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20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management. CFOs began to see procurement as critical to business continuity and organizational agility.
“A 2023 survey by KPMG highlights this transition, revealing that procurement leaders are now focusing on supplychainresiliency (68%), introducing new products or expanding into new markets (65%), and improving margins through cost reduction (71%). Its less about control and more about agility.
4] Automated Supplier Management is the New Standard: From onboarding to performance monitoring, automation tools are improving accuracy, compliance, and vendorrelationships while easing the administrative burden. [5] 7] This proactive approach supports continuity and reduces the impact of supplychain disruptions.
CTA April 28, 2023 | | SupplyChain by Vishal Patel Cost, Risk, and Sustainability. A recent webinar hosted by SupplyChain Now, “Balancing Cost, Risk and Sustainability in the Midst of Uncertainty, ” took an in-depth look on what it takes to transform Procurement into a highly efficient function that supports these key initiatives.
Ivalua Spend Management Insights [ivory-search] A Balancing Act: Drive Sustainability while Managing Cost and Risk April 27, 2023 | | SupplyChain by Vishal Patel Cost, Risk, and Sustainability. Meanwhile, the pace of business is accelerating, requiring organizations to be more responsive and agile.
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