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Top 5 Agendas Chief Procurement Managers (CPO) Should Have In their List For 2020

By Admin - 20-02-2020

The procurement profession and the role of the Purchasing Director (CPO) have changed in many unique and profound ways.

However, just as CPOs and other purchasing leaders are entering the new decade, dealing with intense challenges and moving forward to achieve aggressive goals and objectives.

In this continuous efforts of utilising most of the Resources that we have in our Pocket following are the key Methods CPO should adapt in the improving the Process and evolving as well.

1) The Future of Work

And unparalleled, brings a great future work opportunity but also significant challenges. Introducing demographic technological developments and changes are having a deep impact on society and the labour markets. The future of work is now - Rapid action needed for people to meet challenges of changing world of work. 

Rising to meet the demands of new challenges one must prepare to adapt and quickly change what’s not working in the current scenarios and what can be done to improve existing process. One of the key challenges faced by Horeca industry currently Is “The “consumerization” of global business.” In the consumer world, the average person can execute any number of processes or tap into endless sources of content in an on-demand manner.

In many ways, the business world has tried to follow suit. In the world of work, online talent platforms and talent marketplaces have emerged to help organizations find, engage, and source workers and services in an on-demand fashion, while ensuring quality (to the degree it can be insured) via project- or role-specific matching algorithms that alleviate execution concerns. When the “How will work be done?” question arises, the contemporary enterprise can react from talent- and process-led perspectives due to the consumerization of global business.

2) Innovation and Agility

Well innovation and renovation in Horeca Industry never goes out of style. You always have to be on your toes in order to Fulfil the requirements of the Customer and give them the best experience they can have to maintain a classic relationship and satisfaction of the Real word. But in order to perform some innovation one must adapt to changing behaviour and patterns followed in the industry or create a new trend which will ultimately achieve the Goal. CPO should be Agile to acquire new processes as well as new ideas which will welcome the innovation.

3) Procure-to-Pay

As CPOs and procurement practitioners move into 2020, they have the need and the capability for advanced technology solutions to automate and link the source-to-settle process – upstream, strategic sourcing and downstream, procure-to-pay (“P2P”). Digital, automated supply management solutions can help overworked and understaffed procurement teams scale resources and extend their power and influence throughout the enterprise.

It matters less where business leaders implement and drive technology adoption and more that they automate up (or down) the source-to-settle value chain; and that they link the chain for maximum value. Of course, even incremental automation can alleviate staff shortages and workloads and allow procurement to return more value to the enterprise.

4)  Manage Disruption

 Averting a Disruption before it can harm the system or Manage the Disruption caused by any uncontrollable factors is considered as one of the Key Responsibilities for a CPO.  When these kinds of things happen, the CPO is at the best position to take the decisions and apply those into effect to reduce the Harm Caused by the Strom or Completely eradicate the effects of it.

 Chief Procurement Officers can take the lead within the enterprise to overcome or make the best of the risks, challenges, and disruptions that are occurring or approaching. After all, CPOs and their teams have already been taking the lead on supply chain risk management, sustainability, and other supply risk issues as well.

5) Put on A Bold Face

 Everyone says one needs to be Bold and Aggressive to drive the business ahead but it’s not that easy. Risk taking abilities take time and with experience your thought process and Decision-making ability improves. The visionary CPO always expects High Profits on Low Risk module which is best suitable for the Horeca Industry. It’s always better to think twice and take a decision than taking decision and thinking again. The tendency to favour decisions that lead to more predictable outcomes pushes many organizations to take more measured steps or simply stay in place.

The net effect of this behaviour is that in general, procurement organizations are less aggressive than they should be in driving change. Chief Procurement Officers must work to counteract organizational prejudices and more actively push boundaries, challenge limits, and rethink paradigms.

To summon all the Agendas let’s just say It’s an Exciting time to Work as a CPO, keeping in mind that one should be Brave enough to embrace the Change and take a calculated Risk.

A visionary and Agile CPO can perform better. The ability to manage Disruption can be a Huge added Advantage.

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