Procurement & Strategic Sourcing Report

Corporate procurement is of significant value to a company’s success, given the function’s ability to impact the bottom line, manage and mitigate enterprise risk, and deliver the goods and services needed to drive corporate strategy. Senior procurement officers must work closely with fellow c-suite executives to ensure their departments have the support necessary to execute their function and that procurement strategy is aligned with business. The procurement talent gap, heightened cybersecurity concerns, and global vendor risks are some of the many challenges this group of corporate executives need to overcome. In the year ahead, chief procurement officers will need to invest in the right technology and develop their talent in order to tackle the looming challenges while supporting the pursuit of higher profit.