Chief Procurement Officers need to take on the role of a strategic leader and assume greater responsibility for organizational performance and direction.
Procurement is at a cross-road. It has to transcend its traditional focus of transactional processing and driving process efficiency and productivity, to a leadership role where data is integral and procurement is an essential partner to shaping the organization’s direction.
How CPOs maximize their influence and contribution may well lie in the organization’s appetite to invest in technology and digital enablement. With data as the currency of the future, having a clear procurement data strategy and governance in place would enhance the organization’s ability to tap into rich data and cognitive analytics for better decision-making.
In this report, we explore the evolving role of CPOs and the value of the procurement function in the new business and operating environment, in particular how business owners can leverage procurement to better understand their customers’ needs, raise the bar on customer experience, unlock value and create sustainable competitive advantage.