Fridays (in 2024) means that it’s time for another CPO Rising Listicle. Each list will include a variety of procurement tips, trends, insights, research, lists, strategies, and/or recommendations designed to help procurement teams improve operations. We’ll also include a summary graphic for you to share with your team.
When you look at periods of national and international strife, it is apparent how the role of the chief procurement officer (CPO) has become both universal and critical to enterprise and supply chain operations and outcomes. The events over the last three to four years, in particular, underscore the unprecedented challenges procurement professionals are overcoming.
As CPOs and their teams address the latest obstacles of the day, there remain broader issues that are likely to shape the future of their organizations for decades to come. One of the biggest impacts of the pandemic is the exposure to the fragility of the global supply chain. CPOs can unpack this statement from a variety of vantage points — globalization, supplier relationships, technological capabilities, workforce competencies, and the like.
What Ardent Partners’ research shows is that achieving supply chain agility and competitiveness involves decision-making around three critical questions.
The Three BIG Questions Facing Every CPO
- Is our Supply Chain built to win in the decade ahead?
- Are we ready for artificial intelligence (AI) in its growing forms?
- How will we win the talent war that is proving to be a competitive differentiator?
There’s no denying that supply chains have been under pressure for several business cycles. Now is the time to put those pressures under a microscope and reevaluate how to unlock more value and innovation while also creating supply chain resiliency and responsiveness. Effective executive decision-making is not about making the perfect choice every time, but rather about making a commitment to the decisions made and taking the necessary steps to turn those decisions into tangible results.
Yes, decisions involve an element of risk. But deferring those decisions is far riskier.
RELATED RESEARCH
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Artificial Intelligence: Making the Procurement World Smarter
Procurement Agility — The Next Frontier
Why the Extended Workforce Is Now a Permanent Fixture of Business Agility
