The day-to-day complexities of large corporations force many procurement leaders to dwell almost exclusively in the present, spending their time on typical challenges like tail spend, contract management and supply chain troubleshooting. But in these dramatically changing times, an attachment to the old ways may place CPOs and their functions in a precarious position, prompting the enterprise to ask that dreaded question: Is procurement still adding value?
A new report from GEP and Supply Management Insider — 5 Steps to Future-Proof Your Procurement Organization — stresses the need for CPOs to look beyond traditional tasks and embrace change through technology, the right talent, and stakeholder collaboration. More importantly, it lays out five recommendations that could help procurement leaders reinvent the function to achieve these ends.
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