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In this guest post, Procurement Leaders invites BravoSolution's Mickey North Rizza to make some predictions over the future of the procurement executive role - particularly the effect of technology on how the function operates.
The future continues to look bright for procurement professionals. As technology evolves, procurement teams will be able to better prove their organizational value and make a major impact on the company's bottom line, ultimately earning these procurement leaders a seat at the executive table.
That said, procurement's role has drastically evolved over the years. During the World Wars, procurement was merely considered a clerical role, with a focus on making enough orders to keep the economy running. In the 1960s, sourcing emphasized competitive bidding and price was the determining factor in most contracts. In the late 1990s, procurement and sourcing started evolving into functional business process technology platforms. Today, procurement professionals have made a name for themselves – they're considered instrumental to the success of organizations, recognized as strategic business assets, and responsible for an umbrella of initiatives.
Here are a few predictions for what the future holds for CPOs, and what their lives will look like in the next 10 years.
The CPOs of 2025 will lead a very different organization than what is common today. Procurement teams of tomorrow will be comprised of a smaller, stellar group of leaders focused on achieving company value, rather than catering to a functional approach of completing transactions and finding savings. This means more visibility, smart procurement processes and collaborative discussions, ultimately helping your team outperform the market. Unprecedented value will be the outcome of the CPO and procurement in 2025.
Mickey North Rizza is VP of strategic services, BravoSolution.
This contributed article has been written by a guest writer at the invitation of Procurement Leaders. Procurement Leaders received no payment directly connected with the publishing of this content.