After a century of slow progression, procurement has become a strategic business function in roughly a generation’s time. The move from the back office was not trivial, and the transformation from a largely administrative or even bureaucratic function to a strategic, executive-level function that now has a seat in the literal (and figurative) executive suite has been exciting and impactful.
Procurement, like many other business functions, including sales, marketing, and human resources, underwent a first wave of digital automation that began almost twenty-five years ago. This first wave of automation generated efficiency and productivity gains and provided a level of visibility into spend, suppliers, and internal processes that gave Chief Procurement Officers (CPOs) the foundation to build a more strategic operation. With new tools that generated some momentum and a rising profile in hand, the CPO had landed!
Today digital transformation has accelerated procurement’s journey, and new technologies are now propelling the function toward an exhilarating, yet somewhat unclear future. During my upcoming winter holiday-inspired webinar, “The Advent of Strategic Procurement”, I will be taking a broad view of procurement’s past, present, and (maybe most importantly for you) its future.
Please join me and special guests, Paul Blake, associate director of marketing at GEP, tomorrow (Tuesday, December 10th) at 2 PM ET, for a free webinar as we discuss the developments that have helped procurement evolve into the strategic, value-creating function it is today. We will also look closely at the prospects for procurement’s next phase, and help Chief Procurement Officer’s and other procurement leaders gain practical perspectives to guide the decision-making process. I hope to see you there.
