After years of investment in talent and technology, procurement has become a catalyst for enterprise transformation. No other function is in a better position to lead disruptive change and reinvention than procurement. But if we want to thrive in the ‘next normal,’ we must be able to go let go of the past, be bold, and embrace intelligent risks.
This interview, based on one of the most popular sessions from AOP Mastermind LIVE 2020, features Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group, and Keith Hausmann, Chief Revenue Officer at Globality. They join Host Philip Ideson to discuss how leading CPOs are helping their teams re-imagine the ‘art of the possible’ and to drive new sources of value for their companies and for their stakeholders.
Key takeaways from this session include:
Digitizing legacy processes is not enough to be agile in today’s challenging, fast-paced environment Procurement should not try to generate revenue, but rather work to enable revenue through creative strategies Since large companies tend to buy from other large, stable companies, procurement needs to be focused on incentivizing suppliers to deliver their very best work Capabilities that can be leveraged - regardless of where in the organization they sit - should be pulled into procurement projects rather than expecting to increase headcount