According to research from Procurious and Ivalua, 79% of procurement leaders say they have had to significantly rework their approach to procurement given the changing dynamics of the last few years.
According to research from Procurious and Ivalua, 79% of procurement leaders say they have had to significantly rework their approach to procurement given the changing economic, market and regulatory dynamics of the past few years. As a result, procurement has undergone significant transformation in recent years, as companies place more emphasis on driving strategic value from procurement in the midst of turbulent macro-economic and geopolitical events.
In the new Procurement Playbook, a collaborative effort between Procurious and Ivalua, over 185 procurement leaders rated the top factors putting pressure on their teams. Two thirds cited sustainability expectations and regulations, which ranked second to inflation and 58% said talent scarcity as a key factor in forcing them to adapt and reshape their strategies to remain competitive and successful.
With over 17 years of experience in the industry and experience of building procurement hubs from ground zero for FMCG companies in Europe and Asia, Lisa Finney, Senior Partner Proco Group, has witnessed the evolution of the function.
In the Procurement Playbook Lisa shared “We are seeing that the skill sets that were traditionally important remain, such as depth of category expertise, supplier negotiation, stakeholder engagement, and strategic thinking. However, prospective employers are digging deeper into achievements in these areas under critical situations and are putting more emphasis on the ability to adopt new technologies, manage risk and governance, data analytics, process efficiency, innovation and sustainability regardless of the position.”
Lisa emphasises the importance of acquiring the right skill sets to succeed in today’s procurement landscape, including:
- Depth of category expertise
- Supplier negotiation skills
- Stakeholder engagement capabilities
- Strategic thinking
- Ability to adopt new technologies
- Risk management and governance expertise
- Data analytics proficiency
- Process efficiency focus
- Innovation mindset
- Sustainability acumen
To read more about how procurement leaders have handled the constant pressures of inflation, ESG/Sustainability legislation, geopolitical crises and supply-chain disruption download The New Procurement Playbook: How Leaders are Reshaping the Function.
If you’re a procurement professional with strong sustainable sourcing expertise seeking new opportunities or you’re looking to adapt or strengthen your procurement function, please reach out to Lisa for a conversation to help you navigate the complexities of the constantly changing world of procurement.