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.
Top performing organizations also are turning to social business for innovative ways to manage their global teams and collaborate with their suppliers. The study found that high performers are more likely to use social tactics such as crowd sourcing (81 percent) and collaborating on product development with suppliers (88 percent), versus their low-performing counterparts (38 and 47 percent respectively).
CPOs of top performing procurement organizations know that success depends on getting skills and expertise needed to execute the mission they have been given. By percent, twice as many top performers as low performers view recruiting and talent development retention as a key strength. Top performers also extend these human capital advantages because they are equally aggressive in their investment plans for retention, recruiting and talent development.For more information or to download the full report visit www.ibm.com/business/value/chief-procurement-officer Mike Azzi IBM Media Relations 1 (914) 766-1561 email@example.com Julie Redard IBM Media Relations 1 (978) 430-8905 firstname.lastname@example.org SOURCE IBM