LATEST INTELLIGENCE decision-makers and executives around the world and found :
• 95 % Say that procurement has room for optimisation
• 53 % Say their that procurement budgets will be higher in 2024 than 2023
• 98 % Say that they are planning investments in analytics , insight tools , automation and AI
Procurement as a strategic leader
Procurement may not be the flashiest role in an organisation , even for those with a chief procurement officer ( CPO ) title . But emerging technologies are creating opportunities for all procurement professionals to shape strategic initiatives and act as an advisor for the entire organisation , from the C-suite down . Procurement professionals that can effectively manage spending ensure that their companies are resilient by studying quality control , technology , risk models and more .
But you don ’ t need ‘ chief ’ in your title to start providing strategic guidance to your org . Change from the bottom up can be just as effective .
Recent research published in Harvard Business Review suggests that effective organisational change can be facilitated by those who are well-positioned within the structure of the organisation , even if they are not in senior positions .
It ’ s time to meet the moment : Procurement professionals must lead strategy in their organisation
Lessons from recent history
Uncertainty in the first third of the 2020s forced organisations to achieve a nearly impossible goal : reduce spending while elevating the customer experience . Many of these uncertainties persist , but in 2024 , organisations are cautiously optimistic about the macroeconomic environment . The International Monetary Fund notes the end of pandemic-era supply chain disruptions and projects global inflation to continue decreasing in 2024 . p
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