The Chief Procurement Officer (CPO) is a relatively newcomer to the C-suite. However, these sourcing pros are finally getting a real seat at the corporate planning table as it becomes clear that the function has true strategic value for the organization.
Especially as the global economy improves, CPOs are driving new and strategic agendas. The Deloitte Global CPO Survey 2014, released earlier this year, said it this way:
Change will be felt in the diversity of requirements, the expected workload, and creativity in supply base strategies required to enable profitable growth and business differentiation. Cost control remains a priority, but its relative importance is lower than last year, and businesses are increasingly looking for procurement input to new product development, innovation and mergers and acquisitions.
The procurement function, perhaps more accurately called the strategic sourcing function, must focus on creating a system that is, according to Deloitte:
- Rapid: Focused on delivering results to the business.
- Efficient: Investing in the right number of appropriately skilled people.
- Innovative: Developing business insight driven by analysis and supplier input.
Recently, at the Zycus Horizon 2015 conference, EBN heard from some top procurement professionals and market research experts in the world about how they see the CPO function developing and contributing to the organization. Click on the picture below for a slideshow of the best sound bites from the event:
How do you see the role of procurement evolving in your organization? Let us know in the comments section below.
— Hailey Lynne McKeefry, Editor in Chief, EBN