Expense Management Solutions hosted procurement decision makers from 17 leading organizations. These forward thinking leaders talked openly about their future plans and provided tremendous insight into the direction procurement is heading. Key discussion topics included “Strategic Planning and Goals for Your Organization”, “Governance, Risk Management & Contracting”, “Talent Management & Succession Planning” and “Cloud Computing”. Of particular interest to the group was a conversation regarding procurement performance metrics and how proper metrics can drive innovation.
In some ways the focus of the conversation was surprising; while cost was a topic of discussion it was by no means the number one driver across the board. Several participants emphasized their strategic goal to enhance the customer experience, others focused on their plans to implement an integrated technology roadmap or transform procurement. Vendor Management and Risk Mitigation is a growing concern among company executives and many expect to allocate additional resources to mitigate risk.
Procurement transformation continues to be a factor
Procurement will play a significant role in risk mitigation through ownership of vendor management moving forward.
A talent gap exists but can be resolved through innovative hiring practices and effective cross training.
Procurement performance metrics are shifting as groups move beyond traditional cost savings to develop success metrics that drive innovation and top line business results.
We live in challenging times. There is no expectation this will change anytime soon. Procurement organizations have a unique opportunity to make a significant contribution to their organizations through effective management of the extended enterprise. To do so, leaders must invest in talent development and retention, take ownership of vendor management strategies, policies and process and focus on enhancing the customer experience. Please reach out to me directly for clarification on this session or other topics that may be impacting your business.