NEW YORK--(EON: Enhanced Online News)--Today, ProcureCon and WBR Digital released their findings from the 2017 CPO Study. Additional contributors include GEP, LionBridge, and SDI. The report explores the transforming role of technology in procurement strategies, outlining key areas of focus for CPOs, as well as recommendations on how to move forward in this environment.
“The age-old value proposition in procurement has been savings, but in today’s world, procurement must establish itself as a true business partner with all of the stakeholders who are essentially procurement’s customers”
This new report is based on an on-site benchmarking survey delivered at ProcureCon Indirect West 2016, as well as digitally to CPO’s within the ProcureCon database. Interviews with sources were conducted after survey data was compiled, and centered on discussion of benchmark results to create a holistic view of the current challenges faced by the industry.
“The survey clearly shows the desire from CPO’s to bring all of their assets, both technical and human, together to create a strategic command center to optimize its consultative value across the organization,” stated Frank Musero, Divisional Director, Programming and Research, Worldwide Business Research. “The strategic element of procurement is widely coming to focus on the concept of value creation with, a consultative relationship with other business leaders becoming the new gold standard. As technology allows procurement executives to rise above the tactical focus of their roles, CPO’s are now looking forward to dedicating their resources toward strategic initiatives.”
“The age-old value proposition in procurement has been savings, but in today’s world, procurement must establish itself as a true business partner with all of the stakeholders who are essentially procurement’s customers,” said Jagadish Turimella, Chief Operating Officer & Co-founder, GEP. “They have to see value through a true business partnership with procurement that goes beyond savings, and that today tends to take the form of having a seat at the table in key strategy discussions and long-term planning.”
Key statistics from the survey include:
- 52% of respondents are moving towards their goal of full strategic transformation on schedule, while 31% of respondents aren’t satisfied with the pace of change within their organizations
- 24% of respondents now report directly into the C-Suite of their organizations with 50% of respondents believing that is the ideal setup
- 29% of respondents still place their level of value as neutral, neither valued nor actively ignored, though 3% do state that they are actively being undervalued
- 26% of respondents stated technology it’s their most pressing area in which to improve with 35% stating strategy demands the most attention
According to the report, procurement executives must continue to embrace a strategic role based on consultative value creation, setting guidelines for the global organization and engaging directly with stakeholders across the business. Technology will continue to be a driver in the future, as well as analytics in order to leverage the insights that buying patterns uncover. CPO’s need now more than ever is the ability to be flexible, and fully utilize the resources that are at their disposal from their internal and external partnerships. To download the full report, please click here.
The ProcureCon event series brings together a unique blend of Procurement, Purchasing, and Supply Chain experts from across all industries to share their experiences and knowledge with a team of people who truly embrace the strategically important field of Procurement. Learn more about our upcoming ProcureCon event here: procureconeast.wbresearch.com
ABOUT WBR DIGITAL
WBR Digital connects solution providers to their target audiences with year-round online branding and engagement lead generation campaigns. We are a team of content specialists, marketers, and advisors with a passion for powerful marketing. We believe in demand generation with a creative twist. We believe in the power of content to engage audiences. And we believe in campaigns that deliver results.
Welcome to big-picture MRO. By helping organizations understand how each link in their Maintenance, Repair and Operations supply chain impacts the entire enterprise; SDI helps them achieve year-over-year savings, enterprisewide efficiencies and newfound control. Visit us at: www.sdi.com
GEP is a diverse, creative team of people passionate about procurement. We invest ourselves entirely in our clients’ success, creating strong collaborative relationships that deliver extraordinary value year after year. We deliver practical, effective procurement services and procurement technology that enable procurement leaders to maximize their impact on business operations, strategy and financial performance. To learn more about GEP, please visit www.gep.com.
Lionbridge (Nasdaq: LIOX) is the world’s largest language services provider offering industry-leading translation and localization services and highly scalable global marketing solutions. We help organizations achieve international success through exceptional customer service, the most advanced technologies, and the industry’s largest and most sophisticated network of professional translators.
To learn more about Lionbridge, visit www.lionbridge.com.