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Procurement Innovation Report 2020

Procurement Festival Posted on by

Procurement Innovation Research Report 2020A world class procurement function delivers real value when it demonstrates that it can balance cost, supply performance, risk, innovation and ethical trading. All five aspects must be in concert to be delivering the sort of value that will truly impact – and at the same time force the business units to take notice.

But this multi-faceted ambition requires procurement to join the real business conversation that includes revenue, growth and profit and not just the ‘cost out’ mission. Procurement needs to look beyond cost savings when it comes to KPIs and consider what it is that the business is focused on.

In most businesses, procurement finds itself bogged down by a culture that tends to over-emphasise savings, reporting on little else. Procurement needs to help the business believe that they can be trusted to deliver more than savings orientated projects.

Once that conversation changes, the creativity and business leadership available to those entering the profession will ensure that greater numbers of the right people enter the system.

After hosting a series of think tanks, we have identified the four primary themes and 12 sub-topics that procurement leaders are focusing their efforts around to help drive the conversation in 2020 and beyond.

THEME 1: STRATEGY

  • Innovation
  • The Procurement Value Proposition
  • Early Involvement
  • Supplier Relationship Management (SRM)

 

THEME 2: PEOPLE

  • Acquiring, Retaining and Developing Talent
  • Alignment to Business and Managing Stakeholders

 

THEME 3: TECHNOLOGY

  • Automation, Optimisation, Simplification
  • Data
  • Procurement Tools

 

THEME 4: RISK, GOVERNANCE & SUSTAINABILITY

  • Risk and Regulation
  • Sustainability
  • Collaboration and Governance

 

Procurement leaders need to consider their stance on each of these topic areas. In order to develop a list of priorities and to understand what to work on first. Top priority should depend on your company’s current strategy and procurement’s role in helping the organisation fulfil that broader business strategy.

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