Global Chief Procurement Officer – Growth: The cost and digital imperative [REPORT]

Growth ambitions and the pace of change are high in an uncertain market. Defensive strategies being implemented by chief financial officers are demanding rapid and sustained cost reduction from procurement. Driven by a lack of talent and increasing digital innovation, the traditional procurement operating model has to change. This report covers the key themes and challenges facing the procurement function—including market dynamics, value delivery, collaboration, digital procurement, and talent. Gain insight into the key opportunities and challenges shaping the future of procurement.

Four key themes for procurement leaders

Whether a member of the C-suite, a procurement leader, business partner, procurement practitioner, or supplier, we hope that you will find this report valuable in furthering your ambition, strategies, and performance.

The report covers key themes and challenges facing the procurement function with clear incremental and exponential actions to consider. CPOs are supporting growth in uncertain times through continued delivery of cost and cashflow benefits to the business. Chief procurement officers (CPOs) should use high internal business support to build capabilities in value and collaboration, talent, and digital procurement.

•     Value and collaboration: Longer term value levers of supplier collaboration and restructuring of relationships remain at lower levels. Business partnering is strong, but there is a consistent gap in where procurement leaders want to be and an acknowledged lack in the leadership skills to be able to close this gap.
•     Talent: While there is an increased requirement for leadership and digital skills, there is limited change in the investment or approach to close the talent gap. With improvements in technology enabling automation, the skills of the past will not deliver the needs of the future. Organizations should look to attract and develop the next generation of procurement leaders who will act as innovators, challengers, and digitally minded-thinkers.
•     Digital procurement: Three-quarters of respondents believe that procurements’ role in digital will increase. Procurement leaders are looking to overcome key barriers in data and capability in order to achieve significant impact from both their core operational systems and their new digital and analytical solutions.

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