[Editor’s Note: Join us tomorrow, July 24 at 12pm ET, for a complimentary webinar presentation entitled “Is Your Procurement Team Best-in-Class? Four Key Enablers for Success” (click to register), sponsored by Canon and Tradeshift.]
In 2019, the tried and true procurement strategies still work. But, it is clear today that the procurement profession needs new, more adaptive strategies and approaches to propel it to the next level of performance. The “winners” in procurement will be the agile organizations that can leverage their strategic prowess and fluid resources to anticipate and support dynamic business requirements amidst the more rapid changes in industry, supply markets, and customer behaviors. Agility is the characteristic that will help procurement departments advance and thrive in this new age, when innovation continues to expand beyond mere products and services to core business processes and entire business models.
One of the most fascinating things about Ardent Partner’s ‘CPO Rising” market research is that it enables us to clearly identify what differentiates ‘Best-in-Class’ procurement organizations (which Ardent defines as the top 20% of respondents/companies based on performance across a series of key benchmarks and metrics.as such as spend under management) from all others. This in turn enables us to share key insights and learnings with our community of procurement professionals for them to use in measuring how they currently stack up against the top performers. We are also able to provide an accurate description of the technologies and processes these organizations are using to separate themselves from others.
New Webinar July 24 – Click Here to Register
Today’s procurement organizations and CPO’s are challenged to continue the #ValueExpansion of their department. (In fact, #ValueExpansion may be the new best-in-class measurement and goal.) The transformation of procurement from a back office function to a strategic part of the organization requires CPO’s and procurement departments to focus beyond tactical challenges such as cost reduction and process improvement. Organizations now have to be building and executing strategies to continuously evolve and expand the value it brings to both an organization’s bottom and top lines.
Ardent’s annual CPO Rising Report highlights the current state of procurement as well as four key elements that define a 2019 Best-in-Class procurement framework. These four elements, or enablers – agility, innovation, collaboration, and digital transformation – are required to continue to clear the hurdle that comes with being a member of the C-Suite (strategic asset).
Join Ardent Partners, Canon and Tradeshift for our upcoming webinar where we will discuss these four key enablers/strategies for achieving Best-in-Class results and #ValueExpansion. This session will cover key finding from Ardent Partners 2019 CPO Rising report and proven methodologies for the adoption of these strategies for driving best in class results. Click here to register.
