On a global level, procurement organizations are evolving with the ever-changing world to continue to deliver value to their business. Today, the goals of procurement departments go well beyond simple monetary advantages, despite facing numerous thresholds such as: supply market volatility, supply chain disruptions, rising costs of raw materials, and talent shortages. These challenges are only increasing in volume and strength, forcing procurement organizations to continue to transform and help power their business through the setbacks.
According to a study by My Purchasing Center, research put out by consulting, technology service, and outsourcing giant, Accenture, procurement leaders are changing their strategies. The study says these forerunners are “transforming procurement from a cost-focused function to one that adds new levels of value, reflecting the mastery they have achieved across six measures.” The study focused on mastery behavior in strategy, sourcing and category management, supplier relationship management, requisition to pay processes, technology enablement, and workforce and organizations.