Without a comprehensive procurement strategy in place, it’s impossible to know whether your procurement organization is aligned with the corporate strategy, and whether progress is being made. A strong procurement strategy must have a definitive plan for optimizing external spend, procurement operations and other value contributions in a manner that supports the overall corporate agenda.
Consero’s 2017 Procurement and Strategic Sourcing Report provides insight into numerous industry issues including technology management, challenges in talent development, and supplier relations.
The 2017 Procurement and Strategic Sourcing Report highlights talent gap, heightened cybersecurity concerns, and global vendor risks as some of the many challenges corporate executives must overcome. According to Consero, chief procurement officers will need to invest in the right technology and develop their talent to tackle the looming challenges while supporting the pursuit of higher profit.
Read the latest in best practices for technology investments and talent development to tackle looming challenges while supporting the pursuit of higher profit. Highlights of procurement challenges and priorities include:
- Cost control as a top priority area, followed by supplier management and talent development/retention
- Improve monitoring of cybersecurity, third-party contracts and regulatory compliance
- Generate support from leadership teams to ensure availability of departmental resources through early engagement and stakeholder analysis
- Identify an effective recruitment strategy to bridge the talent gap
- Increase use of monitoring to improve analysis and organization wide transparency; improve technology infrastructure
Read the full Consero 2017 Procurement and Strategic Sourcing Report