Redefining "Value" Altogether
As the business world continues to evolve due to new technologies, globalization, and growing market complexities, procurement has changed right alongside. Procurement in 2018 looked nothing like it did ten, or even three, years ago.
For years, CPOs and their teams have added value to their companies through strategic cost cuts or supply chain changes, but today’s procurement professional is redefining “value” altogether. Maybe that means finding new untapped markets or collaborators. Maybe it means data-driven “agile procurement,” where software allows for CPOs to more accurately anticipate needs in existing markets.
In our work and conversations with clients, SC&H Group has observed recent themes in the procurement and sourcing field, developments that show us where this work is heading and what kind of efforts will best position your department for the road ahead.
Here are some of the big-ticket changes that we’ve observed.
- Reorganizations, Mergers, and Acquisitions
- Data Security
- Emerging Technology
- The C-Suite Convergence