Insights on What’s Keeping CPOs Up at Night!
and what could give them peace of mind?
Summarized by Pallavika Barthakur
This is a summary of an executive paper that presents research findings from a global study conducted by Economist Impact, which surveyed 430 C-suite executives to understand how businesses and industries are transforming Procurement to meet current and emerging challenges. The study reveals that Procurement plays a vital role in mitigating enterprise risk, which is a top priority for more than a third of CPOs, with supply chain risk being the most significant organizational risk they will focus on over the next 12-18 months. Labor shortages and sustainability/ESG are the second and third-highest priority for CPOs, respectively.
The paper emphasizes the need for Procurement to move from a strictly financial or operational function to one that creates value and plays a key role in risk management. To do this, Procurement must retire outdated tactics and reimagine Procurement as a value creation engine, taking advantage of mature digital technologies. Cloud technology, for example, can help identify potential shortages beyond tier 1 suppliers and enable Procurement to predict delays and devise contingency plans to keep production moving.
In addition, the paper suggests cloud technology solutions that can help reduce risk, such as SAP Ariba Supplier Risk, SAP Business Network, SAP Ariba Buying and Invoicing, and SAP Fieldglass Contingent Workforce Management. The paper also suggests cloud technology solutions that can help create value, such as cost savings, reducing risk, demand management, direct spend, and inventory management.
Overall, the paper provides advice for Procurement to move forward based on research findings, with ideas on how specific cloud technology can help shorten the journey and give peace of mind. It concludes that there is no better time for Procurement to reinvent itself and transform into a value-creation engine that plays a key role in risk management, using mature digital technologies to navigate continuous waves of disruption.
To read the full paper, click to download here: WhitePaper – What’s keeping CPOs up at night!
About Us:
Brainbox Consulting is an existing gold partner of SAP in the Netherlands and is now a Partner in India, specializing in intelligent S2P and supply chain solutions. Our multidisciplinary team brings together both business and IT professionals with over 5 years of industry experience in SAP procurement solutions, along with 25+ Ariba certifications with various models.
We are aligned with the SAP strategy for the SME market. We offer the end-to-end spend management process with business, functional, and technical expertise, keeping your strategies as our focal point for developing IT solutions that enable your procurement organization to run better.
We also adopt the latest technologies to develop products to complement SAP in our Innovation Garage to help to fill in the existing gaps in the current offerings and complete the SAP product portfolio. With the experience and niche skills of our consultants worldwide in the ISBN domain, Brainbox can provide quality outcomes and delight customers.
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To read the full paper, click to download here: WhitePaper – What’s keeping CPOs up at night!
