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How Procurement Professionals are Navigating the Path of Fame without Fortune

For many Chief Procurement Officer’s (CPOs) their voice has never been louder as boardroom that have traditionally focused on sales performance take a much more holistic view of income and expenditure. Meanwhile, the ‘to do’ list and scale of the challenges being faced have grown both in complexity and scale, whether that is establishing a resilient supply chain in the face of geopolitical and financial unease, the need to commit to more sustainable practices, the list goes on. However, whilst the pressure and attention on the CPO has never been greater, many are having to adapt without access to more investment.

Procurements seat at the top table looks set to stay but for CPO’s it can feel like having the fame without the fortune, being expected to perform to the highest standard with the same or less than before. It is for this reason that procurement professionals, whether working for large enterprises or SMEs, are looking at technology to provide a pathway to digitally transform their department/function.

Transformation will look different for each organisation based upon their procurement strategy and a digital plan. For some, it will see the introduction of chatbots, predictive analytics and generative AI (artificial intelligence), for others it may simply be using digital pivot tables to analyse the performance of suppliers, production data and inventory levels. Yet, the common thread that unites every procurement professional is the need to automate mundane and routine tasks, as well as complex documents (such as RFPs) that preoccupy and stifle their ability to deliver value. This value can take different forms, of course monetary but also the ability to reduce exposure to risk and better protect the organisation from market volatility.  

Whilst technology is the conduit to digital transformation, there such a wide array of solutions on the market, that making a purchasing decision can be a real challenge, even for procurement professionals! If you have the resources you may want to go down the route of building a bespoke in-house system, or an off-the-shelf solution would be cheaper and get the job done quicker. Procurement professionals embarking on this journey, or those further down the line would benefit from participating in Procurement Strategies and Innovation (PSI) 2024, which is taking place on Tuesday 5th March 2024 at the De Vere Grand Connaught Rooms in London.  

A highlight of the one-day event will be a panel chaired by Rachel Repper, who leads on the Global and Pan EU Customer Consultancy for Amazon Business strategic customers, advising large enterprise customers on how to use Amazon Business to digitalise procurement. Rachel will be joined by Lani Adebanjo, Global Head of Program Management, S2P at Meta, Fraser Woodhouse, a Director at Deloitte Consulting UK, and Suraj Naik, Chief Procurement Officer at Capita. The panel will provide unrivalled insight into the different technology approaches each of these innovative organisations have taken, along with advice and inspiration, which will help every professional to build upon the never higher profile of procurement, to deliver meaningful long-term value. 

Rachel comments: “The right technology applied as part of a procurement strategy and digital plan can be truly transformative, freeing procurement professionals to use their knowledge and skills to be hunters of real value for their organisations. At PSI we will share our experiences and insight, along with the latest innovations, to inspire people to take the next step on their journey.” 

PSI is the latest exciting iteration of the UK’s most enduring technology showcase for procurement professionals: most recently known as eWorld Procurement & Supply. Since February 2001, more than 10,000 procurement professionals have attended this unique platform for learning and sharing knowledge about the myriad developments that have transformed purchasing and supply chain processes in the 21st Century. 

Registration for PSI is free and the full programme is available online, including speakers from Proactis, Meta, Sedex, Ivalua, Kodiak Hub, Positive Purchasing, Edbury Daley, Enable, Coventry Building Society, CMS, Deliveroo, DHL Supply Chain and more. For further information and to secure your place visit: 

https://procurement.events/ 

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