Canadian procurement is experiencing a growth of jurisdiction, which often extends to previously unmanaged categories, with travel as an outstanding example. This report, produced in cooperation with Carlson Wagonlit Travel, take a close look at trends including: - The growing role of the CPO - Techniques for controlling travel spend and enforcing compliance - The role of technology in proving procurement's value

1. Charting Canadian Procurement’s
Growing Influence
The 2016 ProcureCon Canada Benchmark Report

2. 2
Executive Summary
Table of Contents
It’s no longer a question whether we have a seat at
the executive table. The question is how big a voice
should we have in the future strategic direction of
our organizations?
We’ve generated huge savings in corporate spend.
That grabbed the C-Suite’s attention and gave us our
seat at the table. But is it the voice that’s best for the
business? Are we where we want to be? Truth is, we
know we have more value to add.
Great executives know that mandates can only be
so effective. Management by mandate perhaps
gets the ball down the field but not to the goal. No
department wants to be told what to do and how to
do it no matter how good the results are. Gaining
more sustained buy-in comes from something
else…from somewhere else. We shouldn’t have to
justify our value, but the bottom line isn’t always the
Executive Summary . . . . . . . . . . . . . . . . . . . . .2
Additional Contributors . . . . . . . . . . . . . . . . . . .2
Key Findings . . . . . . . . . . . . . . . . . . . . . . . . .3
Research Findings
Improving alignment with key business
stakeholders and with the business at large . . . . . . . .4
Addressing spending across indirect categories . . . . . .6
Developing jurisdiction over travel and meetings spend . . 8
Nuances in travel sourcing and internal
challenges for procurement . . . . . . . . . . . . . . . 10
bottom line. Executives outside of procurement and
the C-suite want something more.
As you’ll see in this year's benchmark results, we’re
making steady progress. We can’t deny that. But
there is more to do to get the variety of business
units we serve to better appreciate our contributions,
and new categories to manage that will test our
skills.
Our next phase is not just about demonstrated cost
savings and mandates. We are expanding the skills
that get us beyond mandates so we can create true
partnerships with other groups. We are getting to a
place to a place where those groups will voluntarily
choose our recommendations. Maybe that’s what
the C-suite wants, too!
We see a bright future.
Applying technology and improving
travel management performance . . . . . . . . . . . . 12
Key Recommendations . . . . . . . . . . . . . . . . . . 14
Appendices
Appendix A: Methodology . . . . . . . . . . . . . . . . . 15
Appendix B: Demographic information . . . . . . . . . 15
Carlson Wagonlit Travel . . . . . . . . . . . . . . . . . 15
WBR Digital . . . . . . . . . . . . . . . . . . . . . . . . . 15
Additional Contributors
In addition to the benchmark data and analysis
contained in this report, several executives and
industry experts have contributed their insight
via interviews. Selected quotations have been
used to add context and color to the statistical
information contained in this document.
Interviews centered on benchmark findings as
well as key trends identified by research.
Lis Anderson
Director of Procurement and
Supplier Management
Finning
Jim Canning
VP Client Services,
Carlson Wagonlit Travel

3. 3
Key Findings
Canadian procurement
continues to consolidate
jurisdiction over spending
within their companies.
Not only are Canadian
companies progressively
adopting procurement
structures where there is
consolidation of authority
within centers of excellence,
the influence of these
procurement centers is growing
to touch more spending.
With refinements in both the
technology and best practices
that procurement can apply to
spending, the department can
reliably influence the bottom
line when they are called in.
As procurement’s role
solidifies, differences
between more developed
departments and those
that are relatively newer
become more apparent.
While procurement at large
is advancing along a general
trend-line, the maturity of
individual businesses is usually
a predictor of the role that
procurement will play within
them. Within a smaller company,
a decentralized procurement
department with voluntary
interaction on the part of other
business units is common.
Procurement tends to gain
greater influence and mandate
as the amount of spend within
the company grows, and the
savings potential of each indirect
category grows proportionally.
Like IT, travel is an indirect
spending category that is
increasingly being looked
at through the lens of
procurement best practice.
Within many growing businesses,
indirect spending categories
that would have been solely
controlled by specialist
departments, or managed by
a group of stakeholders are
now under the procurement
umbrella. With pressures to
maintain customer satisfaction
while demonstrating results to
key stakeholders, travel is often
one of the last categories to
be looked at by procurement,
and thus holds promise for
significant savings and process
improvements. For many, a
hands-off approach to contract
management is still an issue
that can complicate compliance
down the road.
Over the last few years, procurement has become more involved in high-
level strategic planning, and that is because procurement has been given the
opportunity to show what value they can bring, and build their credibility based
on those results. As long as that credibility keeps building, more and more
organizations will start bringing their procurement leaders into their C-suite
discussions.
- Lis Anderson

4. 4
Research Analysis
Improving alignment with key business stakeholders
and with the business at large
1
2
3
4
5
1
2
3
4
5
2%
0%
7%
17%
31%
42%
48%
29%
12%
12%
On a scale of 1-5, how aligned are procurement' goals with the business?
(1 = not aligned, 5 = completely aligned)
On a scale of 1-5, how much value does management place on procurement?
(1 = not values, 5 = completely valued)
Almost half (48%) of Canadian procurement groups
are now close to being fully aligned with the goals
of the businesses that they support, a growth of 7%
over last year. The share of procurement groups
reporting an average level of alignment (31%) also
increased 7% over last year, reflecting a general
movement of business leadership to embrace
the involvement of procurement in helping their
organizations operate with peak effectiveness.
While the percentage of procurement teams who
report full alignment with their business is just
12%, responses are now consolidated at or above
average, reflecting a generally strengthened
relationship between the role of procurement and
the greater organization within the majority of
businesses.

5. 5
Research Analysis
Mandated, with full jurisdiction
over spend
Mandated, with consultative
interaction with other business units
Non-Mandated, with interaction
encouraged by management
Non-Mandated, voluntary
engagement
12%
61%
17%
10%
Describe the level of mandate in your Procurement Environment:
While 42% of procurement executives feel that
business management places an average amount
of value on their contributions, 29% feel they are
above average, with another 12% reporting that
the management within their organizations fully
values their contributions and recognizes them
as vital to the business. Building relationships with
important management personnel is tied to the
ability of procurement to communicate the value
that they are creating, as well as coordinate closely
Close to two-thirds (61%) of procurement teams
are operating in an environment where they
are supported by a mandate coming from the
top down, playing a consultative role within their
organizations and working closely with other
departments to help them maximize value while
conserving budgets. Another 12% have been granted
full veto power over the indirect categories that
they are involved with, essentially placing the reigns
of the company’s purchasing strategy directly in
with the business units they work with. In some
growing indirect spending categories such as travel
and meetings, where another department may
have recently had full jurisdiction over purchasing,
building bridges with stakeholders is the key to
increasing both realized and perceived value.
Another key is proactive involvement, in particular
when a deal is not simply limited to negotiations and
enforcing compliance becomes a relevant issue.
procurement’s hands. For 17% of procurement
departments, while interaction from other business
units is not set into policy, upper management is
actively encouraging other units to engage. Just
one in 10 procurement departments is still non-
mandated and completely voluntary, which may be
a indicative of newer procurement departments that
are still establishing their roles and value creating
abilities within their organizations.
In my opinion, there is an ebb and flow between center-led and centralized
procurement models. In Canada, particularly in the west, as the economy is fairly
contracted, the focus is on centralization in order to gain greater spend control. In other
years, where there is less of a focus specifically on budget, the center-led model can
become more prevalent as you will have your suppliers established and you can push
out the tactical side of procurement to the business, focusing more on strategy.
- Lis Anderson

6. 6
Research Analysis
Addressing spending across indirect categories
MRO
IT (Hardware/Software)
Human Resources
Logistics & Fleets
CapEx. Construction
Consulting
IT (Process/Automation)
Marketing/Advertising/Printing
Facility Management/Real Estate
Energy
Corporate Services/Finance
Telecom
Travel/Meetings
Legal
Contingent Labor
Benefits
50% 22% 14% 7% 7%
48% 20% 16% 8% 8%
40% 20% 20% 10% 10%
37% 18% 27% 18%
32% 21% 5% 21% 21%
27% 7% 20% 33% 13%
14% 50% 8% 14% 14%
12% 25% 25% 19% 19%
4% 25% 21% 29% 21%
10% 60% 10% 20%
17% 33% 17% 33%
30% 30% 30% 10%
100%
25% 25% 50%
25% 50% 25%
20% 60% 20%
Please rank the top 5 categories that form your highest percentage of spend
(Rank 1-5, 1 as highest): 1 2 3 4 5

7. 7
Research Analysis
What % of your organization’s addressable total annual indirect/corporate spend is addressed?
What is the annual savings % on your addressed spend?
The two largest indirect categories reported by
Canadian procurement leaders are currently MRO,
parts, equipment leasing and maintenance, as well
as IT products including hardware and software. IT
solutions for process and automation were the most
common secondary response, while benefits, legal,
and energy were all common as third choices. The
growing category of travel had a relatively strong
showing as both a secondary and tertiary indirect
category, reflecting the expanded role procurement
plays in its management within many Canadian
companies.
Just shy of half (49%) of procurement departments
are now addressing at least 61% of the total indirect
spend within their companies, covering a broad
range of categories that demand varying degrees
of category knowledge to manage effectively. By
contrast, a quarter are managing below 40% of
the total addressable indirect spending within their
companies. Another 26% are in between, managing
between 41-60% of spend within their organizations.
These results show year-over-year increases
around each answer segment, with the exception
of the 0-20% range. The observable trend is that
procurement teams are gaining greater control as
they mature.
0-20%
21-40%
41-60%
61-80%
81-100%
0-5%
6-10%
11-15%
16-20%
>20%
2%
27%
23%
47%
26%
18%
31%
5%
18%
3%

8. 8
When it comes to the percentage of savings
that procurement teams can achieve, 47% are
managing to win back between 6-10% of what their
companies would otherwise spend. Just over a one
in four teams (27%) is able to create between 0-5%
savings on indirect spend. On the other end of the
spectrum, 18% are building in savings in the range
of 11-15%, a growth of 3% over last year. Compared
to 2015, the most significant change is in the share
of procurement groups creating between 16-20%
As Canadian procurement departments grow
their roles within the businesses that they serve,
the demonstration of value through savings will
often persuade business leaders to broaden their
jurisdictions. One area that has been coming under
increased scrutiny is travel and meetings spending.
savings, which decreased by 12%. This is likely an
indicator of more mature procurement departments
having addressed the “low-hanging fruit” within
their organizations, which can create major savings
that taper off as new strategies become normalized
and the business adjusts. These procurement
departments are ready to expand their roles into
other areas of spend that have yet to be fully
brought up to their managed potential.
The subjective nature of what constitutes a good
travel experience, the naturally varying needs of
individual businesses, and perceptions among
business stakeholders have made it into one of
the last categories to be formally addressed by
procurement.
Research Analysis
Developing jurisdiction over travel and meetings spend
We do see a shift with Strategic Procurement taking a more active and lead role in the
travel buy. Although intent is always to drive travel spend savings, it can sometimes be a
challenge to shift focus away from the transaction fee, which represents about 2-4% of
the overall spend, and focus more on what unique technologies and other capabilities
can be implemented that would help drive compliance and more impactful savings.
- Jim Canning
What is the level of control procurement has over spend for the travel category?
Involvment in the sourcing of
travel suppliers only, with no
other involvement
Solely cost-addressing role
without influence in strategic
decisions
Consultative role assisting
another department
Shared influence with another
department
Full oversight and control
19%
11%
16%
30%
24%

9. 9
Currently almost a quarter (24%) of procurement
teams have assumed full oversight and control of
the travel category, owning sourcing and decision
making completely. Another 30% share influence
with another department while having a firm handle
on their own role within the process. For 16%, the
role they play around travel is more consultative,
liaising with another department with ownership of
the final results of the process while furnishing them
with options and strategic guidance. For 19%, travel
remains an area where they only have tangential
engagement, and only enter into the sourcing
process on behalf of departments or individuals who
control final outcomes.
Research Analysis
>$10M
$5M-$10M
$1M-$5M
<$1M
8%
11%
36%
45%
What is your organization’s approximate annual air travel spend?
While air travel expenses fall beneath the million-
dollar mark for 45% of Canadian businesses, 36%
spend between $1-5 million annually, and 11% are
paying out $5-10 million, a major expenditure even
on the part of a larger business. Lastly 8% spend
more than $10 million annually, representing an area
of spend that is large enough to merit significant
oversight and controls.
Call service levels
Low transaction
fees or booking
Traveler
satisfaction and
convenience
Ability to drive
overall spend
savings
Please numerically rank the internal priorities of the travel procurement department
19% 41% 41%
29% 29% 21% 21%
31% 28% 25% 16%
50% 21% 11% 18%
1 2 3 4

10. 10
Research Analysis
The imperative to control spend can be clearly
seen when procurement leaders rank their internal
priorities around the travel category. For 50%, cost
avoidance is top priority, and for another 29%, it
is specifically lowering costs around bookings or
eliminating transaction fees. Part of what makes
travel more complex than certain other indirect
categories is the subjectivity of what constitutes a
good experience, which explains the strong showing
of traveler satisfaction and convenience. For 31%
of travel procurement teams, it is their number one
goal, and the secondary goal of 28%, virtually a tie
with elimination of transaction and booking fees.
The most common tertiary priority is maintaining
high call service levels, which are a complementary
component of an overall great travel experience.
Nuances in travel sourcing and internal challenges for procurement
We don’t think about travel
until we have to
Travel is constantly
monitored to stay current
A few months prior to the
current contract expiring
More than 6 months out
from the RFP
46%
30%
13%
11%
At what point is travel researched prior to procurement’s involvement?
These results are not surprising. Providing excellent service on calls is what we would
view as “table stakes” today - it’s a given expectation. Companies are looking for more
ways to stretch their travel spend. Technology is playing a critical role. For example,
Carlson Wagonlit Travel will be implementing a solution this year that automatically
tracks the airfare or hotel price booked to see if a lower price can be found, right up
until the day prior to travel. If the system finds it, and given change fees, etc, our client
can still save money, then we rebook. This is all at no out of pocket cost to the client.
- Jim Canning

11. 11
Research Analysis
68% Simple
32% Complex
In comparison to other categories, is travel procurement viewed as a simple
or complex process?
Travel can often make up a robust share of total
indirect spend in many companies, yet often is not
given the attention that it deserves. This can be seen
in the 46% of procurement teams that do not think
about travel procurement until it becomes an issue
for them. On the opposite end of the spectrum, 30%
of procurement teams are constantly monitoring
travel in order to stay current. In between these
two poles, 13% will become engaged with travel
research several months in advance of their current
contract expiring, and another 11% begin more
than six months in advance of an RFP. Perceptions
of difficulty can vary depending on how deep
procurement is willing to go into strategically
managing value.
The technology available today can really drive travel spend savings, but it does take
time ahead of an RFP to understand what is out there, and what weight you would give
it during the procurement process. I would also add that most TMC contracts have
about a three-year duration, and advancement in technologies can evolve significantly
over that time period. I recommend always keeping up to date on what is available and
determining whether savings are being left on the table.
- Jim Canning
Some of the challenges I’ve seen include showing business travelers the benefits of booking
their travel through a TMC and ensuring that they understand what the program is and
is meant to do in the first place - for instance, the difference between going through a
TMC versus a travel company’s website, and explaining the value that is associated with
compliance. Most importantly, there is the safety aspect of compliance. Travelers might not
understand that by going outside of our system, we will lose visibility on where they are and
won’t have the ability to help them as quickly should anything go wrong.
- Lis Anderson

12. 12
Research Analysis
The split between those with a more lax approach to
travel and those who spend more time researching
and staying on top of the category is reflected in
the distribution of those who feel it is more or less
complex compared to other indirect spending
categories. For 68%, travel procurement is seen as a
simple process relative to other sourcing categories,
while just about one in three (32%) feel that travel is a
more complicated category than others under their
management.
Implementing a travel solution for a client can be a very unique undertaking. Many have
specific travel approval requirements, Finance and HR systems, expense management
needs, and of course travel policies differ as well. Add on to that the implementation of an
online booking tool, and of course other unique technologies that help drive compliance,
and it can get a bit complicated. It depends on what a client wants to achieve.
- Jim Canning
Supplier negotiations
Traveler satisfaction
Accommodating traveler
preference
Addressing lack of oversight/
visibility on spend
Demonstrating value to
stakeholders
Compliance
11% 15% 22% 26% 19% 7%
11% 30% 15% 7% 30% 7%
16% 8% 8% 4% 20% 44%
24% 24% 16% 20% 16%
25% 25% 22% 14% 14%
40% 14% 21% 14% 11%
Please numerically rank your corporate priorities associated with sourcing for travel
1 2 3 4 5 6

13. 13
Research Analysis
One of the factors that showcases the disconnect
between travel management and the importance
of outcomes are the priorities that procurement
emphasizes. For 40% of procurement teams, the
number one priority that they bring in to managing
the travel category is enforcing policy compliance,
which can be complicated by the prevalence of the
internet and the ease with which an individual can
make a purchase, as well as sourcing decisions that
fail to allow for actual buyer behaviors. Travel buyers
have access to a wide range of channels, and there
is often no easy way to monitor purchases made
while they are mid-trip. With 25% of procurement
groups placing value demonstration to stakeholders
as their number one priority, and another 25%
naming it their second most important, it’s clear that
justifying procurement’s involvement in the area
is another key concern. With 24% placing a lack of
oversight and visibility into spend as their top priority
and an equal percentage placing it as their second,
one of the main challenges that procurement faces
when becoming involved in the travel category is
effectively controlling behaviors and consolidating
the spending information associated with them.
There have been several studies done that look at why travelers go outside policy, don’t
use preferred suppliers, and the number one reason by far is that they believe they can
save money. The study also shows this behavior actually increases spend, but it’s good to
know travelers are mostly doing it for the right reasons. So the challenge becomes one
of communication, education, and staying on top of it. Tools exist that can help with this.
For example, CWT has an automated messaging tool that can remind travelers to book a
compliant hotel if they booked airfare only, or congratulate them when they have booked
a fully compliant trip. These messages are completely automated and can be based on
hundreds of parameters - all focused on driving compliant traveler decisions.
- Jim Canning
By enabling technology to allow travelers to choose their own preferences within a
range of compliant options, you allow travelers to feel like they are making their own
decisions and not being forced into a one-size-fits-all outcome. Getting out there and
selling the concept and educating on the benefits of a corporate program as opposed
to going rogue, as well as highlighting the safety aspects, will give travelers pause to
think about why there is personal value in complying.
- Lis Anderson

14. 14
Research Analysis
Emergency support
Mobile booking/check-in/alerts
Compliance/savings focused
technologies
Safety and security
Reporting
Online booking
14% 9% 27% 23% 27%
15% 31% 27% 4% 4% 19%
16% 13% 21% 13% 21% 16%
21% 7% 17% 13% 29% 13%
21% 18% 26% 21% 7% 7%
48% 28% 4% 12% 4% 4%
Please numerically rank the most important technologies/ tech features that can be
leveraged to improve travel programs
1 2 3 4 5 6
The single most significant tech feature that
procurement groups feel they can leverage to
improve their travel programs is online booking,
with 48% placing it as the biggest contributing
piece to an effective travel policy, putting the
ability to manage compliant transactions into the
hands of travelers, as opposed to keeping the
tactical workload of individual bookings within the
procurement department. Reporting, safety, and
security are all considered top priorities by 21% of
procurement teams, with reporting taking the edge
as a second and third priority. This is significant, as
visibility of spending carries such a high premium
for procurement. For 18%, compliance tools would
be the most important tech feature that they could
leverage to improve their travel programs, which,
given the importance of compliant behavior to
smoothly managing a program, have the opportunity
to make significant improvements in their efficacy
and smoothness. Mobile booking and check-in
alerts, while the first choice of 15% of procurement
teams, had a stronger showing as a secondary and
tertiary priority, indicating that for most teams mobile
booking has a place within their top three.
Applying technology and improving travel management performance
Online booking is a cheaper and much more convenient channel for booking travel. And it
can help drive compliance. But it’s not a silver bullet. Most policies allow for exceptions, so the
challenge becomes one of human behavior, whether booking online or not. We do know that
most travelers will make the right company decision once aware of the impacts. So booking
same day trips are likely not encouraged, but are potentially allowed. So how does a company
tilt this behavior in favor of a more cost effective decision? And thats where communication,
instant messaging, employee rewards, etc, can really have a huge impact.
- Jim Canning

15. 15
Research Analysis
Low transaction fees
Leveraging/support on the
supplier contracts (air/hotel/car)
Driving compliance to policy
20% 47% 33%
43% 27% 30%
44% 23% 33%
When evaluating travel management company savings, how would you rank the following
from 1-3, 1 being most important:
1 2 3
The benefits of stronger travel technology can
extend across several categories, however which of
these benefits are the most desirable will depend on
the specific needs of individual procurement groups.
When it comes to what creates the biggest impact
on savings, the majority of procurement teams are
split between prioritizing policy (44%) and leveraging
support on supplier contracts (43%). As a secondary
priority, low transaction fees are the standout,
backed by 47% of procurement teams.
If you’re not using technology today, it’s really hard to ensure compliance. I think most
people are busy, and want to book their travel along the lines of what they like or dislike,
and it’s an emotional decision. Implementing an online booking tool has really helped
with compliance for this reason, so that the traveler can go in and feel like they are
booking the travel on their own, but are still adhering to travel policy, or are made aware
of their non-compliance. App incorporation has also been very helpful, but also I think
promoting a general awareness of a travel program and why it’s there is essential for
creating compliance.
- Lis Anderson
Although I am a bit relieved to see less of a focus on booking fees, I honestly do not yet
see the interest in proven capabilities that help drive policy compliance. I do think having
Strategic Procurement more and more involved and leading the travel management buying
process will absolutely help focus more on how impactful savings can be realized.
- Jim Canning

16. 16
Key Recommendations
Internal relationships and
communication are keys
to procurement success.
Procurement naturally excels
at creating savings and building
strategy into business goals.
The other side of the coin
is procurement’s need to
communicate the value of these
wins to business leadership.
Without taking the time to
internally sell procurement’s
processes and results, it can be
much more difficult to expand
jurisdictions and gain the
cooperation of business leaders
who may still have final say over
purchasing decisions.
As “low-hanging fruit”
discounts are pursued, the
effect of procurement on
the bottom line can be
normalized, increasing the
need for communication
around value.
Procurement is often able
to create high margins of
savings as they are called in to
address categories that have
never had formalized controls
applied to them, which means
that they are able to create
transformations around value
within the early years of their
establishment. Within more
mature organizations, the track
record of value creation can
lead to greater control, but
when obvious steps are taken,
procurement must lean on
communication of the value
they are building to supplement
their incumbent best practices.
Travel is an example of a
procurement category that is
newly ripe for re-examination,
and another avenue for
creating savings and value.
Having long resisted more formal
controls, the personal nature of
travel outcomes makes it one of
the last areas to come under the
umbrella of procurement’s influence.
While there are challenges present
within the category, including
preserving cost efficiency while
accommodating traveler preference,
enforcing compliance, and
expressing value to stakeholders, in
general procurement has a major
opportunity to create new savings in
this area. One way they will be able
to realize these savings is by more
closely monitoring the category and
getting out further ahead of RFPs in
order to maximize the potential for
traveler behavior that is compliant
and still delivers practically and
experientially.
Having Strategic Procurement more and more involved and leading the travel management
buying process will absolutely help focus on how more impactful savings can be realized.
- Jim Canning

17. 17
Appendices
Carlson Wagonlit Travel
WBR Digital
Appendix A: Methodology
Appendix B: Demographic information
The results analyzed in this report were gathered
from responses to an on-site benchmarking survey
delivered at ProcureCon Canada 2016. 44 executives
Carlson Wagonlit Travel
(CWT) is a global leader
specializing in business
travel management. CWT
is dedicated to helping
companies of all sizes, as well
as government institutions
and non-governmental
organizations, streamline their travel programs
and provide best-in-class service and assistance to
travelers.
Report Author
Andrew Greissman
646-200-7950
Andrew.greissman@wbresearch.com
responded to the survey. Interviews with sources
were conducted after survey data was compiled, and
centered on discussion of benchmark results.
By making use of the talents and know-how of its
people around the world and providing leading-
edge technology and innovative solutions, CWT
enables clients across the globe to drive savings
while delivering service and enhancing security and
sustainability.
CWT also plays a major role in meetings and events
management, providing strategic know-how and a
host of services and technology solutions that help
companies make the most of their investment.
WBR Digital connects solution providers to their target audiences
with year-round online branding and engagement lead generation
campaigns. We are a team of content specialists, marketers, and
advisors with a passion for powerful marketing. We believe in
demand generation with a creative twist. We believe in the power
of content to engage audiences. And we believe in campaigns that
deliver results.
62% Centralized
19% Decentralized
19% Center-lead
16% Pharmaceutical
14% Insurance/healthcare
14% Telecom, electronics,
hi-tech
14% Energy, oil gas
9% Government
9% Other
5% Mining
5% Entertainment/gaming
5% Third-party logistics
5% Other transportation
2% Manufactured goods
2% Aerospace/defence