It’s true that companies sell products. To have inventory to sell, companies buy products, too.
Procurement departments are responsible for procuring (aka buying) supplies, raw materials and services the company needs to function and run its business. Like everything else these days, what used to be a straight-forward function is changing rapidly. Today, the procurement department is an essential part of a company’s business strategy. There’s even a buzzword for this trend: future-proofing.
What does future-proofing mean? In today’s political and economic uncertainty, as well as technological and climate changes, procurement teams must be prepared for anything—and they must be quick to adapt against disruptions.
To remain competitive in the global market place, procurement teams must pay close attention to a constantly changing landscape. Even more difficult, they must be prepared to have a solution for problems that is not yet on the radar.
With that in mind, KPMG offers a study that defines future-proofing as a core procurement strategy. The study observes a future that applies market intelligence and environmental scanning, adapting and leveraging trends, and enabling a competitive edge for the modern procurement function.
KPMG’s latest study is designed for future-oriented executives, CPOs, procurement managers, supply chain chiefs, and procurement-relevant managers in different industries.