As global economic uncertainty persists and high-profile supply chain challenges underline the strategic importance of procurement, Chief Procurement Officers must do far more than prioritize cost savings: They must become empowered strategic partners directly involved in setting and executing corporate strategy at the highest level.Business leaders of all kinds – including those in procurement – had to adapt almost immediately to a “new normal” because of the COVID-19 pandemic.
That leads CPOs to a broader reckoning with their priorities and value propositions. In the modern world, it’s no longer enough to focus primarily on cost, long the dominant priority for CPOs. In fact, for the first time and by a small margin, “improving operational efficiency” emerged as the top priority of CPOs in this year’s survey.
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