The flexibility and problem-solving skills procurement teams developed during the peak of the Covid-19 pandemic helped to prepare them for the challenges of 2022. Yet, more difficulties lie ahead. The leaders that invest wisely in a blend of new skill sets, data and automation will be best placed to transform upcoming challenges into a source of competitive advantage.
CPO COMPASS
Upgrading procurement capabilities
Procurement teams need to move beyond the fire-fighting approach that helped them survive the pandemic to build resilience for the long haul. Data and talent will be key
In partnership with
A data-driven function
Procurement teams increasingly recognise the value of data as they seek to gain more transparency over the supply chain and operate with greater agility.
90%
The proportion of respondents that reported they intend to expand the use of data to drive efficiency gains in 2023.
Automating manual tasks to focus on strategic priorities
As an ever-more challenging environment places increased demands on the function, leaders must accelerate the automation of manual processes to help deliver efficiencies and enable staff to focus on strategic priorities.
“Too many of our procurement colleagues express their frustration about pointless work, trying to get answers and not necessarily applying their insights. If you have an environment where people can get most of the information relatively fast so they can add their insight, then the work becomes much more meaningful”
CPO, multinational life sciences company
Procurement’s evolving skill set
As the spectrum of challenges that procurement teams must confront continues to expand, so does the range of skills the function requires to tackle them.
60%
The percentage of respondents that reported their function has brought in, or plans to bring in, specialists from outside traditional procurement roles.