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The Deloitte CPO survey 2017 has some interesting findings that have a lot of take-away for the modern tech-savvy procurement professionals. The survey results say that-
- 79 percent of procurement leaders to focus on cost reduction
- Almost six in ten see managing risks as a priority
- 52 percent have focus on new products, services, and market development
- 60 percent believe their teams lack the skills needed
- Three quarters believe their role in delivering digital strategy will increase
- 75 percent of C-suite executives support procurement’s position and further development
This would mean that a procurement professional who resonates well with these six findings, are pretty much aware of the demands of this evolving landscape of procurement and are likely to excel in their pursuit of delivering the best value to their clients and stakeholders.
To help the emerging procurement professionals, we elucidate what we infer from the above findings.
1. 79 percent of procurement leaders to focus on cost reduction
Cost reduction is a financial objective; a company is always willing to achieve. Cost-effectiveness helps business sustainability, and over some time, strengthens the company in its financial positioning.
As a procurement professional, your knowledge of a more comprehensive supplier base is an opportunity for better cost analysis and on-boarding of the suppliers who will offer you the best.
2. Almost six in ten see managing risks as a priority
Overwhelmed by a cost-effective supplier proposal, a procurement professional under no circumstances can forego evaluating associated risk factors. Understand that a supplier operating from a risk zone (say, geographically volatile) may propose a low-cost deal, but instead of readily accepting the same, a risk analysis is mandatory to avert future disappointment.
A procurement professional’s inherent managerial quality enforcing a thorough analysis of supply-chain risk is highly desired by organizations to keep predictable loss at bay.
3. 52 percent are focused on new products, services, and market development
New products, services, and market development are the areas to watch. It is about time that businesses get to harness more modern technologies, automate cumbersome, and mundane procurement tasks and look toward developing newer markets for supply-chain intelligence or cost-effective sourcing.
As a procurement professional with leadership goals, one need not reject successful conventional business practices but certainly be in the know, ready to adapt/adopt the new-in products, services, and markets. In no time, 52 percent will come full circle as 100 because business intelligence is forward moving hand in hand with all relevant innovation driving profitability for organizations.
4. 60 percent believe their procurement professioonals lack the skills needed
Sixty percent of the respondents of the survey were not confident about their teams as they lacked specialized skills in procurement. At Zycus, we believe project management, business intelligence, and data analytics are top of the funnel skills that the procurement industry will look forward to in their ideal candidates.
In this regard, approaching a senior leader/decision-maker in one’s organization to discuss training possibilities is highly recommended. These training will align individuals to the company’s procurement goals and groom professionals to high caliber delivery.
5. Three quarters procurement professionals believe their role in delivering digital strategy will increase
Procurement has grown significantly more strategic over the past twenty years. Now whether for experienced procurement professionals or the young and emerging ones, the move toward digital is mandatory.
As a procurement professional, if you wish to ace your game, you should know digital supply chain management. It will help leverage big-data, of various disruptive technologies and tools that can enhance your procurement mission and governance.
6. 75 percent of C-suite executives support procurement’s role and further development.
Procurement is on its way for something great. C-suite executives already see the value in it, which means procurement would no more be the neglected domain. Through research and insights, procurement professionals will determine the success of this function.
The skills that we have discussed in this article, will make modern procurement professionals more agile. They will become more adaptive to newer technologies and willing to cross-examine traditional methods.
Related Reads
- Top 10 Winning Skills for Procurement Professionals
- Understanding Blockchain in Procurement
- Change Management in Procurement and How to Handle It
- Procurement vs Purchasing– Understanding the Difference
- Procurement Best Practices– Top 10 Tips to Follow in 2023
- White Paper – 5 Half-Truths Your Procurement Technology Provider Told You
- Procurement Process– Definition, Meaning, Steps and Functioning
