The ProcureCon CPO study 2022 offers insights into top-level decision-making in procurement. The 2021 research paper focuses on the pursuit of speed and action in response to the global pandemic's workplace shifts. This year's instalment explores changes in CPOs' focus areas and priorities for organizational transformations.
The study surveyed 100 leaders in procurement, supply chain, and risk management from the US and Canada. The majority of respondents are in procurement roles, representing various industries and companies with significant budget under their management.
Key Insights:
- The top-three focus areas for CPOs in the next period are process improvement, minimizing supply chain disruption, and improving sustainability.
- The lack of buy-in from key decision-makers and change management are significant challenges.
- Cloud-based procurement platforms and specific solutions like procure-to-pay, tax technology, and workflow automation are valued.
- Core skills for CPOs in 2022 are financial analysis skills, negotiation skills, and flexibility.
- The transformation of procurement function requires staffing and recruiting assistance as well as assistance in identifying opportunities to generate additional value from procurement.
- BPO services like compliance tracking and supplier performance management are key.
- Procurement teams need more resources for ESG (environmental, social, and governance) goals.
In conclusion, the ProcureCon CPO 2022 study underlines the urgent need for process improvement, supply chain stabilization, and sustainability in the evolving procurement landscape. The report highlights the significant role of cloud-based platforms, effective negotiation, and adaptability, while emphasizing the need for enhanced resources towards ESG goals.
