Three concerns keeping procurement leaders awake at night has been saved
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Three concerns keeping procurement leaders awake at night
Discover the trends, challenges, and opportunities that are top of mind for today’s procurement leaders
Learn which key issues procurement leaders across all industries are managing, and get insight from Deloitte and Coupa on how to take your procurement strategy to the next level.
Watch our video: Top three concerns keeping procurement leaders awake at night
At a recent ProcureCon Indirect Connect virtual conference, Michael van Keulen, Chief Procurement Officer at Coupa, and Ryan Flynn, Principal and Third-Party Risk Management lead at Deloitte Consulting, took a close look at the trends, challenges, and opportunities that are top of mind for procurement leaders.
What are the critical issues procurement leaders are facing?
Many procurement leaders are still struggling to plan and strategize for 2021 and beyond, knowing that there are still many questions about what this year may bring. In our 2021 Deloitte Global Chief Procurement Officer Survey, we asked CPOs about the critical issues that are keeping them up at night. Based on the report’s results, we found three main areas of concern: cost reduction, risk management, and talent development.
The survey, which has served as the global benchmark research for procurement leaders worldwide, also discussed the importance of value generation and improved supply chain resiliency in the face of complexity, improving process agility to stay tightly aligned with stakeholders and suppliers, and leveraging next-generation operating models and platforms that harness talent and intelligence.
Balancing cost reduction with assurance of supply, as well as new inclusion and sustainability initiatives, is a challenge. It’s helpful to take a value generation perspective when communicating about reduction priorities. Focus on value and communicate about this value to the right stakeholders.
The past year showed that CPOs with strong risk management programs managed the pandemic much better than others. But the challenge remains for many, if not most, procurement organizations to better measure and monitor risk, as well as for CPOs to communicate about risk more effectively to the C-suite.
A third concern keeping CPOs up at night this year relates to the challenge of finding new qualified talent, as well as developing and retaining existing staff. Organizations need to develop their talent models to fit today’s environment and meet their ever-changing needs.
The Deloitte and Coupa alliance
For more than a decade, Deloitte and Coupa have worked with enterprises around the globe to transform their procurement operations and unleash growth and value. Conceived and refined through years of implementations, our methodology leverages design thinking and accelerators to drive the timeline, capture value, minimize risk, and bring your category management strategy to life.
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