To be influential and secure a seat among c-suite executives, procurement professionals must exploit their unique position as a conduit between the enterprise and the outside world to improve their company's responsiveness to dynamic market conditions, while minimizing risk, volatility and price fluctuations that can compromise profit margins. In reviewing the survey findings, key capabilities to achieve these objectives include employing best practices with procurement technologies and talent development.There is a strong correlation between being a top performing procurement organization and effectively using procurement technologies. For example, in regards to Supplier Relationship Management, the study found that 94 percent of top performing companies are highly effective in their use of procurement technologies, compared to 44 percent of all surveyed companies are average or below average in their technology effectiveness. The study also found that CPOs think that supplier intelligence solutions, including 360-degree global view of supplier relationships and procurement performance dashboards, will be the most important area of investment over the next three years.
IBM Study: Top Chief Procurement Officers Drive 22 Percent Higher Profit Margins
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