It turns out, a shift in priorities, focus on talent, digital technologies and ESG factors.
CPOstrategy’s recent issue features Procurement Leaders’ Virtual Roundtables of CPOs exchanging trade experiences and insights to meet the challenges of today and tomorrow.
Some of the points raised in this article share common themes raised in Archlet’s recent webinar on CPOs’ changing priorities.
The featured CPOs admitted adopting a growth mindset and being more aware of implementing digital technologies within their operations and into their supply chains from the upstream, with an aim of having a positive ripple-down effect. In turn, this has meant focusing on talent acquisition and retention, as a more strategic way of having the right people in their procurement function and avoid further costs and mistakes further down the line. Rachel Lemos, Head of Procurement at Canadian Western Bank, says a huge goal at the bank is to:-
‘focus on talent acquisition and retention. People really are the key for success in any given organisation and there is a shortage’.
Covid-19 has revealed many cracks and new focus points across organizations, particularly Procurement which has witnessed increased pressure and demand. Resiliency and risk management come to the forefront, with many needing to act out contingency plans in the event of further unexpected events, such as the pandemic, Suez Canal disaster, the Brexit aftermath, soaring shipping costs and supply chains issues.
As a result, this has seen a push for investment in digital technologies. Some have learned from the mistake of investing in cheap options, proving to be even more expensive in the long run … Moreover, it is unsurprising that a year of lockdowns gave us and organizations the time to reflect on growing issues. Alongside this, CPOs mentioned harnessing diversity, equity, and inclusion opportunities to improve their functions and bring in a wide, refreshing base of knowledge to work with digitised processes and provide valuable data and insights.
These are just some of the compelling trends raised in the roundtable discussions, which can prompt us to consider just how much change we will see in the next 12 months and how Procurement functions and CPOs will respond.