indisputable priority: strengthening regulatory compliance and risk management. According to the latest online survey from Acxias, this major concern is shared by more than three quarters of participants (76.5%), far outclassing other initiatives such as the intensification of savings plans (re-sourcing , reverse auctions, etc.), which only obtained 17.6% of the votes, and the strengthening of contractual compliance as well as respect for listed suppliers, collecting only 5.9% of the votes.
In the current climate marked by inflation resulting from recent crises and the challenges posed by climate change, companies face a multitude of cascading regulatory obligations. The pressures to adapt to environmental, social and ethical standards are greater than ever. In this context, controlling hazards of all kinds – financial, operational, legal, environmental, social, ethical, and others – has become a crucial issue.
It’s not only about securing processes, but also maximizing results in an increasingly complex and demanding business landscape. Businesses must juggle a myriad of risk factors, from financial market volatility to political instability to global supply chain challenges. In this context, effective risk management becomes a strategic imperative to ensure the sustainability of activities and guarantee sustainable growth in a constantly changing world. The most agile businesses will be those able to successfully navigate these turbulent waters, adapting their strategies and adopting innovative approaches to anticipate and mitigate potential risks.