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As procurement is challenged by disruptive times and increasing responsibilities, let us explore Chief Procurement Officer (CPO) priorities for the year 2023.
In brief
Priorities procurement leaders should have in 2023:
- Redesign category strategies and nurture the right talent to build greater resilience
- Develop an actionable plan geared toward a more sustainable supply chain
- Embrace data and digital transformation to secure a competitive advantage
The year 2022 was a year marked by many challenges for procurement organizations. A disruptive geopolitical environment, increasing inflation, an unreliable supply situation, labor shortages and shrinking consumer demand all tested procurement’s ability to adapt and deliver value to the organization.
Amidst a challenging environment, procurement organizations are still expected to ensure reliable supply volumes, deliver cost reductions and act as a wholehearted strategic partner to the business.
Businesses are now also facing growing pressure to reduce their environmental impact, and procurement assumes a critical role in corporate sustainability performance.
So what should be the priorities of procurement leaders in 2023 to ensure that the procurement function meets these expectations?
Summary
By redesigning procurement strategies to ensure greater resilience and leading the way to supply chain sustainability and leveraging the power of data and digital to secure a competitive advantage, CPOs are once again afforded an opportunity to deliver value to the organization and its stakeholders.
Acknowledgements
We would like to thank Édouard Leroy and Julia Vranken for their valuable contributions to this article.