Purchasing decision-makers want more from prospective tenderers since a deadly disease spread globally.
Chief procurement officers (CPOs) have higher expectations from suppliers since the pandemic began in 2020. This is the conclusion Deloitte reached after interviewing 400 CPOs across 40 different countries.
“High-performing CPOs are successfully navigating these complexities while delivering across a greater breadth of key performance indicators,” Deloitte’s latest global chief procurement officer survey report said.
“Although there are still heavily focused on costs they have expanded their value propositions to influence demand, drive innovation and work closely with strategic suppliers and partners to foster commercial compliance, increase speed to market, accelerate merger and acquisition integration/divestiture programs, and drive continuous improvement.”
CPOs continue to focus on cost savings and operational efficiency. They are also prioritising innovation, digital transformation, new products and services, climate change, geopolitical stability, increasing societal expectations and world health.
This requires overhauling legacy processes, policies, metrics, tools and mindsets while–at the same time–delivering “measurable value” improvements that reflect in financial statements.
- adopting an agile mindset
- getting the digital house in order
- investing in next-gen technologies
- defining a truly balanced scorecard
- spending more time on strategy and transformation
- leveraging flexible workforce and resource deployment models
- focusing on relationships and influence across functions and supply markets.