Procurement’s Impact in 2020
Today, most CPOs and other procurement executives are well aware of the impact that their teams can make and the longer-term context of that impact. Ardent Partners’ annual (2020) CPO Rising survey of more than 340 procurement leaders and professionals shows that a majority (52%) believe that their departments made a major or significant impact on the enterprise over the last 12 months, while another 34% believe that their impact was solid. Notably, only 11% believe that their impact was small, insignificant, or negative.
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 as part of the internet/dot.com phenomenon that forever changed the B2B (“business-to-business”) landscape. The advent of enterprise- level software for procurement was also part of the Third Industrial Revolution (Industry 3.0), which, in the last few decades of the 20th century, saw the development, advancement, and proliferation of computer hardware and software and its widespread application to business processes. Procurement’s first wave of automation began with a focus on sub-process digitization, which replaced paper- based processes and operations with computer-based ones. Many of these projects then progressed to a broader-based scope that not only streamlined many of the repeatable and scalable tasks inherent in the source-to-settle process that required human interfacing, but also enabled a basic-level of insight and reporting. This first wave of automation generated efficiency and productivity gains and provided a level of visibility into spend, suppliers, and internal processes that gave 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… in the executive suite and, in the minds of many key budget holders. Before COVID, the next frontier for procurement to cross was how to expand this value in a new era of business commerce.
Procurement Panel on the Future
Today, however requires a new mindset. Procurement leaders must still continue to plan for the future, but they must deal with a challenging present and discern what is most important today and when and how to start planning and building for the future.
On November 17th, Ardent Partners will be hosting a CPO Rising Digital event that will feature a CPO Panel discussion addressing these questions. Join me, the moderator, in a rousing discussion with three leading CPOs:
- Adnan Rizvi Chief Procurement Officer at Akamai Technologies,
- Alejandro Gusis Global Vice President of Indirect Procurement and Real Estate, Univar Solutions,
- Jean Johnson Chief Procurement Officer/Vice President, LogMeIn, Inc.
They say that “hindsight is 20/20,” but 2020 is the year for CPOs to look ahead. The good news is that today, CPOs have greater visibility into the future and a greater ability to impact and change it than ever before. Join us to hear three world-renowned CPOs discuss their specific plans and views on procurement in the decade ahead.
Register for this great online video panel and more on November 17th at 11 AM ET.
But wait, there’s more
Join us the next day November 18th at 2 PM for another great webinar session.
