“We need to balance value and risk whilst improving experience-centricity.”
That’s the question chief procurement officers need to be asking themselves.
Because businesses are facing unprecedented change and disruption. The industry landscape is constantly evolving, and for some organisations, their very existence is under threat - especially in the new reality. Consumerisation, increasing regulations, and shifts to outcome-based pricing are just a few reasons why procurement leaders are re-evaluating their strategies.
Then there’s the impact of automation and analytics, self-service, and a myriad of user-friendly processes, policies and procedures. Add to this the ever-present pressure to do more with less, and it would appear the role of procurement is shifting dramatically, with a focus on adding value.
Procurement has a bright future. It just needs a strategic re-evaluation, and to harness new technologies to become more agile and resilient.
The future of procurement
Focus on innovation, relationships, decentralisation and agility – to stay in front of change.
The CPO agenda for the future of procurement
Leading procurement organisations have developed an agenda to deal with disruption. They are moving into the future by becoming:
Category innovators
Use deep supply market insights and predictive analytics to deliver on organisational needs.
Customer-centric
Become user-friendly by delivering seamless procurement experiences and business compliance.
Supplier-centric
Drive supplier performance and take partner relationships to a new level.
Sustainable Sourcing
Integrate within the wider supplier risk and value chain agenda, while driving a social, sustainable agenda.
They are also enabling the future of procurement with:
A digital platform
How do you harness technology to re-energize and re-focus procurement’s activities?
Insights and analytics
How do you capitalise on data to drive work prioritisation and deliver superior procurement experiences?
The workforce of the future
Are your procurement professionals ready to become relationship brokers and data masters?
An agile operating model
How do you restructure procurement to enable flexibility and a stronger connection to other parts of the business?
Where next?
It’s no longer business as usual for procurement. There are more disruptors at work than ever before – and they’re moving fast and at scale. The key to success is to develop a blueprint for how your procurement team can turn these disruptors into opportunities to grow and gain competitive advantage.
This is what the future requires of procurement. Contact us today to accelerate your digital transformation journey.
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Find out what does the future hold for your business, your industry and your role with insights that will help predict the opportunities that lie ahead.