The report highlights the importance of procurement in achieving business goals and improving the skill set and talent base of procurement. The top priority for CPOs is improving and developing the skill set and talent base of procurement, closely followed by reducing the impact of supplier risk. The most popular metric against which the function is gauged is cost savings. The report emphasizes the need for a plan and a compelling message to align procurement with the business goals. The report also highlights the role of procurement in driving business forward through data-driven recommendations. Additionally, the report notes that just 35% of board directors believe their company has achieved, or is on track to achieve, environmental, social and governance goals, making it an emerging risk.
