The CPO’s Role In The Future

1. Reassess Your Relationship With Your CFO/C-Suite

Concentrate your efforts on “bean growing” and not on “bean counting”—focus on projects and ideas that affect all departments. Use your knowledge of numbers to impact the overall direction of the company.

2. Embrace New Avenues For Funding

Encourage creativity within your department. Crowdsourcing internally is a great starting point in exploring different funding opportunities that can lead to innovative and creative solutions to industry challenges.

3. Understand Social Media And Reputational Risk

Social media can be a powerful procurement tool to increase transparency and communication with suppliers and drive collaboration. Take an active part in discussing your company’s role in social media and the inherent risks associated in advocating on your brand’s behalf.

4. Explore New Technology

Increased software mobility will improve access to, and the efficiency of, your back-end systems. Discover and harness new advances in cloud-based software to stay ahead of the game, and to enhance your own productivity and operations.

5. Prepare For China’s Increasing Role In The Global Market

Growing pressure is placed on CPOs to increase their contribution to corporate profitability as demand and price of goods rise. Study the effect of how rising labor costs in China and global population increases may drive some costs higher and, in turn, affect your procurement operations.