Traditionally, senior-level procurement officers have focused on reducing costs for purchased goods and services and ensuring their timely delivery. However, today’s landscape is increasingly complex, with legal issues, sustainability considerations, and regulatory and ethical concerns. These could impact not only revenue but also brand and reputation.
Over the next decade, industry experts expect that procurement officers will be stepping into more expansive roles in their organizations. And companies that embrace a broader scope for their procurement functions will find themselves in a better position to manage and anticipate risk.
The challenges listed below have the potential to transform global sourcing over the next decade, and procurement executives who proactively address these will be taking a huge step towards helping their organizations prepare for the future.