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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 riskmanagement. CFOs began to see procurement as critical to business continuity and organizational agility.
This has helped boost transformation success by 42% , as workflows become easier to manage and adopt across departments.[7] 4] Real-time dashboards support centralized oversight, improving coordination between procurement, finance, and supplychain teams.[3] 9] Risk mitigation is another driver.
Conclusion Procurement and sustainability are no longer separate entities but rather intertwined components of a modern, responsible businessstrategy. Innovation Opportunities: Collaborating with suppliers to develop sustainable products and processes can lead to innovation and a competitive advantage in the market.
My role has seen a shift as a result of all of the emerging risks we’ve encountered, many for the first time, I’ve seen much more focus from our executive team and the regulator on supplychainresilience, so I’ve been strengthening our capability in this area too. Where do our passions lie in the day-to-day of the role?
By measuring key aspects of the procurement process, these metrics provide insights that can drive significant improvements in cost-efficiency, operational performance, and supplychainresilience. This could include metrics on supplier innovation, riskmanagement, and value creation beyond cost savings.
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