The foundational duty of procurement teams is not to solicit bids and sign agreements but to deliver value to the company that hired them. Running an RFP can, at best, result in good pricing and terms.
In our latest 2015 Trend Report, we surveyed CPOs around the world to understand their strategic intentions for the next twelve months. Will procurement headcount increase or not? And, what about procurement technology, and risk management?
Procurement technology companies will continue to invest in extending their software platforms to cover the entire suite. However, adding a rush toward new functionality without expert sourcing and procurement domain knowledge may deliver suboptimal results.
We rightly celebrate examples of high ethical standards in procurement and supply chain and rightly criticize apparent lack of such standards as well. There is plenty to celebrate today, but unfortunately also plenty to criticize.
A common question: will auditing the supply chain reveal issues that will prove costly and damaging? Is it best to leave as is until an issue manifests? If the last question sounds familiar then it’s definitely time to re-evaluate your approach.
Procurement should consider, for a moment, how much innovation is created among smaller businesses, regardless of whether they are a supplier to your business or not. Innovation is just as likely to be found in the basement of a PhD graduate’s apartment, or the laboratory of a university, or within a micro start up which is struggling to stay afloat as it is in the labs of a multinational.
While the risks associated with cybersecurity have tended to focus online, CIOs believe that the people within your organisation present just as big a concern and offered their thoughts on how to mitigate it.
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