What is on the minds of Procurement Executives?

Recently a group of KPMG Procurement and Outsourcing team leaders invited CPOs and other procurement executives to have dinner and discuss what is top of mind for them in today’s world.  We had a variety of companies represented from large enterprises to mid-market companies. As we got to know each other a few top topics emerged.

We had also invited a talented artist to capture these topics and discussions in real time to create an infographic style piece.  KPMG feels this really captures what is currently on the mind of procurement executives, and we want to share it with you.

You will see that the topics that rose to the top for most were sourcing, contract management, supplier management, talent acquisition and enabling procurement technology.

KPMG Procurement and Outsourcing Advisory team invites you to peruse the infographic and to reach out to any of the KPMG team that attended to learn more, or start a dialogue to learn how KPMG can support you and your teams in any of the topics you see or more.

Procurement organizations today face new challenges. In addition to reducing costs, driving self-service, and placing more spend under management, procurement is also being asked to:

• Assess contractual liabilities, such as minimum order quantities, to address fluctuating demand
• Ensure resource continuity and reduce supply risk
• Address the challenges of working remotely—and supporting a remote workforce
• Obtain scarce resources to support the business due to increased market demand

These challenges place your procurement organization in the spotlight, involving it in the most strategic areas of the business. As a procurement leader, you have deep knowledge about spend, contracts, payment terms, IP rights, and risk throughout the supply chain—all critical areas for ensuring business continuity.

Now, forward-looking procurement leaders are examining the operating model, the skill sets, and the technology platforms they need to stay strategic. Because the procurement function is so critical to business continuity, the time is now to implement modern, agile solutions. By transforming, you will be better able to extract knowledge out of data—improving how you manage contracts, supplier risk, and collaboration.